In Malaysia, the gig economy has seen tremendous growth, with more and more individuals opting for freelance work rather than traditional employment. However, despite this growth, one of the major concerns in this thriving space is the lack of employee benefits. With no fixed employer, gig economy workers are often left without any form of benefits such as health insurance, paid leave, or retirement plans. In this article, we explore how businesses in Malaysia can ensure holistic employee benefit for gig workers and why flexible plans are the way to go.
Flexible employee benefit plans allow employees to choose from a variety of benefits and allocate a portion of their compensation towards the benefits they prefer. There are several types of flexible employee benefit plans and it is crucial to understand them before implementing for employee engagement, retention and attraction.
"Engagement is an abstract term that can apply to a variety of situations, but it's usually about how happy and committed people are with their work."The sentence above perfectly sums up the focus of this blog post.
As you are reviewing the employee benefits plan, you begin to ponder upon a vexed question, "how much other employers are paying for employee benefits?"
Unlike in the US, their Bureau of Labor publishes how much companies have spent on employee benefits every year; however, such information seems to elude most organisations in Malaysian and Singapore.
But why is it important to know how much others are paying?
Simply because not knowing where your organisation stands among the market is a perplexing problem. Without an industry benchmark, you're uncertain whether you're spending over or under the standard. A cut on one benefit could escalate the turnover rate, especially healthcare benefits.
Singapore, 17 November 2020 – Mednefits, an employee medical benefits platform, today announced the raise of SGD 8 million in its Series A funding round, led by BLoyalty Sdn Bhd, owner-operator of B Infinite, a digital engagement platform that serves merchants from various industries and businesses, both in Singapore and Malaysia. B-Infinite will also work with Mednefits to enhance and automate the medical benefits for its clients’ employees across the two countries, amounting to SGD 18 million by 2021.