But 63% of bosses believe their staff value the benefits.
Less than half or 45% of Singaporean employees agree that workplace benefits packages meet their needs, according to Asia Pacific Benefit Trends Survey released by Willis Towers Watson.
The survey revealed the gaping disconnect between employer and employee as 63% of bosses believe that their staff value the workplace benefits they are provided.
Companies are likely to mismanage budgets as the survey noted that 35% of employers don’t know how much they spend on employee benefits while 26% spend more than a fifth of payroll on employees.
Employees also demand flexibility and diversity with their benefits packages especially with regards to healthcare benefits.
“At a time when workplaces are expected to be more flexible, we still see a majority of Singaporean organisations failing to offer their employees diversity, choice and flexibility with their benefits. One size certainly does not fit all,” said Audrey Tan of Willis Towers Watson, adding that only one in three employees receive satisfactory workplace package.
The survey revealed that 86% of companies in Singapore are considering evaluating the success and effectiveness of their benefits packages in the next three years to be able to better provide for the needs of their employees.
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