These two factors may be key to improving employee turnover
Benefits, aside from compensation, are among the factors that employees scrutinize before joining or even leaving an organization. In fact, a study from global advisory, broking, and solutions company WTW revealed that 85% of employees across the Asia-Pacific would stay if their benefits package met their needs.
So, how can benefit packages be improved? This is where "choice" and "flexibility" enter the scene.
According to the report, 30% of employees said they have no choice in the benefits provided to them, while 84% said they have a flexible benefits fund which can be allocated as per their wishes.
Eva Liu, Head of Strategic Development, Health & Benefits, Asia and Australasia, WTW, underscored that choice and flexibility in benefits packages are essential for employee retention.
"Adding choice and flexibility to the benefits package can help signal to employees that they are being heard and go further to delivering on their needs," Liu said in a statement. "With a better understanding of how employees value their benefits, and how their needs are changing, companies have an opportunity to shape programmes that meet employees where they are and help boost workforce productivity."
Read more: People willing to accept lower pay if employers offer this benefit instead
In addition, the report also outlined the following steps employers can take to boost employee experience:
- Continue to listen. It is important to have ears on the ground to continue offering meaningful benefits relevant to the workers' needs.
- Be inclusive. Employers also have to review benefits from a DE&I perspective to ensure no group is left behind.
- Communicate. This is because well-designed and inclusive packages will "only go so far" if they are not conveyed in a way that employees will understand.
- Use technology. It is also important to investigate if a tech platform can help cover benefit delivery and administration needs.
- Get innovative. Employers are urged to "reshape" their benefit strategy to highlight flexible work policies and amplify the culture around this new work arrangement.
These tips come as more hiring managers across APAC face the challenge of recruiting employees. And with more than a quarter of employees planning to change jobs, employers face the pressure of finding better ways to meet employees' needs.
