Research has shown that investing in perks can boost employee engagement, lower turnover and improve the morale of your company. However, there are a sea of different options to choose from and it can be confusing for HR managers to decide which are the most cost effective. Let’s take a deeper dive into some of the favourite benefits Singaporeans want from their company.
1) Subsidised trips and activities
Employees want to be rewarded for their hard work. By subsidising their holidays and activities, they will feel taken care of and more motivated.
2) Dental and medical benefits
Although companies do offer medical insurance of some form, few go the extra mile with dental treatment. Stand out amongst the crowd by offering dental care and your employees will thank you for it.
3) Recreation and sports activities
Sports and recreational activities can be a great way to foster team spirit and a sense of belonging to the company. It can also be an effective way to reduce stress and encourage employees to lead a healthy lifestyle.
Employers should look to rewarding employees not just on their individual performance but also explore a corporate variable bonus. This can help you make your employees more aligned with your goals and vision.
Also, don’t skimp on the 13th month Annual Wage Supplement. Many employees feel that it is part of their pay and may feel jaded if they don’t receive it.
5) Staff discounts
Staff discounts can help employees save costs and is seen as recognition for their loyalty to the firm and an investment in their wellbeing. Plus, they are far less expensive than pay increases and can be more effective in reducing turnover.
With the advance of social media, employees (especially millennials) may post about how great their company is as they enjoy massage treatments or a fun day out – all discounted just because of the company they work in. This not only helps you reduce turnover but also attract the best talent.
Some main themes: Singaporeans want to save money!
Help their salaries go the extra mile by providing discounts on their holidays and daily lives and take care of the medical costs.
Dinner and dance, year end parties are outdated.
Yes, year end parties are great for celebrating the year with the firm and building up the morale of your staff. However, in a survey by The Telegraph, only a quarter of the respondents looked forward to these events and the rest were either indifferent or disliked them.
It may be more effective to hold smaller, more frequent team building events in the office. This will be cheaper than renting out a space for a large year end party and your employees will be more comfortable going.
Benefits are often under-utilised
To combat this problem, HRs must actively help employees engage with the benefits. For example, an app for staff discounts is more engaging and employees can always refer to it as they go out shopping or looking for fun activities to try.