Employers across different industries offer a wide variety of employee benefits so they can win and retain talents. If your primary responsibility is Employee Retention for your organization, how can you make a better employee benefits package proposal to make a valuable employee stay longer with your organization? As a Recruiter, how confident are you in winning the best candidates with the current benefits package that you offer? Will you be able to make your best Executive, Managerial or Rank & File candidates sign up with your job offers once they start asking about Employee Benefits?
We conducted an Employee Benefits survey to help provide the answers for these questions using the correspondence from 120 Filipino workforce in different age groups. We asked them what matters most in terms of healthcare related benefits, career development, allowances & subsidies, company activities and other types of perks if they are to consider job offers with future employers.
Here’s what we discovered~
Generational Differences on ‘Preferred’ Employee Benefits
HMO coverage really matters
A large number of our correspondents (74.16%) consider having a Health Maintenance Organization (HMO) membership coverage to be ‘Extremely Important’ as part of their future job offers. This is consistent among all age groups, from participants at the age of 20 to 60 years old. For each age group, we’ve seen striking similarities and differences with their preferences for health related benefits, career development benefits, allowances, company activities and other types of benefits such as personal loans and retirement plans.
Primary differences include stronger preferences for food and clothing allowance by correspondents at the age group of 20 to 29, while other age groups between 30 to 59 years of age would rather receive telecommunication allowances instead over other forms of allowance or subsidies.
Why you should also offer Career Development Benefits
Professional and Career Development benefits ranked as the second most popular choice among different age groups. 60.83% of correspondents want to see professional development & leadership training as part of their future job offers, which they all considered to be ‘Extremely Important’.
For the complete results for each of the Age Group preferences, you may download it here. The survey results analysis was made using a Top 2 box approach for ‘Extremely Important’ and ‘Very Important’ marks given by our Filipino correspondents.
Let’s take a look at the responses from different group demographics so we can understand the differences in their expectations with Employee Benefits packages.
Males and Females want ‘different’ things
Other than the Top 5 benefits shown in our infographic below, men also expressed more interest in receiving gas/parking (54%) and clothing allowances (67%), while women strongly prefer to have flexible work schedules (83%) and compressed work weeks (63%). Using the responses from correspondents who marked a list of benefits as extremely and very important, responses received for these benefits have 14-20% variance between each gender. Male correspondents had a higher preference on allowances, while female correspondents expressed higher interest in receiving work flexibility and compressed work week schedules.
Single vs Married Priorities
Priorities can change once employees get married. Married employees gave mobile data, food and free shuttle services a 12% higher average preference ranking compared to Single individuals. On the other hand, correspondents who are still ‘Single’, gave a higher importance ranking for ‘Employee Educational Scholarships’, which received 14% more ratings as ‘Extremely and Very Important’ compared to the ratings given by married employees.
Having Dependents can change their Preferences
While the surveyy did not consider the amount of dependents for each individual, we saw significant shifts in preferences with correspondents who did not have any dependents compared to those who have dependents. Individuals who have dependents preferred to receive some form of Accident Insurance benefit with a 15% higher preference compared to individuals who did not have any dependents. Offering ‘Educational Scholarships for their relatives’ also appealed more to those with dependents gaining a 19% higher preference ranking for this in comparison to those who did not have any dependents yet.
‘Company Outings’ appealed 15% higher for those without any dependents while ‘Family Day’ events got 11% higher preference scores from those with Dependents.
After reading the results, consider revisiting the list of benefits that you currently offer in your organization, especially if you’re looking to improve the set of benefits that you can give your Employees based on your organization’s available budget and human capital. We hope that we were able to provide you some insights on which benefits really matter for your people.
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