Between the surge in COVID-19 cases, a chicken shortage, and rising food prices, Malaysia’s economy is also weathering The Great Resignation.
Talent attraction and retention are top of mind for employers across Asia, with seven in 10 bosses saying they face a labour shortage crisis, stated Business Today. Clearly, employers are facing difficulties in retaining their staff.
In the Hiredly 2022 Work Culture Report published today, it found that more workers are inclined toward a job that provides them flexibility. More than that, attractive employee benefits also play a role in retention.
Here are the most valued company benefits Hiredly discovered.
1. Good culture
Fun fact: When Hiredly’s survey respondents were asked to choose between a positive work culture or a high salary, 80% chose good culture over a high salary.
While having a high salary is good, in today’s working environment, a positive work culture plays a more vital role in employee happiness and retention.
Appreciation and recognition from peers and colleagues are also up there for employee retention. Employers can foster this by building a supportive and encouraging workplace culture to support their employees, on top of career growth.
2. Good pay, good career growth
Of course, companies can’t run away from offering a good salary and increment plan. It’s a top reason for encouraging employees to stay, whether or not resigning is on their minds.
Career growth and promotion opportunities also influence whether employees stay or leave. Hiredly suggested that bosses could focus on helping existing talent reach their full potential.
Companies can consider setting up ways for employees to provide feedback on their career paths and identify opportunities where the company’s needs and employees’ career goals can align.
After all, rehiring, orienting, and training a new employee will take longer and is costlier than focusing on an existing employee.
3. Work flexibility
Increased work flexibility is another common factor that Hiredly found employees look at. When employees have the option to work flexibly, they believe they are less micromanaged and that the company trusts them more.
As a result of the pandemic, the work environment has changed, and many businesses were told to make working from home the norm. But from Hiredly’s perspective, most of the people who answered want the best of both worlds: working from home and in an office.
In fact, a recent Harvard Business School study found that the best way for workers to stay productive is to spend only one or two days a week in the office.
For more insight on hybrid work, read our more in-depth article here.
4. Medical coverage
Hiredly found that medical coverage is also highly valued on the list of benefits that workers look for.
The ever-increasing medical costs and pandemic brought to light how important maintaining good health is in preventing chronic diseases like obesity and heart problems. Employers looking to keep their employees could pay attention to providing good medical benefits to employees.
For most companies in Malaysia, medical coverage for employees can include a combination of medical insurance for outpatient and inpatient visits, optical and dental coverage, and personal accident insurance coverage.
5. High number of annual leaves
It makes sense that employees probably believe more annual leave equates to more paid time off, and more time off leads to higher job satisfaction.
The Work Culture Report by Hiredly doesn’t go into detail about what a “high number of annual leaves” refers to in a tangible way.
From what we can see, standard employment contracts in Malaysia provide for annual leave entitlements ranging from 14 days a year, all the way up to 20 or even 30 days of annual leave.
Of course, the number of annual leaves employees are generally entitled to is usually a direct result of their service period. The longer they stay, the more annual leaves they’ll get.
Perhaps companies can retain employees by providing a predetermined number of leaves employees will be entitled to as a reward for their years of service.
6. Casual work attire
Given that majority of the workforce has grown accustomed to working from home, is it any surprise that employees see a casual working attire as a top workplace benefit?
Some experts argue that a casual dress code can increase employee productivity. Rather than being distracted by uncomfortable clothing or worrying about their appearance, employees can concentrate their energy on achieving results and taking their performance to the next level.
But without looking too deep, perhaps employees simply want to feel “at home” while doing their jobs and feeling comfortable enough to focus on their work.
7. Good travel claims
I’ll admit, back when I was looking for a job, it was a high priority that my company provided parking for my car and covered my toll bills when driving out for out-of-office assignments.
Travel allowances were marked by Hiredly’s respondents as a valuable company benefit as well, as such costs can add up, especially when stuck in our country’s traffic.
A positive work environment remains a high priority, as evidenced by the fact that the trend has remained consistent over the last four years Hiredly has conducted this survey.
As a result, it is critical that employers continue to foster a positive and comfortable working environment to retain their employees.