We often talk about employee engagement and work-life balance. That is because these two things, which ultimately go hand in hand, are key factors in the overall success of a business; i.e. without a good work-life balance, employees lack motivation and engagement, thus leading to an inferior quality of work.
According to the Hong Kong Institute of Human Resource Management (HKIHRM), based on its 2015 Benefits Survey that was conducted between May and August 2015, Hong Kong employers have, over the past year, made the decision to increase non-statutory benefits in order to improve both employee engagement and work-life balance. This includes a greater emphasis on employee wellness by offering enhanced medical benefits.
The HKIHRM conducts its Benefits Survey once every three years. This most recent one polled 210 organisations, covering a total of 129,000 full-time salaried employees. The survey showed the following key findings:
Various kinds of leave:
- All non-statutory leave, such as marriage leave, compassionate leave, family leave and birthday leave, ranged from 1 to 4 days;
- 17.6% of employers offered some kind of birthday leave;
- 18.7% of employers offered more than the statutory 3 days’ paternity leave.
- 42.9% of employers offered study leave of up to 5 days, whilst 96.6% of these employers offered this leave fully paid.
Medical benefits:
- Employers offered major medical benefits including outpatient (96.2%), hospitalisation (95.7%), dental (59.5%) and medical check-up (47.4%);
- Whilst medical check-ups are generally offered to top management employees, 19.2% of employers also extended this to the families of employees.
Retirement protection:
- 64.2% of employees offered retirement arrangements beyond the average age of 62, including extended retirement age, extended contracts and short-term contracts;
- All employers provided MPF, whilst 11% gave new employees the option to join either the MPF scheme or Occupational Retirement Schemes;
- 28.8% of employees contributed more than the mandatory 5% MPF contribution.
Long service recognition:
- 66.2% of employers provided non-cash rewards to recognise long-serving employees.
Retention initiatives:
- 77.1% of employers offered education subsidies, with up to HK$17,110 maximum subsidy entitlement;
- Employees at various levels were offered a retention bonus ranging from 1.2 to 3.5 months of salary.
Work-life balance initiatives:
- 83.7% of employers provided work-life balance initiatives, with 89.7% of employers adopting a five-day work week policy.
- Flexible working hours were provided by 28.2% of employers, part-time work by 27.2% and working from home by 19% of employers.
Does your company offer more than the statutory benefits? Do you feel you get a good work-life balance? If the answer to both of these questions is no, is it time to feel appreciated? Speak to our consultants now and let us help you reach your true potential.