Employers in the Philippines are increasingly offering more competitive benefits packages in order to attract and retain top talent, according to a new survey by Willis Towers Watson (WTW).
The survey, which polled 5,233 employers in the Philippines, found that 80% of respondents view competition for talent as the main factor in determining the benefits they offer to employees.
“Companies that can differentiate themselves and implement holistic benefits programs will stand to gain a strong advantage against their competitors,” said Maria Nelissa Abrera-Badal, director of health & benefits at WTW Philippines.
The survey also found that employers are increasingly concerned about the rising cost of benefits, as well as the persistence of inflation. However, most employers are still willing to invest in benefits in order to attract and retain top talent.
“The key now will be to develop a truly equitable approach that not only tailors to the individual needs of the workforce, but also ensures that the value of their investments is optimized to become more cost-effective,” Abrera-Badal said.
The most important benefits that employers are offering to employees include health benefits, mental health support, career training and development, and risk and insurance benefits.
The survey also found that employers are increasingly offering flexible work arrangements, such as remote work and flextime, as a way to attract and retain talent.
“The war for talent is only going to get more competitive in the coming years,” Abrera-Badal said. “Employers need to be prepared to offer competitive benefits packages and flexible work arrangements in order to attract and retain the best talent.”
The survey was conducted in June and July 2023.
