36713962 Benefits Power Point 1

8/8/2019 36713962 Benefits Power Point 1

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Copyright 2010 Mercer LLC. All rights reserved. This session is part of an exclusive program called Mercer + Oxford Academics: Global Online Training which offers global human resource professionalsthree complimentary sample training sessions plus 30 paid online training sessions, with optional certification and worldwide peer networking. More information: www.hr-training.mercer.com

Introduction to Global Benefits

& CompensationAround the world in 45 Minutes

Module 0 Session 1: Foundation Level

Giles Archibald, Manchester/LondonRobyn Cameron, New YorkSteve Gross, Philadelphia


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2M e r c e r Copyright 2010 Mercer LLC. All rights reserved.

Overview of This Session

This is a Foundation Level trainingdesigned for a global professional:

With no international experience

Entering into a new role with multi-

country benefits and/orcompensation responsibilities

What you will learn today:

Skills for awareness and sensitivityaround the differences in benefitand compensation practices around

the world

Knowledgeof global forces and

current employer trends

Inspiration from the interestingvariety of different employer

practices around the world


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Overview of This Session

DIMENSION 1:

How rewardsdiffer by country

DIMENSION 3:Regional differences

DIMENSION 2:Global driving forces

Three dimensions of international complexity


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How rewards differ

by country


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Compensation

Reward types differ by country How base salary is defined months of pay (12 or 13th month)

Merit increases may be much bigger

Cash allowances = guaranteed cash vs. base salary

Variable pay really based on performance?

Remuneration mix varies by country

US more at risk compensation than Europe, etc.

Salary ranges increase in less defined markets

Employee protections contracts, Works Councils, etc.


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United Kingdom Cash compensation is a relatively high

percentage of total value to employee

India Car includes car value + drivers salary

Other Benefits examples include:

Childrens education cost

Club subscription

Car loan

Personal loan House/apartment rent

Housing loan

Hard/soft furnishing loan

Examples of Typical RemunerationExecutive employee

United Kingdom

63%

2%

6%

6%

7%

13%

3%

India

26%

31%14%

4%

9%

16%

Base Salary

Guaranteed Cash

Total cash and LTI

Mandatory employercontributions

Retirement and other savings

Health

Death and disability

Car

Other benefits

Source: Total Employment Costs Around the World, Mercer (2009).


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BenefitsReward types differ by country

Level of social security

Need for private benefits

Speed of shift to DC retirement

Desired level of employee financial protection

Legislation: ability to change benefits, employee consultation

Severance: sometimes payable upon retirement

Financing systems

Absenteeism, wellness programs


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How rewards are changing

because of global drivingforces


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Demographic Shifts

Economic Performance & Investment Returns

Emerging Middle Class (in developing countries)

Changing Patterns Infectious/Chronic Disease

Climate Change & Environmental Degradation

Urbanization (in developing countries)

Changing Societal Attitudes of Stakeholders

towards Social Welfare / Retirement and Health

Healthcare Innovation & Regulation

Financial Innovation & Regulation

Global Drivers Macro Forces

Global Drivers Stakeholders Forces

Global Driving Forces


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Example of One Global Driving ForceDemographics

We have fewer children We are living longer

Sources: Global aging resources, Stanford Center on Longevity (2009); World Population Prospects: The 2006 revision, United Nations, Department of Economic and Social Affairs (2007).


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Change in Share of Population Age 65 and Older

Global Driving Force: Demographics

Sources: Global aging resources, Stanford Center on Longevity (2009); World Population Prospects: The 2006 revision, United Nations, Department of Economic and Social Affairs (2007).


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Global Driving Force: Demographics

Fewer workers supporting more retirees live longer

Major projected increases in public spending

Future generations: Less public pension; healthcare rationing likely

Source: OECD (2005); figures assume unchanged policies as from the early or mid-2000s


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Global Driving ForcesDegrees of importance and uncertainty

Note. Global driving forces were identified and prioritized through extensive expert interviews and refined in workshops conducted 2007 - 2008.Source: World Economic Forum in collaboration with Mercer and the OECD 2009; this research publication can be downloaded from www.mercer.com/wef


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Employers ResponseRetirement: Shifting the risk and the cost to the employee

Traditional DB Fixed Employee

Benefits

Fixed EmployeeContributions

Generous Benefits

Shared Risk Variable Employee

Benefits and/or

Variable EmployeeContributions

Employee RiskEmployer Risk

??All DC

Variable EmployeeBenefits

Fixed EmployerContributions

No PlanReduced DB Fixed Employee

Benefits

Fixed EmployeeContributions

Less GenerousBenefits

Yesterdays

Design

YesterdaysDesign

Tomorrows Design

Option 1

Tomorrows Design

Option 1

Tomorrows Design

Option 2

Tomorrows Design

Option 2


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Employers ResponseHealth & benefits: Shifting the risk and the cost to the employee

Traditional

Benefit Plans

Employer provides fixed list ofbenefits for all employees

Employer bears future costincrease

FlexibleBenefit Programs

Employees choose, within limits,how funds (provided by theirEmployers for purchasing benefits)are allocated

Employees can contribute to future

benefits costs increases


??No Plan

Yesterdays

Design

YesterdaysDesign

TomorrowsDesign

TomorrowsDesign


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Employers ResponseCompensation: Shifting from how much to pay to paying for desired outcomes

Focus on

How Much to Pay

Benchmarking

Competitive Agenda


Focus onWhat to Pay For

More Performance Measurementand Performance Mgmt.

Pay for Performance

Increasing Role of Variable Pay

Employee Differentiation Increasing Top Line Growth

Yesterdays

Design

YesterdaysDesign

TomorrowsDesign

TomorrowsDesign


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The Forces for change aresimilar worldwide but the

regions are different 1. Asia


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Remuneration in AsiaProfessional Non-Sales Employee

Lower wage environment

War for talent

Winning the fight for hot skills without

bidding up the cost Remuneration Mix

0% 20% 40% 60% 80% 100%

China

Hong KongIndia

IndonesiaJapan

MalaysiaPhilippinesSingapore

South KoreaTaiwanThailand

Typical Practice Multinational and Leading Local Companies

Base Salary Guaranteed Allowances

Variable Bonus and Commission Long-term Incentives

BenefitsSources: Benefits and Compensation Plans Around the World, Mercer (2009); Global Compensation Planning Report, Mercer (October 2009).

Variance in Pay Growth (2009 Forecasts)

3.0%

5.0%

15.0%

12.5%

10.0%

Vietnam

Singapore

Japan

India

China


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Retirement in Asia

Provident funds with lump sums common

Traditionally lower retirement age

Lump sum death and disability common

Prevalence Among Multinational and Local

Leading Companies (Approximate %)

0 20 40 60 80 100

ChinaHK

IndiaIndonesia

JapanMalaysiaPakistan

PhilippineSingapore

S. KoreaTaiwan

ThailandVietnam

DB DC Hybrid

Source: Benefits and Compensation Plans Around the World, Mercer (2009).


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Medical in Asia

Provision of private medical coverage to staff is very common

Strong trend towards Flex programs

Prevalence Among Multinational and LocalLeading Companies (Approximate %)

0 20 40 60 80 100

ChinaHK

India

IndonesiaJapan

MalaysiaPakistan

PhilippineSingaporeS. Korea

Taiwan

ThailandVietnam

Management or Higher Earners Only

All Employees with Equal Benefit Level for All Employee Levels

All Employees but Benefit Level Varies by Employee Level



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2. Eastern Europe


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Remuneration in Eastern EuropeProfessional Non-Sales Employee

Shortage of technically skilled locallabor and local management

Pressure on salary increase, oftenorganized by strong trade unions

Remuneration Mix

0% 20% 40% 60% 80% 100%

Czech Rep.

Greece

Hungary

Poland

Russia

Slovakia

SloveniaTurkey




Benefits


5.0%

12.0%

10.0%

6.0%

5.0%

Turkey

Russia

Poland

Hungary

Czech Rep.

Sources: Benefits and Compensation Plans Around the World, Mercer (2009); Global Compensation Planning Report, Mercer (October 2009).


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Retirement in Eastern Europe

Retirement provision is minority practice in many countries

Common to provide lump sum death and disability


0 20 40 60 80 100

Czech Republic

Greece

Hungary

Poland

Russia

Slovakia

Turkey

DB DC Hybrid



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Medical in Eastern Europe

Private medical popular among staff

Czech Republic: Contract with private medical facilities annual fee paid by

employer directly to the private clinic.


0 20 40 60 80 100

Czech Republic

Greece

Hungary

Poland

Russia

Slovakia

Turkey






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3. Western Europe


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Remuneration in Western EuropeProfessional Non-Sales Employee

Flat to moderate salary increases

Labor challenges in the technology

sales and services sectors

Broader use of variable pay

Remuneration Mix

0% 20% 40% 60% 80% 100%

AustriaBelgium

DenmarkFinlandFrance

GermanyIreland

ItalyNetherlands

NorwayPortugal

SpainSwedenSwitzerland

UK




Benefits


5.0%

2.5%

4.0%

3.5%3.3%

UK

Switzerland

Norway

Germany

France



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Retirement in Western Europe

Social security in decline

Rapid movement from DB to DC

Income protection for death/disability common


0 20 40 60 80 100

AustriaBelgium

DenmarkFinlandFrance

GermanyIreland

ItalyLuxembourgNetherlands

Norway

PortugalSpain

SwedenSwitzerland

UK

DB DC Hybrid



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Medical in Western Europe

Private medical plans not majority practice

Some countries provide private medical benefits only to their management


0 20 40 60 80 100

AustriaBelgium

DenmarkFinland

FranceGermany

IrelandItaly

LuxembourgNetherlands

NorwayPortugal

SpainSweden

SwitzerlandUK






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4. Latin America


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Remuneration in Latin AmericaProfessional Non-Sales Employee

Remuneration Mix

0% 20% 40% 60% 80% 100%

Argentina

Brazil

Chile

Colombia

Mexico

Puerto RicoVenezuela




Benefits


21.5%8.6%

28.3%

5.0%

7.0%

Venezuela

Mexico

Colombia

Brazil

Argentina

Mandated additional salary payment iscommon. For example:

13th month salary payment, Christmas or vacation bonus, or

Mandated profit sharing



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Retirement in Latin America

Real projected benefits are decreasing due to high inflation

Supplementary plan prevalence expected to increase

Trend from DB to Hybrid or DC


0 20 40 60 80 100

Argentina

Brazil

Chile

Colombia

Mexico

Venezuela

DB DC Hybrid



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Medical in Latin America

Private medical coverage for all staff is very common

Trend towards wellness programs



0 20 40 60 80 100

Argentina

Brazil

Chile

Colombia

Mexico

Venezuela






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5. Canada and USA


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Remuneration in Canada and USAProfessional Non-Sales Employee

Flat to moderate salary increases

Executive compensation levels: increased

oversight by boards and, potentially, byshareholders say on pay

Remuneration Mix

0% 20% 40% 60% 80% 100%

Canada

USA



Variable Bonus and Commission Long-term IncentivesBenefits


3.7%

3.5%

USA

Canada



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Retirement in Canada and USA

Canada & USA: Trend to DC continues

Canada: Improving retention features and reducing costs in DB plans

USA: Government regulation of pension plans and litigation opposing Hybridplans both threaten long-term viability of DB plans. Recent legislation has

eased but not removed the litigation threat.



0 20 40 60 80 100

Canada

USA

DB DC Hybrid



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Medical in Canada and USA

Private medical coverage for all staff is very common

Canada and USA: Some employers continue to provide retiree medical benefits

but are considering changes to ensure financial sustainability

USA: Employers are considering potential impact of USA health system reforms



0 20 40 60 80 100

Canada

USA

Management or Higher Earners OnlyAll Employees with Equal Benefit Level for All Employee Levels




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Dimensions of International Complexity

One size does not fit all

DIMENSION 1:How rewards

differ by country

DIMENSION 3:Regional differences

DIMENSION 2:Global driving forces


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Hands

off

Approval

requiredfor majoritems

HQ initiate

changes

Approval

requiredfor allitems

L OCA L CEN T RA L

Managing International Complexity

The spectrum of approaches


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The Global/Local Tension

Benefits of Local

Flexibility

Benefits of Global

Consistency

Creates consistent

culture andemployer brand

Leverages internal

resources

Improvesfinancial

management

Supports uniquelocal workforcerequirements

Leverages valueof local practices

Recognizes localbusiness requirements


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Balancing the Global/Local Tension

Employer PerspectiveOur reward programsfoster the knowledge,competencies, and

behaviorsnecessary forbusiness success

Employee Perspective

My rewards are part of acompelling value

propositionthat Iunderstand and support

Cost PerspectiveOur rewards are

affordable, and do notcrowd out other profitable

investments

Global governanceconnects the two

Employer PerspectiveOur reward programsfoster the knowledge,competencies, and

behaviorsnecessary forbusiness success

Employee PerspectiveMy rewards are part of a

compelling valuepropositionthat I

understand and support

Cost PerspectiveOur rewards are

affordable, and do notcrowd out other profitable

investments

Guiding principles whichcreate the desired employer

brand and overall efficienciesare best set globally

Program designs which

create desired results arebest set locally

Recognizes localbusiness

requirements

Leverages valueof local practices

Supports uniquelocal workforce

requirements

Creates consistentculture and employer

brand

Improves financialmanagement

Leverages internalresources

Benefits ofLocal Flexibility

Benefits ofGlobal Consistency


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Balancing the Global/Local Tension

Global Consistency

Employer Perspective

Our reward programs foster the

knowledge, competencies, and

behaviorsnecessary for business

success


My rewards are part of a

compelling value proposition

that I understand and support

Cost Perspective

Our rewards are affordable, and

do not crowd out other profitable

investments

Employer Perspective

Our reward programs foster the

knowledge, competencies, and

behaviorsnecessary for business

success


My rewards are part of a

compelling value proposition

that I understand and support

Cost Perspective

Our rewards are affordable, and do

not crowd out other profitable

investmentsLocalFle

xibility

Global Governance

connects the two

Program Designs which createdesired results are best set locally

Guiding Principles which create thedesired employer brand and overallefficiencies are best set globally


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Key Risks Around The Globe

Defined benefit pension plans

Post retirement medical plans

Executives

Stock option plans

Constructive obligations

Termination benefits (e.g. Italy)

Guarantees (e.g. Switzerland)

Jubilee payments

Early retirement programs

Disability, Medical


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Process for Developing a Global Guiding PrinciplesInvolving the right levels of the organization at the right time

is crucial to success

Join

t

Respons

ibility

LocalSubsidi

ary

Responsibili

ty

G

lobal/HQ

Responsibility

Understand theBusiness Strategy

Review global, regional and local

strategies

Where are they consistent? Where are the differences? To what extent do countries

operate independently / need tocollaborate?

1

Develop an Ideal WorldGuiding Principles Template

Without consideration for local country implications:

Template development following standard process

Modify for differences and collaboration needs

identified in Step 1 Clearly articulate purpose of the rewards program and

its individual components

2

Review Template Against Local Environments

Understand localcontext (social

programs,tax/legal, culture,labor environment)

3

Identify desirablechanges inrewards strategy to

ensure purpose ofprograms is met ina local context

Only makechanges that willhave a measurableimpact. Look forglobal / regionalconsistency

Conduct gapanalysis againstcurrent internaland externalpractices

Implement Identify barriers to change (legal,

cultural, managerial etc), prioritizeand develop implementationtimeline

Identify cross country synergies:Financial, Communication,Administrative

4

On GoingGovernance

Put processes in place to

regularly measure thesuccess of rewards

strategy against its purpose Modify rewards strategy as

needed

5

C


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Communicating the total employee value propositionwith scarcer resources

Compensation

Base pay Guaranteed bonuses Short term incentives Long term incentives Financial allowances

Financial recognition programs Deferred compensation

Careers

Performance management

Learning and development Career opportunity and pathing Tuition reimbursement Mobility opportunities

Benefits

Retirement Savings and other wealth creation programs Medical / Dental / Vision / Prescription Drug, etc. Life insurance Disability (short- and long-term)

Accident coverage Perquisites

Work Lifestyle

Time off

Wellness programs Dependent care Workplace flexibility Commuter programs Experiential rewards Non-financial, recognition

Current economic conditions are compellingcompanies to manage employee remunerationmore strategically and globally

F th L i O t iti


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Further Learning Opportunities

30 Online Training SessionsOur 30 sessions are organized into 6 topic

modules (with 5 sessions per module):

1. Global Policy Setting & Governance

2. Global Growth & Performance Drivers

3. Global Mobility

4. Europe & Middle East

5. Asia Pacific

6. Americas

How is Mercer + Oxford differentfrom other training?

1. Gold standard content

2. Online training

3. Flexible modular program4. Certification

5. Worldwide peer networking

Additional sessions will be available in April 2010. We encourage you toregister to participate via this link on your screen: www.hr-training.mercer.com


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Resources

All Regions


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All RegionsDC plans are common, but DB plans may still represent significant liabilities

Source: Mercer (2009) Benefit Plans Around the World

0 20 40 60 80 100

Austria

Belgium

Denmark

Finland

France

Germany

Ireland

Italy

Luxembourg

Netherlands

Norw ay

Portugal

Spain

Sweden

Switzerland

UK

Retirement Prevalence of

supplementary benefits

0 20 40 60 80 100

Australia

China

Hong Kong

India

Indonesia

Japan

Malaysia

New Zealand

Pakistan

Philippines

Singapore

South Korea

Taiwan

Thailand

Vietnam

Prevalence among multinational and leading local companies, %

Defined benefit Defined contribution Hybrid

0 20 40 60 80 100

Czech Rep.

Greece

Hungary

Poland

Russia

Slovakia

South Africa

Turkey

UAE

Argentina

Brazil

Canada

Chile

Colombia

Mexico

USA

Venezuela

Western Europe

Americas

Eastern Europe, Middle East & Africa

Asia-Pacific

28.5 57 9.5USAUSA

All Regions


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All RegionsPrevalence of employer-sponsored medical benefits

0 20 40 60 80 100

Austria

Belgium

Denmark

Finland

France

Germany

Ireland

Italy

Luxembourg

Netherlands

Norway

Portugal

Spain

Sweden

Switzerland

UK

0 20 40 60 80 100

Czech Rep.

Greece

Hungary

Poland

Russia

Slovakia

South Africa

Turkey

UAE

Argentina

Brazil

Canada

Chile

Colombia

Mexico

USA

Venezuela

Source: Mercer (2009) Benefit Plans Around the World

100USAUSAMedical Prevalence of

supplementary benefits

0 20 40 60 80 100

Australia

China

Hong Kong

India

Indonesia

Japan

Malaysia

New Zealand

Pakistan

Philippines

Singapore

South Korea

Taiwan

Thailand

Vietnam

Prevalence among multinational and leading local companies, %

Management or higher earners only eligible

All employees, equal benefit level for all

All em ployees, benefit level varies by employee level

Western Europe

Americas

Eastern Europe, Middle East & Africa

Asia-Pacific

Glossary of Key Terms


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Glossary of Key TermsRetirement, Medical, Sickness, Disability & Death Benefits

AD&D: Accidental death and dismemberment.

Benefits Audit or Inventory: A detailed catalogue of the benefit plans of a multinational employer in force on a

specified date. Audits can be of varying elaboration, sometimes including much relevant background material and a

complete breakdown of current costs.

DB: Defined benefit retirement plan.

DC: Defined contribution retirement plan.

Dependent Coverage: Describes whether the plan provides coverage for dependents. Dependent category typically

includes the spouse and dependent children, unless otherwise stated in documentation. Some countries in Asia

include elderly parents in the definition.

Executive-only Plans: Either a retirement plan exclusively for higher-earning employees or plan under which a higher

contribution or defined benefit is provided to this group through the same retirement plan as for other employees.

GP: General practitioner.

HQ: Headquarters of a multinational company.

Hybrid: Mixture of defined benefit and defined contribution features in a single plan. Examples include:

A defined contribution plan that provides a guaranteed minimum defined benefit payment upon retirement;

A defined contribution plan with benefit at retirement age equal to accumulated contributions plus interest or a

fixed formula benefit, whichever benefit is higher; or

Company provides DB plan for existing employees and DC plan for new hires (in effect, two separate plans).



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Inpatient: Services provided under direction of a physician for at least 24 hours to an individual who is admitted to a

hospital as a registered bed patient.

Longevity risk management: Pertains to measuring and understanding longevity risk, putting it in context alongside

other risks, and advising on and assisting with ways to mitigate or transfer it between parties.

LTD: Long-term disability.

Mandatory Practice: Benefits provided by social security or mandatory employer-sponsored plan.

Mandatory Termination Indemnity: Lump-sum payment that must be made by the company (or that has been

prefunded by the company, possibly through an outside agency other than social security) when an employee retires.

Medical Inflation: National average rate of increase in medical care costs, shown as percent change over the

previous year. Not all countries report this statistic. Typical source is a government agency.

MFR/MFS: Minimum funding requirement/minimum funding standard.

Multinational Pooling: A way for multinational companies to achieve global economies of scale in the purchase of

insured employee benefits (life insurance, disability, medical, accident and sometimes pension) around the world.

NRA M/F: Normal retirement age: male (age)/female (age).

Outpatient: Services provided to an individual who is admitted to a hospital or clinic for treatment that does not

require an overnight stay.

Pan European Pensions (PEP): Multinationals can now manage pension plans across EU borders, following a

number of recent European Court rulings and the passing of various directives (most notably the 2003 Pensions

Directive). Potential cost savings and more efficient governance structures are causing many multinationals to

consider implementing pan-European plans.



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Prevalence: Indicates how commonly the plan is provided by multinational and local leading companies. Prevalence

percentages are based on Mercers Total Remuneration Surveys and on senior Mercer consultants experience

working with these companies in the local market.

Professional non-sales employee: Employees in a technical function or typically in non-sales professional role.

Professionals are individual contributors without supervisory responsibility, but may provide coaching/mentoring to less

experienced staff. This level of employees typically holds a university degree or full-trade equivalent.

Rider: Indicates whether a benefit is financed as part of another policy. For instance, the dental benefit may be a rider

to the medical plan.

Self-funded/Self-insured : When a company finances the benefit internally (as opposed to using an external

insurance policy).

SSCC: Social security contribution ceiling.

STD: Short-term disability.

TPD: Total permanent disability.

Typical Market Practice: Describes typical (half or more than half of companies), non-industry-specific, general

market practice for supplementary benefits provision by employers that include multinational and local leading

companies. Does not describe any subgroup differences in practice that may exist.

Vesting: Acquisition by a plan member of an absolute right to an immediate or deferred benefit by fulfilling prescribed

conditions, especially service requirements.



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Glossary of Key TermsCompensation programs

Short-term Incentives: Incentives provided to employees for a performance period of one year or less.

Mandated Vacation Allowance: Legally required paid time off provided to employees in addition to annual salary.

Supplemental Discretionary Vacation Allowance (on top of legal requirement): Not legally required paid time offprovided to employees in addition to annual salary.

Additional Salary Payment: Payments provided to employees in addition to salary but independent of performance(not performance-based incentives). Examples include 13th- or 14th-month salaries, Christmas or holiday/vacationbonuses, and mandated profit sharing.

Transportation Allowance: Payments made for transit purposes, either in the form of public transportationreimbursement or car allowances for business use of personal autos.

Car Benefit: Company-provided cars offered to employees.

Meals Allowance: Meal benefit provided to employees (lunch vouchers, cafeteria meals, etc.).

Other Cash Allowances: Any other cash allowance provided (housing allowance, school allowance, etc.). Frequency of Payments: Intended to reflect the number of payments provided in an annual pay cycle (12 monthly

payments, 13 or 14 payments corresponding to a 13th- or 14th-month salary practice, 12 months salary paid inbiweekly installments, etc.).

Prevalence Categories: Indicate how commonly the compensation element is provided by multinational companies.Prevalence information is based on Mercers global compensation surveys and Mercer consultant experience workingwith these companies in the local market.

Not Prevalent: Small minority of companies

Mandated: Required by law

Occasional: Less than half of companies

Common: Approximately half of companies

Prevalent: More than half of companies

Related Resources


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Related Resources

The future of pensions and health care in a rapidly ageing world, WorldEconomic Forum and Mercer (2008).

Transforming pensions and health care in a rapidly ageing world,

World Economic Forum and Mercer (2009).

Worldwide Benefit and Employment Guidelines, Mercer (2009).

Pan European Employer Health Benefits Issues, Mercer (2008).

Middle East Employee Benefits Survey, Mercer (2007/2008).

Related Resources


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BBC Country Profiles.

International Social Security Association.

Health policies, OECD.

Pensions, OECD.

International Update, US Social Security Administration.

Data & Statistics, World Bank.


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Copyright 2010 Mercer LLC. All rights reserved. This session is part of an exclusive program called Mercer + Oxford Academics: Global Online Training which offers global human resource professionalsthree complimentary sample training sessions plus 30 paid online training sessions, with optional certification and worldwide peer networking. More information: www.hr-training.mercer.com

36713962 Benefits Power Point 1

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Transcript of 36713962 Benefits Power Point 1