Modern employees expect more than just a pay rise. Retaining top talents will need to go beyond the traditional employee benefits.
Business leaders need to realize that attractive perks and employee benefits are effective in attracting and retaining top talents. According to IPSOS’ 2024 workplace trends across Singapore, pay and benefits are the leading reasons people consider leaving their current position, followed by company recognition and work-life balance challenges.
One of the appealing benefits mentioned in the report is flexible working arrangement, which becomes an important factor for women employees (46%). This shows that offering a competitive salary is not enough—employees want benefits that can actually support them while working.
Basics Modern Employee Expectations
Post COVID, working from home has brought awareness to the importance of a healthy work-life balance, and this trend will continue for years. Employees becoming more conscious of their mental health stability means there’s a shift in basic expectations given from the company. Here are some of them.
Flexible Working Arrangement
Nowadays, remote or hybrid working arrangement is almost expected from employers, except for industries like health and medicine that require on-site work. In December last year, the Tripartite Guidelines on Flexible Work Arrangement had taken effect in Singapore, allowing employees to work from different locations outside the office and customize their work schedules. This decision is hoped to allow employees work while having family responsibilities, such as caregiving.
Work-Life Balance
The expectation of a healthy work-life balance doesn’t stop on a flexible workplace and flexible schedule. Employees are expecting not to be contacted after working hours, allowing them to take a break. They also expect employers for a generous paid time off (PTO) policy, including sick leave, annual vacation days, and personal days, without sacrificing their income. These aspects ensure employees have a proper rest, minimizing stress and work-related burnout.
Wellness Programs
More employees are becoming aware of their mental health and they expect their employers to have wellness programs that can support their mental health beside their physical health. Employees are expecting easy access to health practitioners, such as counselors and therapists, in order to help improve their mental well-being.
Career Development Opportunities
Employees are looking for ways where they can develop their skills professionally. The same IPSOS report also stated that the lack of career opportunities is also a strong factor for senior leaders and middle managers to leave an organization.
For employers, offering career development opportunities doesn’t only retain employees, but also potentially sabotages the organization. Receiving career development and training enhances employees’ skill set, improving their creativity and productivity. This ensures a business will stay on top of its game.
Beyond Traditional Benefits
Kasra Dash, a business consultant, told Forbes that bigger companies have become creative in offering their employees' benefits. “These companies are looking for ways to stand out”, Dash stated, “and show they care about their employees’ lives.”
For instance, companies like LinkedIn and Netflix offer unlimited vacation policies. Taken from Netflix’s website, the company doesn’t set the prescribed 9-to-5 workday and there is no set holiday and vacation schedule either. They also offer a global family forming benefit, which may include benefits like preservation, fertility, surrogacy, and adoption.
Another interesting perk is pet insurance. According to Dash, some organizations offer pet insurance as an acknowledgement that pets are part of the family. Amazon is one of the pet-friendly companies with 7000 dogs registered to ‘come to work’ at their offices.
On the more convenient side, home office support is a benefit that can support even a company’s remote worker. Dash stated that more companies are providing stipends for home office setups, like ergonomic furniture or the latest tech equipment that the employees need. This kind of benefit ensures that employees have a comfortable and efficient workspace at home.
Final Thoughts
Essentially, modern employees want more than just a high salary—they will stay in a company that offers attractive employee benefits. Good employee benefits are those that simplify their daily professional life, reduce financial strain, and promote physical and mental health. When they feel supported, they are more likely to stay engaged and loyal, increasing retention rate and promoting positive employer branding.
Next read: Transforming Career Envy as a Fuel for your Professional Growth
