The future trends of an organisation’s benefits in Thailand

Employers are facing a range of challenges including rapidly rising benefits costs, difficulties in the ability to engage, attract and retain key talent. With a mental health crisis, issues around the cost of living and the accelerating focus on environmental and benefits inclusivity, steering the right course on benefit strategy is more challenging than ever.

The 2023 Benefits Trends Survey found that while employers have their sights on staying competitive when it comes to their benefits, they require a strategy to steer the right benefits course.

Competition for talent and flexible work arrangements are the key issues influencing benefits strategy

Competition for talent and flexible work arrangements are the key issues influencing benefits strategy. The competition for talent continues to be an evergreen issue in Thailand, also topping the list of issues for employers two years ago (Figure 1). Flexible work arrangements move to be the top two while other key issues influencing benefits strategy in Thailand are shifting to rising costs and rising mental health issues rather than advances in technology for benefits and focus on inclusion and diversity.

Figure 1: Key issues influencing benefits strategy

Benefits strategy

When asked to identify the top three most important benefits strategy issues across the five dimensions, Thailand had wellbeing as their top focus, following by plan cost and benchmarking and market trends.

Figure 2: Key focus areas for the benefits strategy

Diversity, equity and inclusion

Diversity, equity and inclusion (DEI) was the top priority for employers in Asia Pacific two years ago, and it continues to be a focus, building on the growing understanding that creating inclusive workplaces have ramifications that go beyond the immediate acceptance that employees feel. In Thailand, more than a third (35-36%) of employers have begun to develop their DEI objectives and understand key issues, and approximately a half is planning or considering conducting a benefits review through a DEI lens.

Figure 3: Actions to support DEI

Employers have a desire to enhance benefits across the portfolio

More than half of employers enhance their benefits in financial wellbeing, retirement plan, career, training and development at market level whereas the desired position in the next two years for the following benefits relative to its main competitors is to be above the market.

Figure 4: A desire of employers to enhance benefits

For more insights and recommendations on how to elevate your benefits strategy, talk to our experts.