metropolitan life insurance company 200 park avenue, new york, ny 10166 l080957192(exp0810)mlic-ld...
TRANSCRIPT
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L080957192(exp0810)MLIC-LD
Study of International Employee Benefits Trends
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L0710119824(exp0711)
The Employee Benefits Advantage: Leveraging a Global Perspective
DIVERSE ECONOMIES AND DEMOGRAPHICS
INDIA
MEXICO
AUSTRALIA
UNITED KINGDOM
UNITED STATES
GDP POPULATION MEDIAN AGE (YEARS)
LIFE EXPECTANCY AT BIRTH (YEARS)
$ 4.2 trillion
$ 1.2 trillion
$681 billion
$ 2.1 trillion
$ 13.2 trillion
1.1 billion
107.0 million
20.2 million
59.7 million
299.0 million
23.8
25.6
36.7
38.9
36.0
63.5
75.4
80.6
78.9
77.7
GDP = Purchasing power parity in international dollars, 2006.All other figures as of 2005.Source: World Bank (GDP and life expectancy), World Health Organization (population), United Nations (median age).
Benefits practices vary significantly from country to country based on government social programs, size and competitiveness of labor markets, and national culture and tradition.
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L0710119824(exp0711)
The Employee Benefits Advantage: Leveraging a Global Perspective
Overview
•Business expansion
•Employee opportunities
•New competition
•Rapid growth
LE
SS
DE
VE
LO
PE
DM
OR
E D
EV
EL
OP
ED
•Aging population
•Longevity
•New family dynamics
•Pressure on social security and health care systems
•Retirement concerns
•Work life balance
•Work force migration
•Spending power
•Healthier lifestyles
•Improved health care
•Decline in birthrates
Using history as a guide, we know that economic development in individual countries tends to follow a familiar pattern.
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L0710119824(exp0711)
The Employee Benefits Advantage: Leveraging a Global Perspective
Overview
India 55% of employees surveyed have not assessed income needs in case of disability 20% have taken any retirement planning steps
Mexico 62% of employees surveyed have not taken steps to determine their household’s life
insurance needs 19% have taken retirement planning steps
Australia 58% have not taken steps determine their household’s life insurance needs 43% have taken retirement planning steps
U.K.
22% of employees surveyed have not taken steps to determine their household’s life insurance needs
70% have taken steps to determine their needs for retirement income
In both developing and developed markets, vast populations are underinsured and unprepared for retirement.
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L0710119824(exp0711)
The Employee Benefits Advantage: Leveraging a Global Perspective
INDIA
MEXICO
AUSTRALIA
UNITED KINGDOM
UNITED STATES
#1 #2 #3
Health insurance
Job security
Enough money to live on
Job security
Paying bills during sudden income loss
Job security
Paying bills during sudden income loss
Paying bills during sudden income loss
Enough money to live on
Enough money to live on
Enough money to live on
Health insurance
Job security
More time to spend with family
Health insurance
TOP THREE FINANCIAL CONCERNS AND WORK/LIFE GOALS OF EMPLOYEES
Employees surveyed in these countries cite having enough money to live on and paying bills after a sudden income loss among their top financial concerns. For employees surveyed in the U.S., India and Mexico, health insurance is also among the top three financial concerns.
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L0710119824(exp0711)
The Employee Benefits Advantage: Leveraging a Global Perspective
Overview
INDIA
MEXICO
AUSTRALIA
UNITED KINGDOM
UNITED STATES
#1 #2 #3
Controlling health and welfare benefits costs; increasing employee productivity
Increasing employee productivity
Retaining employees
Retaining employees
Retaining employees
Helping employees make better financial decisions
Increasing employee job satisfaction
Increasing employee productivity
Attracting employees
Controlling costs
Addressing more of employees’ different needs
Controlling health and welfare benefit costs
Increasing employee job satisfaction
Increasing employee job satisfaction
Increasing employee productivity
MOST IMPORTANT BENEFITS OBJECTIVES CITED BY EMPLOYERS OFFERING BENEFITS
Employers have an opportunity to find better ways of attracting and retaining good workers in a tight labor market. In the highly developed markets of the U.K. and Australia, “retaining employees” is named most frequently by employers as a benefits objective.
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L0710119824(exp0711)
The Employee Benefits Advantage: Leveraging a Global Perspective
Recruiting and retaining the best employees Increasing productivity of employees Managing the costs of benefits Employees’ need for financial planning Employees’ need for financial protection The diminishing role of the state in health and social welfare
programs
Overview
A set of common challenges faces employers in the countries surveyed, including:
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L0710119824(exp0711)
The Employee Benefits Advantage: Leveraging a Global Perspective
Overview
Address global trends and best practices Country-specific data and analysis will demonstrate the types of
local distinctions Domestic companies can gain a more global perspective
Solutions to these challenges may be found by leveraging a more global perspective and applying it to each country’s unique set of circumstances.
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L0710119824(exp0711)
India – Profile
MARKET PROFILE
3rd largest global economy3
GDP over $4.2 trillion4
Annual national income per capita: $8205
Rapidly growing economy, but poverty is pervasive6
Heavily agricultural (18% of GDP), but rapidly industrializing7
Working age population (ages 15-64) expected to jump from 704 million in 2005 to 1.0 billion in 20308
Median age: 23.8 years9
Life expectancy at birth: 63.510
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L0710119824(exp0711)
India – Profile
BENEFITS AT A GLANCE
Retirement benefits are dominated by a government-mandated employer benefit called the Gratuity, by which every employee, upon leaving his or her employer after more than five years of service, collects 15 days of salary for each year of service.11
Workers may also save for retirement with a tax-favored vehicle called a Public Provident Fund, to which some employers also contribute.
The life insurance market is dominated by the government-owned Life Insurance Corporation of India (LIC), but private insurers are entering the Indian market.
A new regulatory body, the Pension Fund Regulatory and Development Authority, is expected to pave the way for more modern financial products.
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L0710119824(exp0711)
India – Employer Perspective
Overview
TOP THREE FINANCIAL CONCERNS AND WORK/LIFE GOALS OF EMPLOYEES
CONTROLLING HEALTH AND WELFARE BENEFIT COSTS
INDIA: MOST IMPORTANT BENEFITS OBJECTIVES CITED BY EMPLOYERS THAT OFFER BENEFITS
INCREASING EMPLOYEE PRODUCTIVITY
HELPING EMPLOYEES MAKE BETTER FINANCIAL
DECISIONS
ADDRESSING DIFFERENT ENEEDS OF EMPLOYEES
INCREASING EMPLOYEE JOB SATISFACTION
REDUCING HUMAN RESOURCES
ADMINISTRATIVE COSTS
ATTRACTING EMPLOYEES
RETAINING EMPLOYEES
96%
96%
90%
89%
88%
84%
88%
87%
Percentages have been rounded to the nearest whole number
Indian employers surveyed place controlling costs and increasing employee productivity as more important benefits objectives than attracting and retaining talented workers which is hardly a surprising finding in a country with a huge labor surplus and an expanding population.
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L0710119824(exp0711)
India – Employee Perspective
Nearly half (48%) of Indian employees surveyed whose employers do not offer benefits would be interested in purchasing retirement planning products through their employer, even if they had to pay 100% of the cost.
51% of Indian employees currently lacking employer-provided benefits say they would be interested in purchasing term life insurance through their employer, even if they had to pay 100% of the cost.
Employees say that despite their need for retirement products and insurance, such benefits are not a major factor in their employment decisions. However any current ambivalence about employer benefits may be more attributable to a lack of employee education about the value of various benefits products than to a lack of need.
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L0710119824(exp0711)
India – Employee Perspective
India
Australia
U.K.
Overview
Study
Methodology
TOP THREE FINANCIAL CONCERNS AND WORK/LIFE GOALS OF EMPLOYEES
APPROPRIATE HEALTH INSURANCE
INDIA: EMPLOYEES’ TOP CONCERNS ABOUT FINANCIAL SECURITY
JOB SECURITY
ENOUGH MONEY TO LIVE ON
ENOUGH MONEY FOR CHILDREN’S EDUCATION
ENOUGH MONEY TO PAY BILLS DURING SUDDEN INCOME
LOSSRESOURCES AND TIME TO
CARE FOR AGING PARENTS OR RELATIVES
BEING ABLE TO AFFORD QUALITY CHILD CARE
ENOUGH MONEY TO BUY A HOME
82%
81%
80%
79%
79%
73%
79%
76%
MORE TIME TO SPEND WITH FAMILY
71%ENOUGH MONEY SO ONE
PARENT CAN STAY HOME WITH CHILDREN
73%
Percentages have been rounded to the nearest whole number
When it comes to worries about retirement issues, a top financial concern among Indian workers surveyed is having enough money to take care of elderly parent or in-laws.
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L0710119824(exp0711)
India - Conclusions
Benefits Strategies for Tomorrow, Today
Indian employers regard controlling costs and increasing employee productivity as more important benefits objectives than attracting and retaining talented workers. Despite the country’s labor surplus, benefits are seen by employers in certain service-sector industries – or in areas in which multinational outsourcing business has intensified demand for labor—as a way to satisfy highly skilled without driving up wages:
Companies offering health and life insurance provide two financial solutions that are in high demand.
Retirement planning products can provide employers with a long-term strategic option for meeting benefits goals.
Employers can work with providers of financial products to educate employees on how benefits can improve their financial security and quality-of-life.
Offering voluntary benefits is a way to increase the value of benefits offerings without increasing costs.
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L0710119824(exp0711)
Mexico - Profile
MARKET PROFILE
12rd largest global economy21
GDP of $1.2 trillion22
Annual national income per capita: $7,87023
Rapidly growing economy, the “informal” economy has a sizeable presence
Mix of modern and outmoded industries; GDP: 70% services, 26% industry, 4% agriculture24
Working age population (ages 15-64) expected to jump from 66.1 million in 2005 to 86.4 billion in 203025
Median age: 25.6 years26
Life expectancy at birth: 75.4 years27
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L0710119824(exp0711)
Mexico - Profile
BENEFITS AT A GLANCE
A mandatory retirement savings system is paid for by employers, at 2% of wages, and managed in individual investment accounts by registered organizations known as AFORES.28
To help restore its public employee pension system to solvency, Congress voted to raise, by 2028, the retirement age for civil servants to an average of 59 years from 49.5 years and workers’ pension contributions to 6.125% from 3.5% by 2012—echoing reforms of private-sector pensions approved a decade ago.29
Mexico has a decentralized national health system, but employees who can afford private care tend to use it and buy insurance for it.30
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L0710119824(exp0711)
Mexico – Employer Perspective
TOP THREE FINANCIAL CONCERNS AND WORK/LIFE GOALS OF EMPLOYEES
INCREASING EMPLOYEE PRODUCTIVITY
MEXICO: MOST IMPORTANT BENEFITS OBJECTIVES CITED BY EMPLOYERS THAT OFFER BENEEFITS
INCREASING EMPLOYEE JOB SATISFACTION
CONTROLLING HEALTH AND WELFARE BENEFITS COSTS
ATTRACTING EMPLOYEES
REDUCING HUMAN RESOURCES
ADMINISTRATIVE COSTS
ADDRESSING DIVERSE NEEDS OF EMPLOYEES
HELPING EMPLOYEES MAKE BETTER BENEFITS
DECISIONS
RETAINING EMPLOYEES
99%
91%
85%
83%
83%
70%
79%
75%
HELPING EMPLOYEES MAKE BETTER FINANCIAL
DECISIONS
70%
Percentages have been rounded to the nearest whole number
82% of Mexican employers say they are having difficulty finding suitable talent to fill jobs despite the abundance of general labor.34
Mexican employers view benefits plans more as tools for increasing employee productivity and job satisfaction than for attracting and retaining workers.
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L0710119824(exp0711)
Mexico – Employee Perspective
TOP THREE FINANCIAL CONCERNS AND WORK/LIFE GOALS OF EMPLOYEES
JOB SECURITY
MEXICO: EMPLOYEES’ TOP CONCERNS ABOUT FINANCIAL SECURITY
ENOUGH MONEY TO PAY BILLS DURING A SUDDEN INCOME LOSS
APPROPRIATE HEALTH INSURANCE
ENOUGH MONEY FOR CHILDREN’S EDUCATION
ENOUGH MONEY TO LIVE ON
MORE TIME TO SPEND WITH FAMILY
ENOUGH MONEY TO BUY A HOME
ENOUGH MONEY SO ONE PARENT CAN STAY HOME WITH
CHILDREN
79%
77%
75%
74%
72%
65%
71%
69%
RESOURCES AND TIME TO CARE FOR AGING PARENTS OR
RELATIVES61%
52%BEING ABLE TO AFFORD
QUALITY CHILD CARE
Percentages have been rounded to the nearest whole number
The top three concerns of Mexican employees surveyed about financial security are job security, having enough money to pay bills during sudden income loss and having appropriate health insurance
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L0710119824(exp0711)
Mexico - Conclusions
Benefits Strategies for Tomorrow, Today
Mexico has long opened its borders to multinational investment, and is one of the leading nations in facilitating trade agreements worldwide. But these developments, while boosting domestic economic growth at an enviable rate, can reshape the workplace environment. Mexican employees increasingly exposed to multinational influences will doubtless be drawn into the very human game of drawing comparisons. And in such an increasingly competitive landscape, Mexican employers looking to maintain top-quality workforces will increasingly feel compelled to reassess their own benefits practices:
Offer a greater range of benefits such as health insurance and an employer sponsored savings fund than is standard practice.
Educating employees on the importance of financial planning, insurance and retirement savings can deliver significant benefits to both companies and workers for a minimal investment on the part of Mexican employers.
Voluntary benefits represent a valuable and cost-effective tool for employers.
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L0710119824(exp0711)
Australia – Profile
India
U.K.
Study
Methodology
Overview
MARKET PROFILE
16th largest global economy37
GDP of $681 billion38
Annual national income per capita: $35,99039
Developed economy, capitalist system
Dominated by services sector (70% of GDP)40
Working age population (ages 15-64) expected to grow from 13.7 million in 2005 to 15.5 million in 203041
Median age 36.7 years42
Life expectancy at birth: 80.6 years43
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L0710119824(exp0711)
Australia – Profile
BENEFITS AT A GLANCE
Superannuation is a government-regulated, mandatory retirement savings program for all Australian workers; 9% of employee salary is contributed annually by employers; additional contributions are voluntary.44
All superannuation funds have an investment component; many also have, on either a voluntary or mandatory basis, an insurance component: term life, disability and income protection.45
Employees may purchase additional insurance benefits if offered, and costs are deducted from their investment account.46
Government covers all Australians, but private health insurance is common.47
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L0710119824(exp0711)
Australia – Employer Perspective
In 2007, 61% of Australian employers surveyed experienced difficulty in finding the right people to fill jobs, up from 32% in 2006 and significantly above the global average of 41%53
TOP THREE FINANCIAL CONCERNS AND WORK/LIFE GOALS OF EMPLOYEES
RETAINING EMPLOYEES
AUSTRALIA: MOST IMPORTANT BENEFITS OBJECTIVES OF ALL EMPLOYERS
INCREASING EMPLOYEE PRODUCTIVITY
INCREASING EMPLOYEE JOB SATISFACTION
ADDRESSING DIVERSE NEEDS OF EMPLOYEES
HELPING EMPLOYEES MAKE BETTER BENEFITS DECISIONS
ATTRACTING EMPLOYEES
HELPING EMPLOYEES MAKE BETTER FINANCIAL DECISIONS
REDUCING HUMAN RESOURCES ADMINISTRATIVE COSTS
89%
87%
82%
71%
68%
64%
66%
65%
Percentages have been rounded to nearest whole number.
Australian employers are feeling pressure to attract and retain talented workers.
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L0710119824(exp0711)
Australia – Employee Perspective
Percentages have been rounded to nearest whole number.
TOP THREE FINANCIAL CONCERNS AND WORK/LIFE GOALS OF EMPLOYEES
OUTLIVING RETIREMENT MONEY
AUSTRALIA: EMPLOYEES’ TOP CONCERNS ABOUT RETIREMENT
BEING ABLE TO AFFORD HEALTH CARE IN RETIREMENT YEARS
HAVING TO WORK FULL-TIME OR PART-TIME TO LIVE COMFORTABLY
IN RETIREMENT YEARS
PROVIDING FOR YOUR SPOUSE/PARTNER’S LONG-
TERM CARE NEEDS
PROVIDING FOR YOUR OWN LONG-TERM CARE NEEDS
49%
44%
43%
39%
38%
HAVING ENOUGH MONEY TO TAKE CARE OF ELDERLY
PARENTS OR IN-LAWS
29%
43% understand retirement needs
42% planned for retirement
42% determined life insurance needs
35% determined income protection needs
41% of Australian employees surveyed hope to retire in their 50s – 45% in their 60s, given their ambitions plans for retirement and long life expectancy, most Australians are worried about having enough money to afford it.
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L0710119824(exp0711)
Australia - Conclusions
Study
Methodology
Benefits Strategies for Tomorrow, Today
Australia’s superannuation funds have succeeded in providing workers with fundamental coverage for retirement and family protection in case of disablement, but this success appears to have bred a degree of complacency among workers when it comes to savings and insurance. However, the need for additional financial advice and education about their value opens a door for growth in employer-provided benefits. As employees become aware that economic and demographic realities could threaten their visions of financial security and retirement lifestyle, they will increasing look to augment their current superannuation coverage. This will provide an opportunity for employers looking to improve employee retention rates, as well as for super funds looking for ways to grow their asset base: In creating benefits plans, employers should first focus on educating employees about
financial risks and appropriate coverage. Financial planning services will likely prove appealing to the large share of Australian
employees that are worried about paying for retirement but have done little to prepare. Employers may find good results in constructing benefits packages that provide a high
degree of personalization, with offerings that span insurance, investments and work/life options.
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L0710119824(exp0711)
United Kingdom - Profile
India
Australia
MARKET PROFILE
6th largest global economy57
GDP of $2.1 trillion58
Annual national income per capita: $40,18059
Developed, wealthy nation
Dominated by services sector (73% of GDP)60
Working age population (ages 15-64) expected to grow from 39.7 million in 2005 to 40.7 million in 203061
Median age 38.9 years62
Life expectancy at birth: 78.9 years63
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L0710119824(exp0711)
United Kingdom - Profile
India
Australia
Overview
BENEFITS AT A GLANCE
The National Health Service provides publicly funded health care. However, private health insurance is common.64
The government provides the Basic State Pension, and provides for tax incentives for workers to fund their own personal pensions.65
The insurance and financial products markets are highly developed and competitive.66
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L0710119824(exp0711)
United Kingdom – Employer Perspective
India
Study
Methodology
Overview
U.K.
TOP THREE FINANCIAL CONCERNS AND WORK/LIFE GOALS OF EMPLOYEES
RETAINING EMPLOYEESS
U.K.: MOST IMPORTANT BENEFITS OBJECTIVES OF EMPLOYERS THAT OFFER BENEFITS
ATTRACTING EMPLOYERES
INCREASING EMPLOYEE JOB SATISFACTION
INCREASING EMPLOYEE PRODUCTIVITY
CONTROLLING HEALTH AND WELFARE BENEFIT COSTS
83%
78%
75%
71%
54%
Percentages have been rounded to the nearest whole number.
Most U.K. employers offers some benefits, which companies see primarily as a means of retaining and attracting employees.
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L0710119824(exp0711)
United Kingdom – Employer Perspective
India
Study
Methodology
Overview
U.K.
TOP THREE FINANCIAL CONCERNS AND WORK/LIFE GOALS OF EMPLOYEES
PENSIONS
U.K.: BENEFITS OFFERED BY EMPLOYERS THAT OFFER BENEFITS
PRIVATE MEDICAL INSURANCE (PMI)
LIFE ASSURANCE
LONG-TERM DISABILITY OR PERMANENT HEALTH
CRITICAL ILLNESS INSURANCE
TRAVEL INSURANCE
AUTO INSURANCE
94%
82%
66%
43%
31%
30%
27%
Percentages have been rounded to the nearest whole number.
The majority of U.K. companies offer their employees pensions and private medical and life insurance however few employers have sought to differentiate themselves by expanding benefits beyond this minimum.
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L0710119824(exp0711)
United Kingdom – Employee Perspective
45% of U.K. employees have critical illness insurance.
35% have long-term disability, or permanent health insurance.
26% have dental insurance. 11% have long-term care insurance.
40% of U.K. employees surveyed are extremely concerned with having more time to spend with families.
Behind job security and having enough money to live on.
For a group that has been relatively pro-active in assessing and planning for their financial needs, U.K. employees surveyed seem less than fully prepared in many other health-related issues.
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L0710119824(exp0711)
United Kingdom – Employee Perspective
India
Australia
U.K.
Overview
TOP THREE FINANCIAL CONCERNS AND WORK/LIFE GOALS OF EMPLOYEES
PENSION
U.K.: WHERE EMPLOYEES OBTAINED DIFFERENT FINANCIAL PRODUCTS
CRITICAL ILLNESS
LIFE ASSURANCE
PERSONAL ACCIDENT COVERAGE
PRIVATE MEDICAL INSURANCE (PMI)
48%
10%
34%
18%
11%
22%
12%
1%
51%
13%
32%
1%
3%
28%
14%
Workplace Outside Workplace Both
Among those who do own these products, most purchased them outside the workplace.
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L0710119824(exp0711)
United Kingdom - Conclusions
India
Australia
U.K.
Study
Methodology
Overview
Benefits Strategies for Tomorrow, Today
U.K. companies recognize the potential value of benefits programs in attracting and retaining workers—a task that looks to become increasingly challenging due to demographic changes occurring the workforce:
Consider financial education programs to assist employees in making the many important decisions facing workers forced to shoulder more responsibility for their own financial security.
Employers can increase the impact of their benefits plans by offering programs that provide employees with better work/life balance.
When expanding benefits plans, start with insurance.
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L0710119824(exp0711)
Contact your MetLife representative for more information
India www.metlife.co.in
Mexico www.metlife.com.mx
Australiawww.metlife.com.au
United Kingdom www.metlife.co.uk
United States www.whymetlife.com/international5
Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166 L0710119824(exp0711)
Study Methodology
Overview
The MetLife Study of International Employee Benefits Trends was conducted between November 2006 and March 2007 by GfK Custom Research, one of the top global market research consultants. Results were obtained through face to face, telephone and online interviews. The targeted sample of each country was designed to appropriately represent the full-time employee population base. Totals do not always equal 100% due to rounding.