November 8, 2022

The Ultimate Guide to Reducing Employee Benefits Costs

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.