Your employees are integral to the long-term growth and success of your business. Training programs, development, wellness perks, and compensation packages are essential to driving higher employee engagement and retention rates. Not only do employees benefit from a clear and well-developed benefits insurance plan, they will come to appreciate a company that prioritises culture over profit. As the saying goes, “Take care of your people and they’ll take care of you.”
More than just a nice-to-have, employee benefits packages are key to hiring and retaining top talents. As more youths join the workforce, we are finding ourselves in a period where the workplace has a diverse age range of employees. The perspective towards employee benefits is slowly but steadily changing to become a priority for most millennials and Gen Z professionals. Where purpose and intention intersects, that’s where the younger generation’s priorities are placed. No longer can companies attract talent purely on monetary basis, there needs to be more. Research shows that employees are more productive and loyal to a company when they feel their needs satisfied. In a highly competitive environment, it is important for companies to refine their benefits packages. With decades of experience working with corporates and individuals, the team of brokers here at Expat Insurance Singapore can help you find the plan best matching your company’s needs.
What typically goes into an employee benefits insurance package?
Employee benefits insurance packages typically cover the indirect compensation and perks afforded to employees at your workplace. From expat and local health insurance to wellness programs initiated internally, there are a myriad of ways you can improve the well-being of your employees.
1. Expat & local medical insurance
It goes without saying that providing your employees, both expats and locals, with group medical insurance is a must. While Singaporeans have subsidised medical bills, expats are encouraged to take up a good policy cover. Though healthcare here is excellent, the costs can get steep. Employers hiring expatriate employees should make it a priority to secure comprehensive medical coverage.
Group medical insurance covers inpatient, outpatient, and GP consultations to a degree. Depending on the policy provider, the terms may differ. Finding the right medical plan while reconciling business budgets can be challenging, but our team can help you with the process.
2. Paid time-off (annual leave)
It’s incredibly important and mandated that your employees be given paid time-off from work. Commonly referred to as annual leave here in Singapore, employees need to be able to take days off work, whether it’s due to illness, personal commitments, or a need to unplug and recharge.
3. Dental insurance
Oftentimes, you’ll be able to find dental insurance offered as part of the group medical plan. Designed to support employees taking better dental care, both preventive and emergency, dental insurance can be offered together or on its own, depending on the company’s budget.
4. Maternity & paternity leave
With both parents now needing to work, it’s vital that companies offer maternity and paternity leave. For expats working here in Singapore, companies can look into offering paid time off for mothers and fathers expecting a new arrival in their family.
Welcoming a new baby can be incredibly stressful and it’s crucial that parents be given the assurance of time-off to transition and adapt to this change. Employers need to be human with their approaches as well.
What are some other benefits that employees look for in companies?
Aside from insurance, you could look into flexible work arrangements, healthy snacks in the office, company bonding sessions, and off peak travelling hours to offer employees more choice, flexibility, and autonomy. Skills development and in-company niche activity groups (think running club) also rank pretty high on what most employees today would consider as important culture nodes in a company.
Because the pandemic has prompted a massive shift of sorts in the world of work, it’s pivotal that companies adapt accordingly as well. The transition to remote work has accelerated the need for flexible work arrangements.
It’s more than a little known fact that the younger generation values flexibility. Hence this is no better time for companies to incorporate greater flexibility into work schedules.
Spending extended hours of work alone at home can stress many employees out, blurring the line between work and personal life. Companies are encouraged to prioritise wellness, especially mental well-being. Taking breaks during the work day and having a clear time for when work ends can be immensely beneficial for employees, especially for those with children at home.
Seek expert advice on employee packages
Finding a comprehensive and tailored employee benefits package doesn’t have to be difficult. Providing a well-designed plan can make a huge difference in the hiring and retention efforts in your business. Get the support you need from our team today.