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Employee Benefits Guide: What do employees want in 2024

Good employee benefits can create a win-win situation for both the employee and the company, increasing employee retention and attracting talented employees. However, what do employees nowadays desire the most? Let’s find out!
Author Bowtie Team
Date 2024-06-04
Updated on 2024-06-21
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1. Flexible working hours2. Paid time off3. Year-end bonus4. Other allowances5. Medical benefitsExtending benefits to dependentsPromoting ESG and sustainable development

1. Flexible working hours

With the rising trend of WFH (work from home) ever since the pandemic, many employees are now accustomed to the hybrid working model, and their workplace is no longer limited to the office. Today, many companies have maintained a certain degree of flexibility for employees to work from home and arrange their own working hours. 

2. Paid time off

One of the most widely offered and highly valued employee benefits is paid time off, which allows workers to take leave from work while still receiving compensation. According to the Employment Ordinance, as long as an employee has been employed under a continuous contract for 12 months, they are entitled to at least 7 days of paid annual leave.

3. Year-end bonus

Bonuses are typically distributed based on the company’s performance and employee’s performance, with the aim of encouraging employees and boosting morale. In industries known for high bonuses, such as finance and real estate, it is not uncommon for employees to receive bonuses equivalent to 2 to 3 months’ salary at the end of the year. This highly motivates employees to work hard throughout the year. 

4. Other allowances

With high costs of living in Hong Kong, some companies provide transportation and housing allowances to subsidise employees’ daily expenses, especially companies further away from the city. Another common type of allowance is employee training allowance. Rather than being a benefit, the employee training allowance can be considered a mutually beneficial measure for both the company and employees.

5. Medical benefits

The importance of group medical insurance is often underestimated. Private doctors in Hong Kong are notoriously expensive, and if the company’s medical benefits provide adequate coverage, it can greatly alleviate employees’ financial burden when they fall ill. Some companies even extend the coverage to family members.

Bowtie’s group medical insurance provides coverage for outpatient services, dental care, surgeries, and physical examinations, helping companies cater to employees’ diverse needs. The ProCare Series, in particular, enhances the more commonly used outpatient and dental coverage, allowing employees to freely choose their preferred clinics without any medical network restrictions. For small and medium-sized enterprises, providing employees with relatively comprehensive and up-to-date medical coverage is essential to increasing the company’s competitiveness. Moving forward, basic medical coverage for employees is considered a basic and indispensable element.

Bowtie Group Medical Insurance highlights

Extending benefits to dependents

In addition to personal benefits for employees, many companies proactively take the extra step to extend employee benefits to employees’ spouses and children. For example, Tam Jai International has the “Tam Jai International Employee’s Children Education Support Scheme”, which provides tuition subsidies for children of employees who have worked in the group for 3 years or more. Successful applicants can receive subsidies of up to 80% of local university tuition fees. 

Similarly, Hana-Musubi launched the “Full-Time Employee’s Children Medical Insurance Plan”, extending medical coverage to include hospitalisation and outpatient benefits for all children aged 18 or under of full-time employees. At the same time, to encourage employees to undergo annual physical examinations for preventive care, Chinese Estates offers a half-day paid medical check-up leave.

Promoting ESG and sustainable development

The above mentioned employee benefits not only can boost employee morale, but they can also be part of the company’s sustainability initiatives, enhancing the company’s image and attracting potential investors. 

Increasing employees’ job satisfaction and sense of belonging is immensely beneficial for a company’s long-term development. Caring for employee well-being is an essential part of corporate social responsibility. Therefore, improving employee benefits can also help companies enhance their performance in environmental, social, and governance (ESG) aspects, which is conducive to building a positive corporate image.

At the end of 2023, Bowtie, in collaboration with ESG Matters and Dialogue In The Dark (HK) Foundation, conducted a survey in Hong Kong to evaluate the ESG social performance of small and medium-sized enterprises across various industries. Through this collaboration, we hope to encourage more companies to prioritise employee well-being and invest in comprehensive training programs, jointly creating a healthy and sustainable work environment.

Read the full report to learn about local ESG trends here. 

ESG Matters
What is the most common employee benefit?

Medical insurance is one of the most common and important employee benefits. Medical insurance refers to coverage for health, vision, and dental care that companies offers their employees.  

 

Why should companies offer attractive employee benefits?

A well-crafted combination of company perks and benefits can cultivate a positive, supportive, and inclusive organisational culture. These offerings frequently promote team bonding and enhance work-life balance, thereby fostering a happier and more productive work environment.

 

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