Why companies should use employee benefits to gain an advantage in the ‘war for talent’
- Research by human resources consulting firm Mercer suggests companies offering at least 10 benefits are more likely to retain staff
- Individuals reassessed their work-life balance during the pandemic, which has led companies to evaluate how they can better support employees
.png?itok=Zo5NR7Mt)
03:41
How companies can use staff benefits to win the ‘war for talent’
In a world where the nature of the workplace is evolving and competition for talent continues to grow, a reassessment of employee benefits is critical. And in this changing landscape, one question looms: is salary still king when it comes to securing the loyalty of staff?
“Research suggests that salary alone cannot buy employee engagement or loyalty,” says Richard Roper, president of human resources consulting firm Mercer in Hong Kong and Macau. “In fact, our research suggests employers that offer 10 or more benefits have better employee retention.”
According to Mercer, 60 per cent of employees in Hong Kong will only consider a job offer if it includes flexible work arrangements. Meanwhile, 50 per cent of companies in the city have indicated that they are prioritising some form of flexible working.
When the digitalisation of employee benefits was expedited to meet the needs of a remote workforce during the Covid-19 pandemic, individuals started to reassess their work-life balance.
Roper says this was especially evident among members of Generation Z who were dealing with major global crises for the first time, including geopolitical incidents, the pandemic, the increasing cost of living and environmental disasters.
“They’ve tasted the freedom of flexibility, they want to work for purpose-driven organisations, and they’re more focused on their own health and happiness,” he notes. “Companies that aren’t keeping pace with these changes will lose out in the war for talent.”
