According to Aon’s 2022 Asia Pacific Employee Benefit Trends report, rising benefit plan costs are the biggest challenge faced by almost 60% of companies in the region. Additionally, more than 50% of employers struggle to provide diverse benefits and options, almost half admit their perks are not competitive and fall short of market standards, and 40% lack sufficient data to make informed decisions.
In today’s competitive job market, offering a competitive salary is no longer sufficient to attract and retain top talent. Companies need to provide a mix of salary, benefits, rewards, and perks to remain relevant. The pandemic has further accelerated this trend, with non-monetary benefits becoming more popular than ever before.
Remote work, work-from-home stipends, flexitime, four-day workweeks, and mental health or wellness programmes have seen a significant increase in development and implementation. These benefits have proven to be critical in keeping employees happy and productive during challenging times. Offering these benefits can also give companies an edge in attracting top talent that prioritises work-life balance and a healthy work environment.
In Singapore, companies are offering a variety of special leave options to their employees, according to a Jobstreet report. Compassionate leave and marriage leave are the most popular, but other forms of special leave, such as family care, birthday, graduation, and menstruation, are also being offered. These special leaves allow employees to take time off when they need it, which can help them manage their personal and professional responsibilities effectively.
Employers are also considering the impact that commuting has on their employees. With the pandemic heightening concerns about the transmission of diseases in crowded places, many companies are offering cash housing allowances or employee quarters to employees. This can help employees save time and money on their daily commute and ensure their safety and well-being.
Read the full The Innovation Rules: How Compensation and Benefits Strategies are Evolving in 2023 report here.
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