5 employee perks your team will love in 2020
Human capital is an extraordinary resource – one that can make or break a firm. According to a study by the London School of Economics, there is a strong correlation between employee wellbeing, employee productivity, and firm performance across all industries and regions.
Understanding what employees want and how to incentivize them will, therefore, be vital for any company. As a leading corporate insurance and global employee benefits specialist, Pacific Prime Singapore shows you in this article the top 5 perks to implement in 2020.
1. Positive office environment
Who doesn’t love to be treated nicely? It’s no different in the workplace. Whether it’s a compliment from a colleague for a job well done or some empathy from the supervisor during a difficult time, fostering a positive work environment goes a long way in keeping employees happy.
Instilling this culture at the workplace can feel like an impossible task, but you know what they say: lead by example. Each individual is different and expresses appreciation differently, so start by figuring out how to make the person you’re working with feel valued. Is it through words of affirmation? Or receiving employee benefits?
Find out how to adapt The Five Love Languages for the workplace to create the best work experience for your staff. The 2020 employee will love your personalized approach and be satisfied at work.
As Richard Branson, Founder of the Virgin Group, says: “Train people well enough so they can leave, treat them well enough so they don’t want to”.
2. Flexible work arrangements
If there’s one thing we’ve learned from the COVID-19 pandemic, it’s that remote working is indeed possible and even enjoyed at times. Some companies are more equipped for it than others, but given the situation, all companies have had to adapt. Chances are your workers may also prefer more flexible work arrangements in the future.
So, what does this mean for you? It’s not so much as switching to remote working, but it’s more about being less rigid with how you define productivity. For example, if your employee has to leave early to pick their kid up from school, that may not be such a bad thing if they finish all their work on time.
From not having a strict punch-in punch-out system to destigmatizing childcare duties, recognizing that your staff have lives outside of work and allowing them to be flexible with how they choose to work will increase satisfaction and boost productivity. A win for both the employee and the company!
3. Training and development
Gone are the days when employees remain in one company and one job for life. Today’s working professionals like to switch things up every now and then. While this is a global trend, with 73% of employees believing the “job-for-life” to be extinct, it is much higher in Singapore with 83% expressing this.
Providing comprehensive training can play a part in keeping your staff motivated and increasing staff retention. There needs to be a shift in mindset towards the mutual growth of both the organization and the employee. This can be achieved through formal employee development programs.
Steps for employee development programs:
- Identify personal and professional goals.
- Set a pathway for career growth.
- Encourage staff to set time aside for ongoing learning.
- Provide access to online courses, training, etc.
- Review performance and provide feedback.
4. Wellness Initiatives
Another big takeaway from the pandemic this year is that one can’t take health for granted. Show your employees that you care about their health and wellbeing by implementing wellness programs. There are a range of things you can do – both big and small.
Examples of wellness-related programs:
- Availability of standing desks to prevent aches from sitting too long.
- Provision of healthy snacks at the office to promote a better diet.
- Meditation sessions after work to reduce stress.
- Free gym membership to encourage exercise.
- Company sports events to foster team-building.
How Pacific Prime can help
Pacific Prime Singapore’s employee benefits consultants can help you implement corporate wellness programs and packages that suit your business’ needs.
You can even choose to implement an online “Prime Care Portal” that will help you manage and simplify the entire employee benefits administration process.
5. Health insurance
While there is no statutory requirement to provide private health insurance to employees in Singapore under the Employment Act, most large companies do provide it as part of their employee benefit programs. It’s an excellent perk to include as it’ll make your staff feel safe – no matter what happens, they’ll receive quality healthcare.
Contact Pacific Prime
With two decades of experience in the insurance industry, Pacific Prime Singapore’s health insurance guides tell you everything you need to know about health insurance in the country.
To receive an obligation-free quote on either wellness programs or health insurance, feel free to contact one of our expert advisors in the Pacific Prime Singapore office.
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