7 Most Sought-After Perks to Include in Your Employee Benefits Policy

Mental Health At Work - Making Your Employee Benefits Plan Workployee health insurance and more benefits to create a wellness-focused work environment - a guide for businesses in Singapore.

The Covid-19 pandemic has fundamentally changed the way we work and live. It has no doubt brought about new challenges to deal with and that includes our mental health. While mental health has been a hot topic of discussion in recent years, it is becoming a more prevalent issue as some struggle with the abrupt shift to the new normal – with more calls to helplines and existing patients expressing fresh worries about their health and the economic fallout. 

Even with mandated WFH arrangements, it is becoming a key issue for managers to address, especially for employees experiencing stress that’s becoming harder to manage when working from home. This article will provide insight on how you can ensure your employees are well-supported wherever they’re at and why it is – more important than ever – to have a comprehensive employee benefits policy

Wellness-focused office: Where are we at now?

Mental health can have a notable effect on the way people function at work and productivity suffers when morale is low. It’s hard not to wonder if it’s time for your corporation to start promoting a wellness-focused office environment such that employees’ well-being will not go unnoticed by employers and colleagues.

The good news is, it is easily achievable once you begin making your employee welfare a priority. For instance, you can:

  • Hold virtual staff meetings to check in on how your employees are doing physically and mentally. 
  • Recognise achievements, both big and small, that can make anyone feel appreciated. 
  • Tailor your employee benefits package to invest in the best interests of everyone. 

In order to keep employees happy and healthy, businesses need to offer robust employee care packages that include more than commonly offered benefits such as paid time off and childcare leave. 

Have the following 7 perks in your employee benefits package

Perk #1: Corporate health insurance

While a basic employee health insurance usually covers regular health screenings, paid sick leave and visits to selected clinics, a limited plan may not be sufficient to bear more expensive medical bills. In fact, the costs of treating a critical illness can amount to as high as $200,000 yearly in Singapore. For both locals and expats alike, having more comprehensive healthcare coverage can help any employee get back on track faster without having to worry about the medical expenses incurred. 

From a cost perspective, it can also be more economical to invest in a group plan than having individual policies. Not only will you enjoy lower premium costs as the company grows, but your employees will also receive pro-rata return premiums in the case of resignation. 

To learn more about the key considerations of buying group health insurance, click here

Perk #2: Wellness program initiatives

To support your employees during unprecedented times such as this, consider enhancing your wellness-focused initiatives. Starting with accessible mental wellbeing support, this can be your company’s efforts to safeguard your employees’ mental health amid the continued uncertainty. 

With that being said, beware of “phantom” mental health services when evaluating your choice of wellness programs. It can make a huge difference when you partner with a trusted health insurance broker to procure the best employee benefits package for your company. Once implemented, don’t forget to keep your team informed on the resources available to them when they need it most. 

Perk #3: Performance bonus

Employers may also offer a one-time performance bonus at the end of the month or year as a way to celebrate achievements as mentioned above. These additional financial rewards can come in handy as morale boosters when they are most needed as your employees continue working from home. 

Perk #4: Coverage for disabilities

This means continuing to provide an income should an employee be unable to work for an extended period due to disabilities. You can tailor your group personal accident insurance plan accordingly to cater to the specific needs of your employees. Policies can also be extended to include an employee’s immediate family members who are traditionally uninsured or under-insured.   

Perk #5: Flexible working hours 

With family in mind, probably one of the hardest challenges of working from home is having to manage kids that need around-the-clock attention. While every working parent of children who are Singapore citizens are eligible for 6 days of childcare leave, employers need to embrace the fact that employees require more support and flexibility in the new normal. With the ability to create a work schedule that works for them, your employees can then manage their time more effectively while still delivering results.    

Perk #6: Remote work arrangements

As Covid-19 has forever changed the nature of work as we know it, it’s never too early to redesign company processes and prepare for the post-pandemic workplace. That includes retaining the hybrid way of working to give employees the freedom to choose where they want to work. Minus the time spent on daily commute, remote work arrangements are now an attractive option to many who have become accustomed to being productive at home. To attract a wider talent pool, this will soon be a must-have perk provided in many employee benefits packages.            

Perk #7: Healthier Pantry Options

Finally, as and when your employees return to the office, don’t forget to have your office pantry well-stocked with nutritious snacks like protein bars, yogurt, fresh fruits and nuts. It speaks volumes when your company goes the extra mile to offer healthy food options as an added incentive to eat well at work. So when the hunger pangs strike, your employees won’t have to look far as these wholesome goodies are already within reach to give them the energy they need to get through the day. 

Review your employee benefits package with us

Ultimately, a good employee benefits policy can sweeten the deal for prospective employees and help retain your current staff. Most importantly, you are taking a crucial step to achieve a wellness-focused work environment – ensuring a physically and mentally healthy workforce in the long run. 

There are many types of benefits you could offer, but not all of them will be appropriate for every business. To find out what would work best for your company, explore the most desirable employee benefits alongside quality health insurance protection with Expat Insurance today. 

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