2025 is set to be an uncertain year. While many workers rebalance to going back to office, for some sectors, the hunt for talent continues.
As Singapore’s labour market is tight, employers also have to realise that in-demand positions have a limited number of individuals who want to or are able to apply for them. This is underscored with the latest vacancy rates in Singapore – where there are 1.64 vacancies for every job seeker.
Many employees are also looking beyond the paycheck and deeper into what their company can offer as welfare benefits when they decide to stay or leave for new pastures. Job seekers are also exploring beyond the base salary and seek more than just remuneration benefits.
We explore five welfare benefits employers can offer workers, with reference to some stellar companies that offer competitive and comprehensive benefits.
Read Also: Types Of Employee Support Schemes (ESS) That Singapore Companies Can Provide
1) Flexible Work Arrangements
It’s hard to believe, but back to office is new normal. Flexible work arrangements can incentivise employees to join your team.
Some types of flexible work arrangements can include hybrid work or telecommuting, allowing one to two days of work from home via the internet, email, and the telephone. Flexible time schedules are popular work arrangements where workers can be able to do their tasks outside of work.
There are also other arrangements like compressed workweeks (four-day work weeks) to help employees achieve a better work-life balance.
Some Singapore companies offer flexible work arrangements and work-life balance initiatives. For example, Changi Airport Group (CAG), the company managing Changi Airport, has flexible work arrangements and family-friendly policies.
CAG recognises that cultivating a family-friendly culture in the workplace improves its attractiveness to employees, as increasingly, many are trying to balance between family and work responsibilities.
Besides providing support and benefits, divisions in CAG have also organised sessions where parents can bring their kids to work. Not only does this help the children of employees to better understand their parent’s jobs, activities like these also enable employees to get to know one another better.
For example, on Children’s Day on 6 Oct 2023, colleagues from the CAG People Team and Corporate Divisions were invited to bring their kids for a breakfast gathering.
2) Paid Time Off (PTO)
With people dealing with hectic work and life schedules, the offer of paid time off (PTO) is a generous way to support workers. PTO includes vacation days, sick leave, and holidays. Some companies also offer paid parental leave for new parents.
Google’s comprehensive PTO policy sets a high standard, exceeding industry norms. Beyond traditional vacation and sick days, Google offers a generous PTO allowance based on job title, weekly hours, and tenure.
Google’s PTO also includes bereavement leave, showcasing their compassionate support during difficult times.
Another tech giant Microsoft also offers great PTO perks. Early last year it announced that it was offering unlimited PTO. This means that, in theory, employees could take off as many days as they would like with no limits. Microsoft also offers 10 corporate holidays, sick time off, mental health time off, leaves of absence, as well as time away from jury duty or bereavement.
OCBC, meanwhile, offers uniquely Singaporean leaves such as Primary School Leaving Examinations (PSLE) leave, exam leave, as well as corporate social responsibility leave and career break leave.
3) Wellness Programmes
Focusing on taking care of your health is something many workers are prioritising in the new normal. Wellness programmes may include gym memberships, wellness workshops, and initiatives to promote healthy lifestyles. Pro-welfare companies include DBS and Microsoft.
DBS has an Employee Assistance Program (EAP) for counseling services.
DBS’ ‘Minds over Matter’ initiative encourages open dialogues, creating safe spaces for well-being discussions across organisational levels. It partners with an EAP provider to ensure accessible counselling services.
DBS is also an early mover in providing welfare for its workers, as it had collaborated with a leading leadership consulting firm during the pandemic and offered small group sharing sessions to support its staff in sharing coping strategies.
Microsoft offers employee wellness programs and fitness initiatives. It also provides learning and development opportunities.
Health and wellness initiatives at Microsoft include fitness programmes, mental health support, and healthcare coverage. The employees at Microsoft Singapore get access to onsite gyms and wellness spaces. It also offers holistic programmes ranging from well-being workshops to mentorship opportunities.
Read Also: What Exactly Is A Chief Wellness Officer/Chief Wellbeing Officer And How Much Do They Make
4) Retirement Plans
With the cost of living continuing to rise, the concern of having enough savings for retirement is on the back of many workers’ minds.
Some employers offer retirement plans to help employees save for their future. They may also provide employer-matching contributions.
The companies that offer retirement plans include OCBC, Microsoft, and Google.
OCBC is said to offer competitive retirement plans and savings programs. It also has an employee share purchase plan to benefit its staff.
Microsoft has retirement savings plans with company contributions. The Microsoft 401(k) is a retirement savings plan that allows you to invest a portion of your salary into long-term investments to save towards retirement – although it is not specified if Singapore colleagues get a similar plan because in the United States, a 401(k) plan is an employer-sponsored, defined-contribution, personal pension account.
Meanwhile, Google provides retirement plans with company contributions. In Singapore, there is a new Google Provident Fund (GPF) for expats – a co-funded pension with a full payout at the time of you leaving the country.
5) Health Insurance
This is one of the most common welfare benefits and typically includes coverage for medical, dental, and vision expenses. It is also an important aspect for jobseekers to consider when accepting a job offer as healthcare costs can pile up and the uncertainty of spikes in Covid-19 cases could lead to more people falling sick.
Companies that offer such benefits are many. To name a few, they are Singapore Airlines, CAG, DBS, OCBC, Google and Microsoft.
Information from the companies’ websites revealed that both SIA and DBS offer comprehensive health and medical coverage, group insurance and life coverage. Meanwhile, CAG provides health, dental, group insurance and life coverage. OCBC has health and dental coverage, and group personal accident insurance.
Tech giants Microsoft and Google provide health and dental benefits. Googlers have the freedom to customise their coverage, extending it to their spouses and dependents. It is reported that there are available onsite medical staff to provide healthcare services for employees working in the office.
Read Also: Guide To Understanding Group Health Insurance Plans In Singapore
Featured Image Credit: CAG
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