Employees stay in a company for many reasons. But the most proven reason is not the salary, office accessibility nor colleagues. It’s the benefits they can get aside from those mandatory benefits such as leaves and bonuses they can unlock upon regularization or when they perform well at work.
Most companies in Singapore are investing in employee welfare and company benefits such as:
Top 10 benefits employees currently shall mostly enjoy
- Annual Leave – one of the mandatory benefits and is currently enjoyed by employees. Some companies may give more leaves than others
- Medical and hospitalization Leave – aside from vacation leaves, most companies also offer sick leave they can use for medical purposes.
- Medical benefits – some companies may offer additional medical benefits may be in form of cash assistance, medicines, or additional leaves on top of sick leaves.
- Maternity and Paternity Leave – another paid time off for parental purposes.
- Compassionate Leave – also called bereavement leave can be used when an immediate family member dies or has a life-threatening illness.
- Marriage Leave – some companies would allow paid or unpaid leaves when their employees get married.
- Insurance – life insurance can also be rewarded to employees upon getting hired.
- Family Care & Enhanced Child Care Leave – can be used by employees whose younger child is 12 years old and below.
- Dental treatment – one of the most sought staff benefit next to medical benefits.
- Performance Bonus – could be given on a monthly, quarterly, or yearly basis. Individual performance bonus is also an important perk to make employees stay longer in the company.
Top 10 benefits employees would like to have
- Trips – all-expense paid business trips are also a good way to engage employees and make them work harder.
- 13th Month Annual Wage Supplement (AWS) – a bonus type of perks is another great employee benefit in Singapore. It’s not compulsory and payment depends on what is in your employment contract or collective agreement.
- Corporate Variable bonus – another one-time payment rewarded to employees for their contribution to the company. Also not compulsory and will depend on contract as well as employees’ performance.
- Staff Discount – discounted access to your company’s products or services is an exciting perk. But if it’s not applicable to your business, you can make use of a third-party supplier where your employees can shop less. One example is SmartMall – the leading online shopping platform for corporate discounts in Singapore. The platform gives exclusive corporate promos and staff discounts from top brands and retailers that would help you deliver better employee rewards and great employee benefits.
- Flexible Work Schedule – allowing work from home helps them balance personal and professional responsibilities.
- Wellness Program – this helps to encourage healthy behaviors that have good health effects.
- Gym Membership – working can be physically and mentally draining. A gym membership can help them stay healthy and fit.
- Commuter Assistance – can help improve their quality of life as well as avoid them being late
- Diversity Program – to make sure newly hired employees jive well with the current established culture.
- Development Plans – can help employees to constantly augment their skillsets that can both make the companies and employees grow.
Most companies have more benefits to offer than this list because they believe that the employees are their most valuable assets.
It is said that it lessens the attrition rate which is also an advantage to companies and one of the goals any company would want to achieve. A low attrition rate means employees are happy and satisfied in the company they are currently in and are looking to spend long-term in the company.
To keep employees for longer times and make them continue to work well and contribute to the growth of the company, you should be giving them the following benefits and perks.
Reference to Singapore Business Review: