Benefits form an important part of the Employee Value Proposition — a reward lever that can help attract, retain and engage employees. However, benefit costs — which already represent a significant percentage of payroll — are continuing to increase.
However, despite this significant spend, less than one in five employers say that their benefits are highly valued.
In this context, a “one size fits all” benefits strategy is unlikely to be successful. In order to be effective, a benefit strategy must be aligned to business objectives, be flexible enough to suit diverse employee needs, and be administered and communicated in a way that employees find simple and engaging. This is not an easy proposition, but our survey finds that Asia Pacific employers are taking steps in the right direction, designing innovative and flexible benefits, and using them to help drive business strategy.
Chris Mayes, Director — Benefits Optimisation Consulting, Asia Pacific
Mark Whatley, Director — Benefits, South East Asia