Employees can’t get no (benefits) satisfaction
Organisations in Singapore might have to rethink their benefits packages. A new survey with Willis Towers Watson has found that less than half of workers feel their benefits package meets their needs.
On the other hand, more than 60% of employers think that their benefits packages are actually highly valued by staff – suggesting that there is a disconnect in the perceived value between employers and employees.
However, the majority of companies in Singapore (86%) are also looking to evaluate and measure the success and effectiveness of their programs in the next three years. The survey found that organisations plan to execute this through the varying use of data – for example, using medical claim data and benchmarking information to inform decisions or changes, and financial and nonfinancial metrics to measure the impact.
“At a time when workplaces are expected to be more flexible, we still see a majority of Singaporean organisations failing to offer their employees diversity, choice and flexibility with their benefits. One size certainly does not fit all,” said Audrey Tan, Head of Health & Benefits, Singapore, Willis Towers Watson.
The survey also found that some of the non-traditional well-being benefit offerings that employers are looking to integrate are activity-based programs (21%), behavioural or emotional health management initiatives (23%), lifestyle risk and chronic disease management programs (18% respectively), and financial well-being (10%).