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Benefits

Employee Benefits - Why are they important?

01 Oct 2024
Why is Financial Wellbeing important?
  • Employee benefits are an effective way to attract, retain and engage talent
  • Find out why it is crucial to consider your benefits offer, and how to best communicate, and administer it to your employees

1. Attract great talent with great benefits

  • Companies that offer solid benefits packages attract and retain top talent.
  • 32% of employees1 said that employee benefits were as important to them as salary when choosing a company to work for.
  • 87% of employees2 would consider leaving a company not focused on wellbeing, and 77% of employees engaged with their employer’s wellbeing benefits.

2. Improve your employee retention and save costs/disruption

  • In Singapore, 46% of employees3 are looking for new jobs at any given time; however, 85% of employees are more likely to remain with their organizations when their benefits package meets their needs.
  • It can cost up to 33% of a new recruit's salary4 to replace an employee who left their job, factoring in lost productivity, recruitment, and training.
  • While only part of the solution, considering your total benefits package and how you deliver it can help with retention:
    • 74% of employees5 said they would work harder for an employer that provided benefits to support individual needs.
    • In Singapore, healthcare benefits, better employee perks, and compensation make up 3 of the top 5 factors6 that workers want from companies for a better work-life balance.

3. Motivate your employees

  • Employee benefits are an effective way to attract, retain, and engage talent.
  • Find out why it is crucial to consider your benefits offer, and how to best communicate and administer it to your employees.
  • 60% of employees rated benefits as a very important contributor to job satisfaction7.
  • It’s simple: great, well-communicated, and available benefits = happier and more motivated employees!

4. Boost productivity

  • A study conducted by the ABI found that health and wellbeing employee benefits were incredibly effective at boosting employee productivity.
  • 60% of SMEs and 69% of mid-sized businesses8 said that health and wellbeing benefits had a significant impact on the productivity of their business.

5. Invest in your employer brand

  • Offering incredible employee benefits helps to improve the reputation of your brand both internally and externally. You should regularly seek feedback from your employees about what would provide value and how you currently compare in the marketplace.
  • You can make sure employees know the value of all their benefits by considering providing a total reward statement.
Book a demo
Thrive Benefits can help simplify your benefits managements
  • All-in-one benefits platform that puts an end to juggling multipleproviders
  • Easily communicate with employees
  • Offer a range of ready out of the box offers for physical, mental and financial wellbeing
    • Includes complimentary memberships to Headspace, BenefitHub and free personal accident insurance of $100K
  • Modular benefits system lets you tailor benefits and addfeatures as your business grows
    • E.g. total rewards statement, holiday buy/sell, benefit reimbursement
    • Bring in and communicate any benefits you already have

Sources

1. Employee benefits continue to be an afterthought during the recruitment process, Grid Research, 2021.
2. The State of Work Life Wellness 2024, Wellhub, 2024.
3. What are the top 3 work benefits Singaporeans seek from employers?, Singapore Business Review, 2023.
4. The true, crippling costs of employee turnover, hrmasia, 2018.
5. Re:Me Chapter 4: Redefine the relationship with employees, MetLife, 2022.
6. 70% of Singapore workers are attracted to employers that offer attractive salaries and benefits: employer brand research 2022, Randstad Singapore, 2023.
7. Better Pay and Benefits Loom large in Job Satisfaction, SHRM, 2016.
8. 60% of SMEs say offering health and wellbeing benefits to staff boosts productivity at work, 2021.