Employees can’t get no (benefits) satisfaction

Less than half of Singaporean employees are satisfied with their workplace benefits, a new survey finds.

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%).

 

 

Click here for more Compensation and Benefits News
Kiwi firm’s four day work week
- 23 Jul 2018
The trial gave employees a free day off every week.
Cultural tickets for Romanian employees
- 19 Jul 2018
Employees in the Eastern European nation can use the vouchers to go to the movies, buy books, or for other cultural activities.
Amazon workers on “Prime Day” strike
- 17 Jul 2018
Thousands of Amazon.com workers across Europe are striking for better compensation and working conditions.
Deliveroo settles employment rights case
- 13 Jul 2018
The takeaway delivery service will pay out a six-figure sum to 50 of its riders.
DBS gives out S$13 million financial incentive to staff
HRM Asia - 09 Jul 2018
This is the bank's way of thanking employees for their hard work in the last 50 years.
Three months parental leave for all CA Technologies employees
HRM Asia - 04 Jul 2018
The new global scheme is part of a wider talent management strategy to ensure greater diversity across the organisation.