Integrating wellbeing into the benefit package is top priority for Singapore employers
SINGAPORE, October 5, 2021 — The war for talent, heightened focus on diversity, equity and inclusion, and rising benefit costs are fueling a surge in companies planning to revamp their employee benefit strategy. Their goals are to differentiate themselves, personalise the employee experience and manage the costs of their benefit programmes. That is according to a new survey by Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company.
The 2021 Benefits Trends Survey found that seven in ten (72%) employers in Asia Pacific (APAC) plan to differentiate and customise their benefit programmes over the next two years, a sharp increase from just 24% today. More than half (57%) cited tight labour markets, followed by the focus on inclusion and diversity (53%) and increased remote working (50%) as top influences in driving their benefit strategy.
“Amid the ongoing pandemic, employers are under increasing pressure to manage their benefit costs while at the same time finding new ways to support their employees’ overall wellbeing,” said Cedric Luah, Managing Director, Head of Health & Benefits for Asia and Australasia, Willis Towers Watson (WTW). “Additionally, tight labor markets and the pivot to remote working or a hybrid work model, and a growing emphasis on diversity and inclusion are causing employers to look at their benefit strategies in a new light. As a result, many are now planning actions to enhance their benefit programmes to create a competitive advantage.”
In Singapore, only 24% of the employers believe their benefit programmes address the individual needs of their workforce, and 23% offers significant flexibility and choice in benefits. Furthermore, only half of those surveyed said they currently offer competitive benefits overall, and one-third considered their core benefits (health care including some aspects of wellbeing) to be better than other employers’ benefits.
Growing emphasis on integrating employee wellbeing due to concerns on employees’ stress, burnout and mental health issues
Two-thirds of employers in Singapore also said integrating employee wellbeing into the benefit package will be the top strategic benefit objective for their organisations over the next two years. Slightly over two-thirds employers (69%) cited employee emotional wellbeing as their top priority over the next two years, followed by physical wellbeing (59%) and social wellbeing (45%).
“Employees’ stress, burnout and mental health issues exacerbated by the pandemic continue to be the main workforce concern of employers. Fostering employee wellbeing and resilience, therefore remain a top employer priority for the foreseeable future. This is clearly shown in our study as almost half of the organisations indicated that they plan to add or enhance their health care benefits throughout the next two years,” said Audrey Tan, Head of Health & Benefits, Singapore, WTW.
A recent wellbeing study conducted by WTW shows that organisations in Singapore are taking steps to support employees’ health and wellbeing in four main areas:
Most employers are also considering the use of technology to address health and wellbeing. These include the use of online or virtual medical services, and those to aid mental or behavioural health, as well as wellbeing apps. Close to half of the survey respondents (42%) are considering managers training to identify and assist employees with their wellbeing.
The survey also revealed only 22% of organisations in Singapore believe their benefit programmes enhance employee appreciation of the employment deal, and many are taking steps to boost support and communication. More than one-third (38%) are planning or considering the use of digital tools and technology to help employees feel connected and be productive; two in five are planning or considering the use of personalised communication to specific segments of the workforce.
“Employers should start with a review of their benefits portfolio. Their challenge will be to develop an equitable approach that meets the needs of all workforce segments while aligning with the benefit philosophy, culture and welfare programmes with new ways of working and an enhanced employee experience. This will be critically important for employers to be able to manage benefit costs and optimise their investment in benefits,” added Audrey.
The 2021 Global Benefits Trends Survey was conducted during May and June 2021. Results of the survey are based on responses from a total of 3,642 employers globally, including 1,247 organisations in Asia Pacific with 3 million employees.
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential.
