Employees can choose from various perks such as cash, life insurance, health insurance, vacations, retirement plans, and child care through a benefits package. Although a common core of benefits may be necessary, you can pick how your residual benefit dollars from the total amount guaranteed by the employer are divided for each type of benefit. You may be able to contribute extra for greater coverage in some cases.
What is the degree of employee engagement in Malaysia?
Employee benefits contribute considerably to employee engagement by offering tailored incentives and perks in the workplace, which improves employee happiness.
According to a recent poll conducted by Qualtrics, Malaysia has the second-lowest employee engagement in the South East Asian (SEA) region, with 54 percent in 2020, down from 59 percent in 2016.
As a result of these findings, Malaysian businesses are losing both productivity and profitability.
The following is a list of the top most popular types of flexible benefits malaysia workers and job seekers:
It’s undeniable that the popularity of showy and novel health advantages is on the rise. Furthermore, given the escalating healthcare expenses, it’s no surprise that employees respect their employers’ health insurance or perks, particularly in Malaysia.
Flexible working hours and work-from-home options are available
According to a poll conducted by a few firms, employees prefer the flexibility to choose where, when, and how they want to complete their job. The same percentage of respondents prefer flexibility because it can boost work productivity and job happiness.
An assurance on your life
Like health and medical benefits, life insurance provides a financial safety net for employees and their families. It gives them peace of mind because their loved ones are financially protected in the employee’s death.
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Increasing support for mental health
Our traditional definition of physical health does not account for mental wellbeing, which is just as important for success at work and outside of the workplace. As a result, it must take its rightful place as a pillar of your entire employee benefits plan.
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Assistance with tuition
Employees who want to upskill and develop their careers might benefit greatly from tuition support schemes. Employees perceive this as a once-in-a-lifetime chance, and they can use the financial assistance to transform it into a promising degree that they can use for the rest of their professional lives.
Pensioners work for the majority of their life until they reach retirement age
Pension benefits are one method for a corporation to express gratitude for an employee’s many valuable contributions. It also contributes to an employee’s living level in retirement and gives financial stability in later life.