Employee benefits have always been a significant factor in attracting and retaining talent, and this trend is expected to continue in 2023. With the job market becoming more competitive, attractive employee benefits packages are key to winning the “war for talent”.
When employees feel that they are valued and appreciated, they are more likely to be engaged and productive. This, in turn, leads to higher job satisfaction, which can result in lower turnover rates. Employee benefits are crucial to improving employee morale and building a positive company culture. When employees feel that their employer is invested in their well-being, they are more likely to feel a sense of loyalty and commitment to the company.
In this Pacific Prime CXA article, we’ll look at the most desirable benefits in 2023. Get them right, and good employees will beat a path to your door.
1. Flexible Work Hours
Flexible work hours allow employees to balance their work and personal life more effectively. This can lead to reduced stress, increased job satisfaction, and improved overall well-being.
A fact that is less often mentioned is that flexible work hours can increase productivity. Different people have different peak productivity times, and allowing employees to work during their most productive hours can result in higher work quality and better overall results for the company.
Allowing employees to manage their own schedules can also improve employee retention rates. When employees feel trusted and empowered, they are more likely to feel valued and committed to their job.
2. Work-from-Home Options
Work-from-home options have become a highly desirable employee benefit in recent years, and for good reasons.
Employees can avoid long commutes and focus better on their work and personal lives when work-from-home options are available. Travelling to and from work each day can be both stressful and tiring for many employees. These options also allow employees to work while balancing their personal responsibilities, such as caring for children and elderly family members.
Singapore has a highly tech-savvy workforce that is well-equipped to handle remote work. The city-state’s top-notch digital infrastructure and high internet penetration make it easy for employees to work from home and communicate with their colleagues and clients. So for companies that can implement work-from-home, it’s a no-brainer!
3. The 4-Day Workweek
A four-day workweek could help promote a healthier work-life balance, as workers can utilise the extra day to rest, spend quality time with family, or even go on short trips. What’s more, it can lead to a quieter office environment with fewer interruptions and more persistent concentration.
But, what about overall productivity? A large-scale experiment involving more than 70 companies in the UK in 2022 revealed that for most companies, reducing the workweek by one day was not accompanied by lost productivity.
As a matter of fact, some companies that took part in the pilot programme even reported a significant improvement in overall productivity, so much for the theory that more hours of work necessarily means more work getting done.
4. Employer-Sponsored Retirement Plan
With rapidly rising costs in Singapore, even with the Central Provident Fund, it can be challenging to save enough money for retirement. Employer-sponsored retirement plans assure employees that they will have more resources in their golden years, alleviating worries and providing peace of mind.
These plans also signal that your company is committed to its employees' long-term financial well-being, which can be a powerful motivator for job seekers. Moreover, employees are less likely to leave a job with excellent benefits.
5. Mental Health Services and Support
In the old days, when people talked about health, the conversation would likely be centred around their physical health, but no more. Nowadays, more and more people are aware of the importance of mental health to a person’s overall well-being. Naturally, companies must embrace this new reality.
Providing mental health support to employees can significantly reduce their chances of experiencing stress, anxiety, or depression, all of which can adversely affect their work productivity. Employers who offer such support are now perceived as compassionate, modern, and proactive rather than being viewed with scepticism.
Providing mental health support can also help reduce absenteeism and presenteeism (when employees show up to work despite being unwell), which are often caused by mental well-being issues. By addressing the mental well-being of employees, companies can improve attendance and productivity while also decreasing the frequency of sick days taken by their workforce.
Secure Health Insurance with Pacific Prime CXA
While there are compulsory health savings and insurance plans that all Singaporeans must join, it can be challenging for expats to arrange sufficient and comprehensive health insurance in Singapore on their own, due to a common lack of understanding of the different types of plans available.
Luckily, you don’t have to. With more than 20 years of experience in insurance, Pacific Prime CXA is your trusted partner for unbiased advice and can help you find and secure the health plan that meets your requirements and fits your budget. What’s more, you don’t have to pay extra compared to securing a health plan directly from an insurer!
Contact us for a plan comparison or a FREE quote today!