Employee wellbeing is the best approach to attract and retain talent in Hong Kong

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Almost four in 10 (37%) HR leaders said employees preferred health benefits over flexible time off and working arrangements.

As employees increasingly prioritise their wellbeing, both SMEs and large corporations have ranked it as their top priority. Almost four in 10 (37%) HR leaders said that, compared to flexible work arrangements (18%), employees preferred health benefits more.

These results came from the latest research by Cigna Healthcare, International Health, which has surveyed 1,000 managers and directors in HR and benefits functions globally, including 200 in Hong Kong.

The report showed that 15% of Hong Kong SME respondents and 14% of those from large corporations ranked employee wellbeing first respectively, with 92% of respondents saying that their organisation has provided health benefits, just behind flexible time off and working arrangements.

Overall, 30% of respondents said that health benefits are the most impactful in attracting new talent in Hong Kong, more so than time off and work arrangement (22%), and career progression (20%). More than one-third (35%) of SME respondents ranked it as most impactful compared to 24% of large corporation respondents.

In addition to attracting talent (74%), seven in 10 (71%) of the HR leaders surveyed in Hong Kong believed health insurance reinforces a company culture that supports health.

More than half of respondents believed health benefits and wellbeing offerings help shorten working hours (59%), reduce absenteeism (59%), and improve employee productivity (53%).