Some small businesses (SMEs and startups) in Hong Kong are still wary about offering employee benefits, often believing that benefits cost a lot and reap little reward. In fact, offering employee benefits can impact the success of a company through improved employee retention and the associated work productivity. A survey found that 63% of employees chose jobs based on benefits.
1) Providing fantastic employee benefits will result in a loyal workforce, which means lower staff turnover rates and subsequent training costs.
2) Providing perks like a free or discounted gym membership encourages employees to be physically active. Being physically active promotes productivity.
3) With better benefits come less worries, and employees will enjoy better mental health.
4) Happier staff means overall higher team morale. A healthy team spirit encourages work efficiency and creativity.
5) Having stellar benefits will play a huge role in ensuring you have a reputable employer brand.
6) SMEs will find it easier to attract and retain talent when offering enviable benefits.
7) When employees are well taken care of, they will have higher levels of focus and productivity in the workplace.
8) Millennials are more likely to choose a job with better benefits over a job with a higher salary.
Overall, better mental and physical health of employees yield higher productivity with less sick days applied for, thus contributing to the company's success. One solution is to offer your employees group medical insurance, as it counts as a form of employee benefits. Speak to our team here or Whatsapp us at +852 5379 8911.