The vast majority of companies in Hong Kong are looking to add or enhance at least some of their insurance benefits in the next two years (69%), according to a Chartered Institute of Personnel and Development (CIPD) Asia survey of employee benefits.
This is a significantly higher proportion than the Hong Kong employers in a 2022 report, who said risk and insurance benefits were a priority (43%).
The report presented findings from CIPD Asia’s new survey of employee benefits, in partnership with AIA, and was released last week.
The survey, explored the benefits employers provide to their employees, and the strategies and policies implemented in organisations.
The survey took place between October and December 2023 and gathered insights from 234 HR practitioners, 130 business owners, and 36 other professionals predominantly working in Singapore (38%) and Hong Kong (40%).
The aim of the research was to provide readers with a benchmarking and information resource on current and emerging employee benefits practices.
For critical illness, the report said that nearly a quarter of companies in Hong Kong plan to add or enhance critical illness insurance in the next two years (23%).
The same proportion are also looking at hospitalisation and surgical insurance as a future priority (23%), while three in 10 highlighted life/accident insurance (31%).
And 12% of Hong Kong companies are looking to introduce international private medical insurance (IPMI).
A total of 19% said they planned to add dental insurance.
In terms of non-insurance benefits, more than half of employers in Hong Kong said they planned to review their health and wellbeing benefits (52%), and a quarter planned to add or improve flexible/voluntary benefits (25%).
Singapore
And in Singapore for future benefit priorities, only 8% of employers said they planned to add or improve dental insurance.
But a quarter said they do not plan to look at any of the insurance benefits in the next two years or that they do not provide any (25%), and a quarter said they do not know (25%).
In terms of non-insurance benefits being focused on for future development, more than a third of companies highlighted health and wellbeing benefits (35%).
Singapore respondents did not mention critical illness or IPMI in their answers.
Apart from Hong Kong and Singapore, the report also surveyed people from 19 other countries across the globe, from Angola and Australia to the UK and Vietnam.
One of its overall conclusions was: “In the climate of high demand for talent, organisations are focusing on investing in their people through a holistic approach to strengthen the employee experience.
“Workforce benefits programmes are a key means by which employers can differentiate themselves to compete for and retain talent.”
On Asia specifically, the report said: “Looking beyond traditional employee benefits such as insurance, employers in Asia are prioritising wellbeing and flexibility as part of their rewards programmes.
“Tailoring benefits offerings to the changing preferences of diverse workforce segments is a particular need and challenge faced by organisations.”