Research from Cigna Healthcare finds that HR leaders believe health and well-being support is more preferred by employees than flexible working arrangements.
By Maggie Mancini
Health benefits are the most impactful component of employee value propositions (EVPs) for attracting talent in Hong Kong and are the most sought-after among employees with almost four in 10 (37%) HR leaders saying it is more preferred by employees than flexible working arrangements, according to research from Cigna Healthcare.
The report finds that employee well-being is the top priority in Hong Kong and globally, with benefits producing tangible advantages for the entire organisation.
Key findings for Hong Kong include the following.
- Employee well-being is the leading priority for HR leaders. It ranks as the top priority for both SMEs and large corporations, with 15% of SME respondents and 14% of those from large corporations ranking it first respectively.
- Health and well-being benefits improve business outcomes. Seven in 10 (71%) of the HR leaders surveyed believe health insurance reinforces a company culture that supports health, while 69% believe it plays a crucial role in maintaining employee loyalty. More than half of respondents believe health benefits and health and well-being offerings help shorten working hours (59%), reduce absenteeism (59%), and improve employee productivity (53%).
- Health benefits are a top component of EVPs. It is one of the most offered EVPs, with 92% of respondents saying that it is provided by their organisation, just behind flexible time off and working arrangements. According to HR leaders, health benefits receive much higher employee preference in Hong Kong (37%) compared to other markets, whereas flexible work arrangements (18%) is not as popular compared to other markets.
- Health benefits are considered the most impactful in attracting new talent in Hong Kong. Overall, 30% of respondents say that health benefits are the most impactful, more so than time off and work arrangement (22%), and career progression (20%). The impact of health benefits is far greater among SMEs, with 35% of SME respondents ranking it as most impactful compared to 24% of large corporation respondents.
“Our survey results show that health and well-being benefits drive workplace performance, help attract and retain talent, and are critical in keeping employees healthy and engaged,” says Jason Sadler, president of international health at Cigna Healthcare. “To fully harness these positive impacts, employers should provide benefits plans that meet the needs of their workforce, while also fostering a workplace culture that encourages proactive health and well-being management.”
In addition to offering various benefits, communication is key to making the overall health and well-being strategies more effective. The aim should be to improve awareness and understanding of the benefits offered and how to access them, the study finds.
