Guide for Employee Benefits

Video Transcript

*Please take note that all the content mentioned in the above video are based solely on the current market status and our personal experience in this field of service. For further enquiries regarding your purchase of an employee benefits package, please approach a professional advicer or contact us for more details. Thank you!

Intro

Hi, welcome to Raffles Provident where your interest is our utmost priority. Today, we are here to share with you some general information on employee benefits.

What are employee benefits?

To begin with, what are employee benefits? 

In simple terms, employee benefits include the various types of compensations provided to employees in addition to their normal wages or salaries. Take for example, foreign workers medical insurance is a compulsory benefit for international employees while fitness benefits can be given to them on top of that as an additional privilege.

These benefits are not required by law; rather, they are provided by companies who feel socially responsible to their employees because these companies recognise that employees need welfare more than simply the mandatory benefits.

Depending on the company, these benefits may include health insurance, dental insurance, vision care, life insurance, legal insurance, paid vacation leave, personal leave, sick leave, child care, fitness, retirement benefits and planning services, college debt relief and other optional benefits offered to employees and their families.

These types of employee benefits can be offered at the discretion of the employer or are covered under a labor agreement, so they can vary from company to company.

Why do you need employee benefits?

Now that you understand the definition of employee benefits, why do we need them?

It is crucial to provide appropriate benefits to your employees as it shows them you are interested in investing in both their overall well-being and their future. A well-planned and organized employee benefits package can enhance your business in the acquisition and retention of talents. Well-thought out benefits can further help to differentiate your business from your competitors. 

Additionally, giving suitable benefits can create a better sense of belonging and value within each individual worker in your business. With these benefits, your employees will understand that they are valuable assets to the business and therefore, they are more willing to work for your business, enhancing your overall business productivity and efficiency.

Furthermore, certain benefits such as having recreational spaces or company bonding activities, can create a more welcoming and warm work environment for all your employees. With better bonds between each worker, collaboration across different groups or even departments can be done more effectively.

Finally, employee benefits can improve your company’s bottom line by engaging employees to participate in wellbeing programs. Healthier employees means reduced healthcare costs for your organization. Employees with fewer health risks experience fewer sick days, fewer trips to the doctor, and spend more time working in your organization, bringing their best selves to work every day.

Hence, we strongly believe that the well being of staff in every enterprise is important. Attractive leave packages, medical benefits, recreational facilities and activities which promote a well-rounded work-life harmony, are provided to ensure that your staff have fulfilling and rewarding careers.

What should you implement into your business?

So what are the employee benefits should you implement in your business? 

Let us share with you the top 5 most popular employee benefits sought by potential employees.

1. Insurance coverage
Employees can benefit from insurance coverage as it ensures that they are financially secured when taking care of their health while working for the company. This not only shows that the employers genuinely care for and look after their employees, it also sets the employee’s mind to rest that they are being covered for.

2. Flexible Working Hours
This is highly sought after as well, as flexible working hours not only provides employees the opportunity to pursue a personalised work-life balance and helps them cope with work and family commitments more effectively, it also increases the productivity of employees.

3. Flexible Working Location
Tied together with flexible working hours, being able to have a flexible working location such as being given the option to either work from home or from the office. This also helps employees to pursue their own kind of work-life balance.

4. Study Sponsorship
This is especially important for fresh graduates who are looking to enhance their education in the near future. In addition, other employees can also tap onto this benefit and improve their own skills without incurring an additional substantial cost, making it one of the top employee benefits sought after.

5. Employee And Family Assistance
Assisting employees with personal and/or work-related problems are sought by employees as it provides a confidential outlet for these employees. Furthermore, this ensures that employees are cared for holistically.

Where can you purchase an employee benefits package?

You may wonder where you can get employee benefit packages. You can approach a professional agency that offers an employee benefit package that can immediately be implemented into your business operations. For example, at Raffles Provident, we can help you prepare a simplified employee benefit package that you can incorporate in your business, enhancing your overall productivity and efficiency.

For further enquiries on employee benefit packages, please email us at
Admin@rafflesprovident.com.sg or contact us directly at +65 31457168.

And for enquiries on insurance services,
please visit our website at www.rafflesprovident.com.sg
or contact us directly via email.

Outro

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