Benefits catching up with cash when it comes to keeping employees happy and productive says survey
More than twice as many firms in Asia now offering flexible benefits packages compared to last year according to international rewards specialist
(EMAILWIRE.COM, November 27, 2008 ) Singapore - Despite the global credit crunch, flexible benefit packages rather than cold cash are proving to be more effective at keeping employees happy and productive according to a new survey by the international rewards specialist Thomsons Online Benefits.
The Employee Rewards Survey 2008, which interviewed 63 organizations from a broad range of industries across the Asia Pacific region, found that more than twice as many firms in Asia are now offering or planning to offer flexible benefit packages to staff – 39 per cent overall – compared to just 18 per cent last year. A combined 20 per cent of respondents felt that their underlying reward strategy would drive improved individual and business performance.
“Companies offer benefits to attract and retain staff. However to be effective the benefits have to be relevant to the employees lifestyle or career development ambitions rather than merely being nice-to-have but wouldn’t be missed,” said Bryan Lockyer, the Asia Pacific General Manager - Thomsons Online Benefits.
According to Lockyer, nearly 90 per cent of all organisations in the Asia Pacific region now offer some form of company funded employee benefits, which represents a 20 per cent increase from 2007. However, the survey also showed that the majority of respondents felt corporate benefits were undervalued by their employees. Only one in ten reported that their staff valued their benefits packages highly.
“A one-size-fits-all benefits programme cannot ever meet the desires and aspirations of a varied and talented workforce – people are just too different. The best way to keep them interested and engaged is to offer as much flexibility as possible and let them choose the mix of benefits they prefer,” said Lockyer.
Some 31 per cent of respondents believe that benefits administration is a burden on internal resources and more than a third – a similar number to last year’s survey – of respondents are planning to introduce new technology to administer their benefits plans within the next 12 months.
In spite of the recent gloomy headlines, 32 per cent of organisations predict that the next 12 months will be a period of growth for them in the region. The greatest challenges are expected to be managing escalating costs, closely followed by employee retention.
“Employee benefits straddle both those issues. Getting that piece of the puzzle right goes a long way to solving many of the other problems that businesses face, such as motivating existing staff and attracting new talent without necessarily driving up costs,” said Lockyer.
Thomsons Online Benefits uses a combination of cutting edge consultancy and technology services to create what it calls Intelligent Reward™ solutions. It offers all the services a business needs to formulate, evaluate and develop a reward strategy under one roof. Benefits include:
• Minimising the cost of providing and administering employee rewards and benefits
• Maximising the value of the reward package in the eyes of the business leaders and
employees
• Supporting business decision making in relation to reward spend and direction
“Our service is entirely flexible, enabling clients to use all or pick just the services that they require. Our unique combination of innovation and quality has led to us winning 18 awards over the last four years and attracting a prestigious portfolio of clients including The Economist, Freescale, Getty Images, Johnson & Johnson, the Ministry of Defence, Smith & Nephew, The Royal Bank of Scotland (RBS), and Bank of New York Mellon,” said Lockyer.
According to the survey, the greatest advantages companies have derived from implementing flexible benefits are increased employee take up of benefits (22 per cent), cost savings (14 per cent) and assistance with recruitment (18 per cent).
However, Lockyer notes that solutions don’t have to be expensive. A good first step would be to provide employees with Total Reward Statements so they know exactly what they are getting along with their pay cheques. “More than 60 per cent of companies don’t even bother,” he said.
About Thomsons Online Benefits
Thomsons Online Benefits offer a unique approach to reward. Since our inception, our vision has been to transform employees' appreciation and understanding of their reward package and to remove the administration and communication headaches organisations suffer as a result of running them. The company creates intelligent reward solutions which add measurable value to a business by combining consultancy and technology. Further information can be found at www.thomsonsonlinebenefits.com
For more information contact:
Jiwon Yoon
Tel: (852) 3189 7090
Email: Jiwon.Yoon@t-bx.com
Note to editors
Copies of the Employee Rewards Survey 2008 are available on request by calling Jiwon Yoon on (852) 3189 7090 or by visiting www.thomsonsonlinebenefits.com.sg. Bryan Lockyer, the Asia Pacific General Manager - Thomsons Online Benefits is also available for interview on request.
###
This press release was issued through GroupWeb EmailWire.com. For more information on unlimited press release distribution for $99 per year, go to http://www.emailwire.com.
The Employee Rewards Survey 2008, which interviewed 63 organizations from a broad range of industries across the Asia Pacific region, found that more than twice as many firms in Asia are now offering or planning to offer flexible benefit packages to staff – 39 per cent overall – compared to just 18 per cent last year. A combined 20 per cent of respondents felt that their underlying reward strategy would drive improved individual and business performance.
“Companies offer benefits to attract and retain staff. However to be effective the benefits have to be relevant to the employees lifestyle or career development ambitions rather than merely being nice-to-have but wouldn’t be missed,” said Bryan Lockyer, the Asia Pacific General Manager - Thomsons Online Benefits.
According to Lockyer, nearly 90 per cent of all organisations in the Asia Pacific region now offer some form of company funded employee benefits, which represents a 20 per cent increase from 2007. However, the survey also showed that the majority of respondents felt corporate benefits were undervalued by their employees. Only one in ten reported that their staff valued their benefits packages highly.
“A one-size-fits-all benefits programme cannot ever meet the desires and aspirations of a varied and talented workforce – people are just too different. The best way to keep them interested and engaged is to offer as much flexibility as possible and let them choose the mix of benefits they prefer,” said Lockyer.
Some 31 per cent of respondents believe that benefits administration is a burden on internal resources and more than a third – a similar number to last year’s survey – of respondents are planning to introduce new technology to administer their benefits plans within the next 12 months.
In spite of the recent gloomy headlines, 32 per cent of organisations predict that the next 12 months will be a period of growth for them in the region. The greatest challenges are expected to be managing escalating costs, closely followed by employee retention.
“Employee benefits straddle both those issues. Getting that piece of the puzzle right goes a long way to solving many of the other problems that businesses face, such as motivating existing staff and attracting new talent without necessarily driving up costs,” said Lockyer.
Thomsons Online Benefits uses a combination of cutting edge consultancy and technology services to create what it calls Intelligent Reward™ solutions. It offers all the services a business needs to formulate, evaluate and develop a reward strategy under one roof. Benefits include:
• Minimising the cost of providing and administering employee rewards and benefits
• Maximising the value of the reward package in the eyes of the business leaders and
employees
• Supporting business decision making in relation to reward spend and direction
“Our service is entirely flexible, enabling clients to use all or pick just the services that they require. Our unique combination of innovation and quality has led to us winning 18 awards over the last four years and attracting a prestigious portfolio of clients including The Economist, Freescale, Getty Images, Johnson & Johnson, the Ministry of Defence, Smith & Nephew, The Royal Bank of Scotland (RBS), and Bank of New York Mellon,” said Lockyer.
According to the survey, the greatest advantages companies have derived from implementing flexible benefits are increased employee take up of benefits (22 per cent), cost savings (14 per cent) and assistance with recruitment (18 per cent).
However, Lockyer notes that solutions don’t have to be expensive. A good first step would be to provide employees with Total Reward Statements so they know exactly what they are getting along with their pay cheques. “More than 60 per cent of companies don’t even bother,” he said.
About Thomsons Online Benefits
Thomsons Online Benefits offer a unique approach to reward. Since our inception, our vision has been to transform employees' appreciation and understanding of their reward package and to remove the administration and communication headaches organisations suffer as a result of running them. The company creates intelligent reward solutions which add measurable value to a business by combining consultancy and technology. Further information can be found at www.thomsonsonlinebenefits.com
For more information contact:
Jiwon Yoon
Tel: (852) 3189 7090
Email: Jiwon.Yoon@t-bx.com
Note to editors
Copies of the Employee Rewards Survey 2008 are available on request by calling Jiwon Yoon on (852) 3189 7090 or by visiting www.thomsonsonlinebenefits.com.sg. Bryan Lockyer, the Asia Pacific General Manager - Thomsons Online Benefits is also available for interview on request.
###
This press release was issued through GroupWeb EmailWire.com. For more information on unlimited press release distribution for $99 per year, go to http://www.emailwire.com.
|
How to buy Penny Stocks
Learn the Skills, Make the Trades, Earn a Fortune! 100% Free to try. Chartpoppers.com Stop Being Fooled By "Penny Stock Picks" Subscribe To The #1 Rated MicroCap Stock Newsletter. MicroCapster.com Analyst Penny Stock Picks Visit StockSource.us for explosive stock picks, free stock research and trading tools www.StockSource.us Your text Ads here! Ads are only $575 per month. Ads are placed same day. Contac Us Emailwire.com/contact.php |