Employee benefits in 2018 are more complex than they have ever been before; with new types of benefits being offered and industry leaders truly raising expectations about what employee benefits can be. Group health insurance provider Pacific Prime provides information on the state of employee benefits as they exist today, and what Hong Kong businesses can do to stand out in the job market.
Hong Kong is a dynamic city with a fast paced and hard working job culture. Many companies expect a lot from their employees, including late nights, weekend work, on-call availability, and more. That being said, there is still a lot of opportunity for workers in the city, as available positions are plentiful, and those who have the right skills can become highly sought after job candidates.
Turnover is a constant grind for Hong Kong businesses. Hong Kong companies than can better manage their turnover rate and retain key employees will be doing themselves a huge favor when it comes to saving on the training of new employees, keeping top performers in-house, and demonstrating their stability to clients and competitors alike. How can this be accomplished, though?
In 2018, the employee benefits that are on offer can be a key aspect of not losing employees to the job market. So what Hong Kong businesses can do to stand out in the job market?
Hong Kong Employee Benefits in 2018
When most people think of the term ‘employee benefits’, the first thing that comes to mind is health insurance. In Hong Kong, possessing health insurance may not be as important as it is in some other countries, as all Hong Kong residents have access to highly affordable healthcare through the city’s public healthcare system. However, some people in Hong Kong desire to be treated in the SAR’s excellent private hospitals.
This is true not only because of the high quality care received from highly educated doctors in these facilities, or the improved amenities you will find within them, but also because it allows people to skip the long queues found in public hospitals, and spend more one-on-one time with doctors. It is even truer for expats living in Hong Kong, as they will appreciate the enhanced communication they will find in private hospitals here.
The issue with using private hospitals in Hong Kong is that they are home to the second highest medical costs of any place in the world, with only the U.S. being more expensive. As such, expatriates that work in the city generally expect that employers here will provide them, and even their families, with comprehensive group medical insurance. Hong Kong natives are also happy to receive such benefits, as it affords them the ability to do things like giving birth at one of the most renowned Hong Kong maternity hospitals.
Securing group health insurance for employees in Hong Kong instantly makes a business much more attractive to potential employees, and should be considered the standard for local companies. Of course, there are other benefits that companies can obtain these days (which we will come to later).
Hong Kong Business Concerns
Securing and implementing just the right employee benefits plan is a real balancing act. There are many factors to consider when deciding what kind of benefits your company wants to provide to employees. Here are some of the most prominent factors Hong Kong companies will consider when they are considering a new employee benefits plan.
- Saving money: The bottom line is the bottom line. No matter how great an employer’s aspirations may be for the benefits they want to provide to their workers, the one factor that will always bring lofty goals down to Earth is cost. As such, it’s important to be realistic about your budget when selecting employee benefits.
- Hiring the best employees: The best companies hire the best people, and the best people demand the best benefits. If your company wants to realistically compete against your competitors, it needs to make sure that it is simply a more attractive option. Sure, annual compensation is important here, but employees these days are also looking for superior benefits.
In fact, a 2016 report from worldwide recruiter Hays states that 65% of Hong Kong employees thought that salary and benefits were the top motivator they considered while job hunting, which was the number one motivator cited.
- Retaining employees: Alright, you’ve got a great employee on board, but are you doing what it takes to keep them? The same Hays report mentioned previously also highlighted the top factor for why employees stayed with a job: work-life balance. How does this apply to employee benefits? Read on to find out in the section below.
- Being an industry leader: If you want your company to stand out to top job seekers, it has to be better than the competition. What’s more, if a company is leading the way with innovative employee benefits, it’s a feather in their cap that they can really crow about. Employee benefits that go above and beyond can really bring more benefit to businesses than meets the eye.
Cutting Edge Benefits
As we alluded to previously, there are more employee benefits out there that just health insurance. Some of them focus on education, while others take aim at preventive care, fitness, nutrition, socialization, mental health, family, or otherwise expanding an employee’s horizons, so to speak. Here are just some of the benefits that more and more employers are starting to include for their staff:
- Employee Assistance Programs
- Life insurance
- Critical illness insurance
- Gym memberships
- Nutritionist presentations/consultations
- Healthy eating initiatives
- Domestic helper coverage
- Fitness trackers
- On-site yoga sessions
- Childcare support
- Therapy sessions and other mental health support
- Extended maternity/paternity leave
- Flexible hours
- Catered lunch
- Staff outings/team building
- Fertility treatment
- Life coaching
- Occupational therapy
- Company vehicles
- Professional education
- And more
Clearly the potential for what employee benefits plans can provide are great. But, which of the above are right for your company? Working with a well-established insurance broker like Pacific Prime can go a long way towards finding the answer to this question.
Get the Help Your Business Needs
It can be a monumental task to identify the best employee benefits plan for your business. Even after you have a clear idea of the types of benefits you want your plan to feature, there is still the process of finding the right insurance company to partner with, working out the terms of the plan, and subsequent plan implementation and employee education.
This can be a real ordeal for a single Human Resources employee, or even an entire HR department. Fortunately, Pacific Prime can help. Contact them today to find out how a team of dedicated insurance experts can help your Hong Kong business find the perfect plan to keep it on the cutting edge of employee benefits.