Despite efforts to retain staff, employers ignore employee feedback

A new report by the Chartered Institute of Personnel and Development (CIPD), the professional body for HR and people development, finds that competition for talent is having the biggest impact on employers’ employee benefits approach, according to almost half (47%) of organisations surveyed. In partnership with insurance provider AIA, the report also highlights increasing employee satisfaction and retention as the most important factor in designing benefits.

More than two in five (42%) of respondents said that meeting employee expectations was a challenge when designing their employee benefit offerings. Despite this, just one in four (26%) said that gathering employee feedback was important to them as part of this process. This suggests there is a current disconnect between employers knowing what their people want, and creating a benefits package that meets their needs.

There is a real opportunity for employers to better understand their people’s needs by gathering  employee feedback on a regular basis to ensure that employees value and use their benefits package. In turn, this will help to retain and engage existing staff and attract new employees as well.

The new report, titled “Asia employee benefits report”, explores current and future employee benefits, and the strategies and policies implemented in organisations. The survey gathered insights from over 400 respondents, predominantly HR practitioners, in Singapore and Hong Kong.

Almost half (47%) of the respondents from Singapore stated that boosting employee retention and satisfaction was the most crucial consideration when creating employee benefits. Increasing productivity ranked third out of the three most critical aspects (36%).

When designing their benefits program, over two-thirds of Singaporean respondents (62%) stated that their biggest issue was financial limitations and concerns.

The second largest problem was meeting employees’ expectations. The fact that just 25% of businesses in Singapore and Hong Kong said that obtaining employee input was important when designing their benefits package could be one reason for this.

Employers have a powerful tool at their disposal-digital platforms. These platforms can help to genuinely understand each person’s unique needs, thereby boosting employee happiness and retention. By leveraging technology, employers can assess the efficacy of their current benefit offerings, customize and modify packages accordingly, and obtain information that can act as a benchmark against other businesses in the sector.

“Amidst the increasing demand for talent and shifting employee priorities since the pandemic, staff benefits are more critical than ever. Organisations are recognising this shift and are actively tailoring their benefits offerings to resonate with the evolving needs of their workforce; however, more can still be done to meet employee expectations. This report aims to serve as a valuable guide to equip employers with insights and strategies needed to navigate this dynamic landscape,” Head of Market Development, May Leng Kwok stated.

Director, Group Corporate Solutions, David Chow mentioned that their inaugural report with CIPD explores how an increasing focus on flexibility, preventative care and holistic wellbeing complements comprehensive insurance offerings to help businesses create stronger benefit packages to attract and retain talent.

“With today’s workforce seeking more than just monetary benefits, employers need to reassess their insurance packages to see if any coverage needs to be added or enhanced for them to be more competitive and meet employee expectations,” David stated.

“While the report acknowledges the challenges faced by organisations in designing comprehensive benefits programmes, it also emphasises that these present an opportunity for creativity and innovation. By leveraging data analytics, gathering employee feedback, and embracing digital platforms, organisations can create effective and efficient benefits programmes that maximise both employee satisfaction and operational efficiency,” May concluded in the statement.

READ MORE:

Assistant engineer lost both legs due to a surgeon’s negligence

McDonald’s Malaysia and BDS Malaysia dispute unresolved

BYD and other Chinese manufacturers will take over Europe