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A recent survey has revealed striking regional differences in preferences across the UK, Singapore, Hong Kong, the United Arab Emirates (UAE), and South Africa.
We all know that a traditional 'one-size-fits-all' approach can no longer fit the diverse needs of the global workforce, but what are the priorities of employees when it comes to non-salary benefits?
A recent poll commissioned by Employee Benefits Isle of Man and carried out by YouGov surveyed over 2,000 full-time and expat workers across the UK, Singapore, Hong Kong, the United Arab Emirates (UAE), and South Africa, revealing striking regional differences in preferences across the globe.
Let's see how employees across different markets think about the following benefits.
Contributory pensions and savings
In the UK, 66% of full-time employees regard these as important, a sentiment echoed by 57% of Hong Kong expat full-time workers.
This contrasts sharply with the UAE, where only 36% of expat full-time workers view contributory pensions as important.
Employee share schemes
Often seen as a long-term investment in a company, this option emerged as the least important benefit across all markets. Just 15% of UK full-time workers viewed this as important, whilst 42% of South African expat full-time workers were the largest group of those surveyed to value this as an employee benefit.
Private medical cover
While 64% of South African expat full-time workers and 61% of Singapore expat full-time workers consider private medical cover crucial, only 37% of full-time workers polled in the UK said this was a priority. This disparity likely reflects the differing access levels to state-funded medical services in these countries.
Critical illness cover
This benefit was seen as more important than death-in-service benefits across all markets. This cover was most valued in South Africa at 54%, with Hong Kong and Singapore showing nearly equal emphasis at 51% and 50%, respectively.
Flexible working
Singapore leads the way with 65% of expat full-time workers saying they considered the ability to work flexibly and remotely as important, closely followed by the UK full-time workers surveyed at 59%. This reflects a growing global trend towards prioritising work-life balance and the ability to work from anywhere, reshaping traditional office dynamics.
In contrast, just 36% of expat full-time workers in the UAE said flexible and remote working was important to them, potentially indicating a slower adaptation to the new norms of work that have been accelerated by the global pandemic. This divergence highlights the need for multinational companies to adapt their working environments and policies to suit varied cultural and regional expectations.
"What stands out clearly is that a 'one-size-fits-all' approach is increasingly obsolete in today’s diverse global workforce. Workers worldwide are placing greater importance on flexible non-salary benefits, signalling a shift towards more personalised and immediate value-adding benefits," said Michael Crowe, Chief Executive, Finance Isle of Man.
Total sample size of the 2023 Non-Salary Benefits Global Survey was 2,149 adults (101 full-time working, expat Singapore adults; 256 full-time working, expat Hong Kong adults; 269 full-time working, expat South Africa adults; 1016 UK full-time working adults; 507 full-time working, expat UAE adults. Fieldwork was undertaken between 1st - 12th September 2023. The survey was carried out online.
Lead image / 123RF
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