2 in 3 employees unhappy with work benefits
Employers aren't aware of poor employee understanding of benefits programme.
About two-thirds or 64% of Hong Kong employees think their benefits package do not meet their needs, global advisory firm Willis Towers Watson (WLTW) said.
According to a survey, conversely, 65% of employers think employees highly value their benefits package.
"The main reason for this gap is employers' lack of awareness of its existence," WLTW said.
Only 11% of Hong Kong employers cited poor employee understanding of the benefits programme.
In contrast, 78% of employers think that employees have a very good understanding of their benefits package, whilst only 53% of employees actually agree with this statement.
“If 64% of employees in Hong Kong are unhappy about their benefits while their employers are not even aware, then this is very worrying, particularly as benefits cost continues to soar,” said Royston Tan, head of health & benefits, Hong Kong at Willis Towers Watson.
The top challenge cited by Hong Kong employers when delivering benefits programmes over the next three years is the rising benefit costs.
About 83% of Hong Kong employers expressed concern about these rising costs, well above the regional average of 67%.
Tan said this is because of Hong Kong's rising medical inflation rates caused by a rapidly ageing workforce, high incidence of chronic disease, and an "over-burdened" public health system.
About 53% of employers also cited insufficient financial support to make needed changes, whilst 34% said there is a lack of data to measure plan outcomes.
Hong Kong Business 30th October 2017