The 2022 Asia Pacific Employee Benefit Trends Survey was conducted for compensation and human resources leaders and professionals, with the aim to help clients with insights and perspectives on current challenges and priorities, as well as exploring emerging approaches to benefits and total reward for the next one to three years.
After asking more than 500 companies across Asia Pacific about their approach to employee benefits, we discovered that the top 5 challenges are:
Rising cost of benefit plans
Offering diverse benefits and options
Benefits seen as ‘below market'
Benefits not meeting employees’ needs
Insufficient data to make informed decisions
Why A Benefits Strategy Is Important
Our study found that 48% of companies do not have a benefits philosophy, and 40% say they have insufficient data to make informed decisions.
Having a benefits philosophy and strategy is critical for ensuring benefits adequacy and optimisation. A lack of benefits philosophy or strategy can impact employee satisfaction and lead to missed savings opportunities.
" Having a clear benefits philosophy is key. It’s about providing benefits that are competitive, and it’s about promoting your brand in the market as an employer.”
Simon Thompson, SVP – Head of Industry Practice Group, APAC, Aon
Flexible Benefits and Options
Offering a choice of benefits and communicating effectively about benefits are other challenges that are impacting employers in all sectors. Providing benefits choice and options for a diverse workforce is a top priority for more than half of survey respondents in all sectors. More than one third of employers indicate they are now exploring a flexible benefits programme. More than half of employers say employees are not fully clear about their benefits, and more than half say their preferred approach would be to provide access to benefits information via a digital platform or digital ‘benefits home hub’.
Download our report to explore more benefit trends and insights, so you can make better decisions for your organisation and your people.