Among the list of considerations when it comes to joining a company, medical benefits seem to be a priority.
According to a poll commissioned by Prudential Singapore, 60% of small- and medium-sized enterprise (SME) employees indicated that they are more willing to join an SME that provides medical benefits.
The poll, which surveys 1,029 respondents, explores the needs and challenges of SMEs in terms of medical and employee benefits. The respondents are Singaporean SME employees and business owners aged 18 and above who work in SMEs with one to 200 employees.
Of the respondents, almost 40% of employees say they are more likely to stay in a company that provides the same benefits. Almost 50% of the respondents say they see companies that provide medical benefits are more caring.
In the same survey, nine in 10 employees – or 90% of the respondents – have indicated that they want their employers to provide healthcare coverage.
Some 13% of respondents polled say that their companies do not offer any benefits. The number more than doubled to 27% of respondents for SMEs with 10 or less employees.
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Most respondents cited small company size and high cost of group insurance as reasons why their company does not provide medical benefits. When asked how much budget is set aside for their company’s medical benefits per year, almost two in five SME owners and human resource (HR) professionals said $10,000 and below.
SMEs account for 99% of the businesses in Singapore and they employ 70% of the workforce, according to figures by the Singapore Department of Statistics (SingStat).
Dennis Tan, CEO, Prudential Singapore, said that medical benefits are essential to employees’ overall wellbeing and success at work.
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“Awareness of health and protection has gone up since the pandemic, so understandably, employees value medical benefits and appreciate investments in their wellbeing and future. An ageing workforce coupled with rising healthcare costs are also driving employees to want support in the area of medical protection so that they can focus on their work with greater peace of mind,” he adds.
In addition to medical benefits, SME employees say they also value flexible benefits such as company-sponsored trainings, e-vouchers and wellness initiatives. Within the survey, 85% of the respondents polled say that employers should consider it a priority to provide such benefits.
Three in five respondents – or 60% -- said that they are more willing to join a company that provides employee benefits. Two in five – or 40% -- said that they are more willing to remain in a company that provides the same.
In addition, four in five respondents – or 80% -- agreed that digital transformation is important to a business’ survival. One in five respondents – or 20% -- have said that they are more willing to stay in a company that prioritises digital transformation.
“Digitalisation is crucial in helping SMEs remain competitive and relevant in the digital economy. It empowers businesses to accelerate growth and at the same time, appeals to talents who share this belief and are looking for companies that have started on their digital journey,” says Tan.
