Look after your company’s greatest asset with the right employee benefits
Attraction, Recruitment and Retention are the key focus areas for many employers at present, and this is not likely to change any time soon. It’s important that your company’s employee benefits program matches your strategic goals. Research highlights the important role that employee benefits play amongst employees in driving their decisions to both join certain companies, remain with them and leave them.
Employee benefits can be very diverse and can include such areas as; Medical insurance, Maternity leave, Dental insurance, Charity leave, Employee assistance, Flexible work arrangements, Study leave, Parental care leave, Corporate pensions, Retirement benefits, Bonuses, Group Life and Critical Illness insurance and much more. It’s important that your employee benefits program is both understood and valued by your employees.
Our team at Australian Expatriate Group works with a range of companies throughout the region from international schools to MNC’s looking to engage and retain their staff with the right benefits. Speak to us to find out how we can assist you in designing, implementing and monitoring the right employee benefits program for you and your team.
Why You Need Employee Benefits
- Employee Recruitment – Over 35% of employees state that the employee benefits program drives their decision of which company to join
- Employee Retention – Over 1/3 of employees reveal that their healthcare benefits program is a key driver in their decision to remain with an employer
- Costs of Replacing Employees – Replacing a key employee can cost 3 – 4 times that person’s individual salary to train and replace that individual
- Increased Competition – With continued economic growth, the choice for employees is set to continue making it tougher to retain key staff
- Alignment of Interests – A strong retirement program can secure a relationship between a company and its employees
- Increased Performance – Performance-based employee benefits can add great value to a company when structured correctly
Case Study – Value Your Staff with Employee Benefits
The Situation
B2A Pte Ltd is a software engineering firm based here in Singapore, having been in operation since the year 2000. The firm has an employee base of 160 staff and has been showing consistent earnings growth over the last decade. The firm continues to increase its number of employees and as a result, is also experiencing a higher turnover rate. B2A offers health insurance to all of its staff however it is infrequently used and there seems to be a lack of clarity around the benefits of such cover.
The Solution
We reviewed B2A’s current health insurance package and conducted a review with key staff members regarding the health benefits that were particularly important to them. From there, we were able to work with B2A to design the right health benefits package for their staff, for a lower premium, saving the company money and improving staff retention. To ensure that employees clearly understood the benefits, we arranged to conduct a quarterly workshop on a range of topics for the staff members to ensure that they had a point of contact and were kept informed.
The Benefits
B2A saw a significant reduction in staff turnover rates, greater use of the medical cover being provided, and saved on annual premiums.
Discuss Your Employee Benefits Program With Us Today
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