Corporate health insurance remains a leading factor for job seekers in Hong Kong and Singapore in 2024

With the corporate world becoming more dynamic than ever, businesses in Hong Kong and Singapore are facing a highly competitive hiring landscape. As the newly published McKinsey Salary Guide 2024 indicates, a staggering 80% of Singaporean organisations and 73% of those in Hong Kong have encountered significant competition in attracting top talent. This competitive hiring environment demands a strategic approach to employee benefits, with health insurance emerging as a top priority for job seekers.

The competitive edge in talent acquisition

In Singapore, the past year has seen a pronounced skills shortage, further intensified by the exodus of international talent, driven away by soaring living costs and rising inflation rates affecting property rentals. To complicate matters, 65% of Singaporean employers have experienced the loss of valuable staff members within a mere six-month period.

Similarly, in Hong Kong, the battle for skilled employees is fierce. The city's employers are striving to attract and retain the best talent amidst a landscape where the satisfaction with existing benefits packages is notably low, with 76% of employees expressing neutrality, dissatisfaction, or outright displeasure with their current benefits.

What job seekers value most

While competitive salaries and bonuses are critical, employee benefits are the differentiating factor for job seekers in both regions. In Singapore, apart from bonuses, the most valued benefits include work-from-home options, flexible hours, and health and well-being support, with health insurance rounding out the top five. Conversely, Hong Kong job seekers prioritise health insurance even more, placing it second only to bonuses and ahead of work-from-home policies and flexible working hours.

The role of health insurance

The dissatisfaction with benefits packages underscores the importance of health insurance as a deciding factor for potential hires. Employers who offer comprehensive health insurance demonstrate a commitment to their employees' well-being, which is now a non-negotiable aspect for many job seekers. A robust health insurance package is not just a perk but a signal that an employer values and invests in the long-term health and productivity of their workforce.

The bottom line for employers

To remain competitive and appealing to top talent, companies in Singapore and Hong Kong must reassess and enhance their benefits offerings, especially in the realm of health insurance. With a significant portion of the workforce underserved in terms of benefits satisfaction, there is a substantial opportunity for employers to step up and differentiate themselves.

For HRs and decision-makers, the message is clear: in the race for top talent, a comprehensive health insurance plan could very well be the ace up your sleeve.

Navigating Economic Challenges with Tailored Health Insurance Solutions

While the necessity for competitive health insurance packages is recognised among organisations, economic pressures have compelled many companies to reassess their spending on employee benefits. Amidst medical inflation and surging insurance premiums, some organisations have reluctantly chosen to downgrade their insurance covers to alleviate financial burdens.

At APRIL, we understand these challenges and offer flexible products designed to align with both company needs and budgets. We are committed to providing plans that balance comprehensive coverage with cost optimisation. Our three decades of industry experience have equipped us with deep insights into global healthcare systems. We leverage this expertise to work closely with our clients and partners, actively managing and containing medical cost inflation to ensure sustainable premiums.

Our goal is to ensure that employers can maintain access to quality healthcare over the long term, even in the face of economic constraints. With APRIL, businesses don't have to choose between affordability and the welfare of their employees. Our tailored plans are crafted to meet the unique demands of each company, providing the best possible healthcare solutions within their financial parameters.

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Sources: McKinsey Salary Guide 2024 Hong Kong, McKinsey Salary Guide 2024 Singapore