Rising benefit costs now top concern for Asia businesses

A new study by professional services firm Aon showed that 55% of employers in the wider Asia-Pacific region are concerned with the rising cost of employee benefits.

This is followed by 54% identifying the unavailability of benefit packages that offer diversity, options, and flexibility to attract and retain talent.

The Aon 2022 Asia Pacific Employee Benefit Trends Report evaluated the changing expectations of employees and the trend in employee strategies in the regions.

The study’s insights help employers quantify and qualify employee benefits, and assess how their organisations can increase workforce resilience amid an increasingly volatile talent market.

With the Covid-19 pandemic driving a rapid and significant change in employee expectations, many workers are now seeking work environments that support their mental health. As such, 35% of employers surveyed said one out of four employees might be working remotely soon.

Though employee wellbeing was a key priority for 46% of the employers surveyed, many companies lack clear guidance on benefits. One in five did not review their offerings regularly.

“These insights can inform decisions on how to manage the evolving structure of work or more specific solutions, such as ways to achieve a healthier and more inclusive team. Apart from the diversity and flexibility of benefits, there is a need to communicate the benefits employees receive more clearly,” Tim Dwyer, CEO of Health Solutions for Asia-Pacific at Aon said.

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Chief of Staff Asia