As we all adjust to the new normal, it’s clear the pandemic has changed our focus in so many ways. Work-from-home and hybrid work arrangements, and mental health insurance benefits are more important to employees than ever. And employers, too, are going to great lengths to prioritise the wellbeing of their workforce; it’s a necessary approach to attract and retain top talent in the years to come. Pacific Prime Singapore, a global employee benefits specialist and health insurance broker, fills us in on four of the top employee benefits trends to follow for a better work-life balance.
#1 Work-from-home and hybrid work arrangements
Work arrangements shifted significantly in the last two years, with many jobs moving from office to home. For many people, this work-from-home setup was a first. And, it brought with it all kinds of benefits. Many people saw an increase in productivity and an improved work-life balance, thanks to more time spent with family.
That said, employers may want to think twice about requiring their employees to return to the office full-time. Moving forward, companies will definitely want to consider work-from-home and hybrid work arrangements that employees have become accustomed to.
According to a recent Institute of Policy Studies (IPS) report, up to 52 percent of employees feel that flexible work arrangements should be implemented in Singaporean workplaces. Of course, some staff prefer to be in the office for reasons such as hands-on collaboration. However, there are many employees who prefer to work from home for various reasons. For instance, working from home could mean a lower chance of contracting COVID-19; or being able to attend to family needs with greater flexibility.
In fact, 42 percent of the surveyed employees expressed that they would think about looking for another job if they had to return to the office most days.
That said, hybrid work arrangements to help achieve a better work-life balance is certainly something employers in Singapore should consider.
#2 Mental health insurance benefits
Physical health has undoubtedly been at the forefront of everyone’s mind throughout the pandemic. But, with strict COVID-19 measures, isolation, financial strain and general uncertainty, mental health has suffered significantly.
Even now, there’s still a stigma that surrounds mental health in the workplace. Employers can help end this stigma by incorporating mental health insurance benefits into employee benefits packages. Designed to improve and alleviate mental health symptoms, these benefits provide an additional level of support to employees whenever they need it. Not only does this benefit the employee, but it also offers significant returns for employers. A win-win!
Employee Assistance Programmes (EAPs), in particular, offer a holistic approach to employee health and wellbeing. They have become increasingly popular during the pandemic, especially services that address anxiety, stress and burnout.
Additionally, there are various telehealth apps offering mental health services that are worth investing in as an employer.
#3 Flexible benefits
In 2022, a one-size-fits-all approach to employee benefits is so passé. If there’s one word that comes to mind when thinking about the future of employee benefits, it’s ‘flexible’. Flexible benefits (or flex benefits) is essentially an umbrella term that covers everything from flexible work arrangements and EAPs to telehealth and time off.
In addition to the pandemic, an increasingly diverse workplace calls for a more personalised approach to employee benefits. One employee might benefit from childcare support while another could use a free gym pass.
While there are several ways employers can go about implementing flexible benefits in Singapore, choosing the right flex benefits platform is crucial.
Pacific Prime CXA’s platform, for instance, is an integrated solution that streamlines the entire process for employers and HR, making it easy for employees to take control of their health. Take the time to see what’s available and be sure to book a demo before making a commitment.
#4 Holistic employee wellbeing
Employee wellbeing is much more than just physical health. Since it’s multifaceted and all-inclusive, financial wellness must be taken into account as well. After all, financial concerns and mental health go hand in hand. It’s also important to remember that Singaporean employees are working and living in one of the most expensive locations in the world, and must deal with the burden that comes with that.
That said, employees are looking to work with companies that can support their financial wellness by providing debt management tools and resources, one-on-one financial advice and retirement planning. What’s more, attendance, cost of living and education are examples of types of allowance for employees in Singapore that are worth considering.
Find out more about employee benefits trends
Work-from-home and hybrid work arrangements, mental health insurance benefits, flexibility and holistic employee wellness are just four of the top employee benefits trends in Singapore and around the world. For a more detailed look at emerging employee benefits trends – plus, actionable steps for employers – download your free copy of Pacific Prime’s Global Employee Benefits Trends Report 2021.
Read on for more about insurance and other health and fitness topics in Singapore.