Top 5 Ways Employers Can Enhance Benefits to Attract and Retain Top Talent

ManagementMay 24, 2024 09:00

The Ministry of Manpower (MOM) in Singapore has announced that there are no plans to change the minimum annual leave entitlement. Senior Minister of State for Manpower Koh Poh Koon emphasised the importance of considering employment benefits holistically, including flexible work arrangements, to maintain productivity and support employees' work-life balance.

1. Flexible Work Arrangements

  • Offering options such as remote work, flexible hours, and compressed workweeks can significantly enhance work-life balance. According to a survey by FlexJobs, 80% of employees would be more loyal to their employers if they had flexible work options.

2. Comprehensive Health and Wellness Programs

  • Providing health insurance, mental health support, and wellness initiatives can improve employee satisfaction and reduce absenteeism. A study by Willis Towers Watson found that companies with comprehensive wellness programs see a 25% reduction in sick leave and a 10% reduction in employee turnover.

3. Professional Development Opportunities

  • Investing in employees' skills through training, workshops, and educational subsidies can boost job satisfaction and career advancement. LinkedIn's 2023 Workplace Learning Report indicated that 94% of employees would stay at a company longer if it invested in their career development.

4. Enhanced Leave Policies

  • Offering generous leave policies, including parental leave, sabbaticals, and additional annual leave days, supports employees' personal needs. In Singapore, 64.6% of full-time resident employees aged 25 to 64 had 15 days or more of annual leave in 2022, up from 61.1% in 2018.

5. Employee Recognition and Rewards Programs

  • Implementing programs that recognize and reward employees for their contributions can increase motivation and job satisfaction. A Gallup survey found that employees who feel adequately recognized are 2.7 times more likely to be highly engaged at work.

By adopting these strategies, employers can create a more attractive and supportive work environment, which is essential in a competitive job market.


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