With the rise of new work trends such as flexible contracts and the gig economy, the two questions that come up all the time within startups and human resources people are - How do we improve employee engagement with compensation and benefits in the war for talent? And how do we create a happy, motivated and engaged team?
In this day and age, candidates don't just come to an interview with the single question 'How much will I be paid? Some of the most consistently asked questions during the recruitment process these days include 'Am I expected to work long hours? Will there be any travel opportunity? What is the in-patient coverage like? Are my costs covered if I have a TCM treatment?' It does look like this sort of personal needs are becoming more of a priority, on top of an attractive end-of-year bonus and a big paycheque.
This creates a challenge for startups, SMEs and smaller players, as it means that they will need to be more creative about what they can do with their benefits package given often limited resources. Some common perks include providing more annual leave or offering some form of short-term incentives or even gym memberships. The modern-day workforce will love the greater work-life balance these promises, and it works to complement the traditional rewards.
In addition to these perks, medical benefits are by far the number one employee benefits that people in Hong Kong are most interested in, quite understandably. This is partly because of the hefty rise of 9.3% in medical costs last year, which continues to make Hong Kong's private healthcare system the second most expensive in the world after the United States, according to the South China Morning Post. Therefore, although working for a startup doesn't always promise the biggest salary, at least knowing there is good medical insurance in place will help ease the financial stress of your team.
Acknowledging these challenges startups and SMEs are facing in the recruitment environment, StartupCare makes the whole insurance experience as optimised as possible not only for employees but also for the employer. Our easy-to-use app and its e-claim function take away the heavy burden of administration work from the employer, whereas our other features like daily step tracker, walking challenge, health-related content and vouchers encourage employees to make positive lifestyle changes, ultimately improving health and lowering the chance of falling ill.
Learn more about StartupCare's employee health benefits solutions by speaking to our team here or Whatsapp us at +852 5379 8911.