Employers in Singapore and Hong Kong are looking into enhancing life/accident insurance , outpatient insurance , and health/well-being benefits . Current benefits offerings focus on health and well-being, with 58% offering health and well-being benefits and 49% providing flexible/remote working options.
A recent report by the Chartered Institute of Personnel and Development in partnership with AIA sheds light on the significant influence of talent competition on employers' approaches to employee benefits, with 47% of surveyed organisations highlighting this impact. “With today’s workforce seeking more than just monetary benefits, employers need to reassess their insurance packages to see if any coverage needs to be added or enhanced for them to be more competitive and meet employee expectations,” Chow added.“The report underscores the importance of regular feedback to tailor benefits effectively, fostering employee satisfaction and retention while attracting new talent.
Key findings highlight trends such as talent competition and hybrid working, with Singapore respondents prioritising employee satisfaction and retention. Challenges in designing benefits include budgetary constraints and meeting employee expectations, indicating a need for improved feedback mechanisms.
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