Do you know what employee benefits other employers in Singapore are offering? And how much do they spend on those benefits?
Getting your hands on this information can help you:
- see your company’s position in the talent marketplace,
- understand the reasons for your talents leaving or low job application rate,
- determine whether you’re spending too much or too little on employee benefits.
Once you have a clear picture of what’s happening in the market and what other employers are focusing on in the future, you can innovate your employee benefits to match or go above the average — making you the preferred employer.
In this blog post, you’ll learn:
- What employee benefits employers in Singapore are offering, and how much do they cost?
- The ONE common trend that most employers in Singapore are looking at and how you can leverage it
Note: The survey results are referenced from BIPO’s Employee Benefits Survey (Singapore Edition) conducted in March 2020.
What are the employee benefits offered, and how much do they cost?
Employers recognised that the number of leaves is a decisive criteria from talents’ perspectives. Employees need a sufficient amount of time off to recharge, spend time with family during important occasions, and take care of their family when necessary.
This is why most companies in Singapore are offering leaves beyond the labour regulations.
Employees are entitled to a minimum of 7 days of annual leave after working for three consecutive months. And one additional day is added per year until reaching 14 days in the 8th year.
However, that’s just the bare minimum. Most Singapore companies are way more than 7 days starting from the first employment year as part of the employee experience improvement.
What other leaves do employers in Singapore offer, and how many days are entitled?
Let’s find out.
2) Medical insurance
How much are employers spending on medical insurance?
On average, they spend $361 per case or $5,448 per year per employee.
The majority (79%) of employers cover all medical expenses, while 21% share with their employees.
For companies that share medical costs with their employees, the average percentage is 85/15 — meaning employers bear 85% of the cost, and employees pay the remaining 15%.
This type of cost-sharing payment is a great way to reduce healthcare insurance costs for employers.
While the best scenario is to cover all of the expenses, it may not be realistic for small to medium-sized enterprises.
By implementing a cost-sharing medical insurance plan, employers can alleviate some healthcare costs from the employees’ shoulders without straining the organisation’s budget.
Read this: Learn how you can reduce the uprising medical insurance fees without compromising coverage and your employees’ well-being.
3) Benefits and allowances
One of the most asked questions by employers is: “what benefits do other employers offer, and how much does it cost them?”
Employee benefits and allowances can make or break your company’s attractiveness. In fact, they are one of the talents’ top priorities when looking for employers or considering whether to stay or not.
Chances are, you’re not sure what benefits your company should offer and how much budget you should allocate.
Well, let’s look at the survey results below.
One interesting highlight from the benefits survey is that 61% of companies already implemented flexi-work arrangement before the Covid-19 pandemic reaches Singapore.
What’s more, 82% of workers in Singapore seemed keen to work from home half of their working days per week after the circuit-breaker.
What this means to employers is that flexi-work arrangement will soon be the new normal in the post-pandemic era. Gone are the days where all employees work 5 days in the office.
Now, they can choose where to work, at the office, home or cafes — which brings us to the next topic.
Where are employee benefits in Singapore heading to?
Today, employees are no longer tied to their office desks and can choose where to work. This shift forces organisations to follow one of the HR megatrends: integrating technology and automation into their employee benefits processes.
Many employers have recognised the need to change. Let’s look at the statistics:
- 61% of them plan to provide employees with online access to benefits
- 42% of employers reported that focusing on technology and automation in benefits administration is their top priority
- 61% of them said they need to review their employees’ needs and benefits costs.
The future of HR is technology and automation, including the age-old employee benefits administration.
New HR technologies such as online benefits platform, AI analytics, cloud-based HR systems, chatbots, and many more allow organisations to offer more meaningful and complete employee experiences in real-time.
The better employee experiences your organisation can offer, the happier and more loyal your employees are. It is definitely a win-win-win situation for you, your employees, and your customers.
If you want to save 100+ hours from mundane administrative work and achieve 3x higher employee satisfaction in their benefits, contact our Benefits Specialist to learn how Mednefits help you provide the best medical benefits for your employees.
Mednefits helps businesses take care of their employees with its automated, affordable, and accessible employee benefits platform. Request to join Mednefits for free to help process and track claims in real-time, while controlling costs.