What's in for the Singapore Employee? A Relook at Employee Benefits

With globalization lowering barriers to mobility and intensifying the competition for talent, it is no surprise to know that money is no longer the sole motivation or reward for the average worker today.
According to panel speakers at the inaugural Singapore Employee Benefits Conference (SEBC) held in June 2008, there is a slew of non-monetary benefits companies can now adopt to attract, engage and motivate staff, from flexible and portable medical schemes to various health and wellness programmes.
“This conference is the first in Singapore and the region to adopt a holistic approach towards employee benefits,” highlights Daniel Ho, director of People Trends Pte Ltd, organizer for SEBC 2008. The conference also aimed to look into ways to maximize the strategic value of employees, which is particularly important in Singapore where human resources are highly valued.
One major aspect of employee benefits widely discussed during the conference was in the area of employee healthcare. Mary Anne McKittrick, Director of Worklife Solutions, noted that problems from presenteeism, which arise when employees turn up for work despite being in ill health, can cost a company nearly as much as absenteeism does in work productivity. Tan Kin Lian, Consultant to the International Medical Insurers suggested that the best solution was to get employees to assume primary responsibility in caring for their own health. What companies can contribute is to educate employees on the benefits of healthy living, and attempt to identify health issues in workers early, in order to better facilitate necessary action.
While most companies here and in the region also offer non-cash rewards such as health screening subsidies, gift vouchers, and even travel incentives, innovative use of financial planning as part of employee welfare, was highlighted during the conference too. Personal financial planning is becoming an increasingly important concern for Asian employees, as tradition requires them to provide for their parents and offspring, in addition to their own retirement. “Giving financial advice and helping employees plan for their retirement and/or their children’s education can thus be a value-added benefit”, said Cheok Mei-ing from ipac Financial Planning Singapore.
In addition, employee benefits also apply in the domain of social relationships. Dr Elizabeth Nair, CEO of Work & Health Psychologists, emphasized the importance of cultivating bonds within the company, as such ties, similar to bonds in the family, not only increase the cohesiveness and synergy within a team, but also act as sources of emotional support for employees. Building good working relationships involves a personal element, added Ray Bigger, Sales, Marketing and People Development Specialist of Think 8. “Make sure that you encourage employees frequently with simple words like “thank you” in appreciation of their efforts,” he said.     Regardless of the various approaches organizations choose, most speakers at the conference stressed the imperative importance of communicating the availability of these benefits to all employees, and ensuring that they understand the objectives of non-monetary rewards. Also, remember to evaluate your implementations and take note of what works and what doesn’t, mentioned Miranda Mulyana, Consultant Psychologist of Human Dynamic Asia Pacific.  “At the end of the day, you want your employees to take control of their lives,” she concluded. Ultimately, only companies that are able to foster loyalty and a sense of belonging will be able to win the hearts and minds of the people who matter most to the company– their employees.   Adapted from Singapore Employee Benefits Conference 2008, People Trends Magazine Pre-launch Issue   Back to Organization / Back to Home