STORM Flexible Benefits Trend Report 2017

March 01, 2018 | Studies


As the business landscape and nature of work changes, human capital takes center stage as the key asset of companies. Professionals now have a wider range of career options to choose from, making the task of attracting and retaining employees even more challenging for employers. To take care of their talent and set themselves apart from growing competition, employers must be creative with their compensation and benefit packages.

With benefits gaining increasing recognition as a tool for attraction and retention, more companies are replacing their one-size-fits-all benefits package with flexible benefits programs to address the needs of their multigenerational workforce. Product satisfaction surveys implemented by STORM Technologies, the largest provider of flexible benefits in the Philippines, revealed that 53% of respondents attribute their company's flexible benefits design as one of the reasons they decided to work there, while 48% report it as one of the reasons they stay.

The STORM Flexible Benefits Trend Report 2017 highlights key insights obtained from companies implementing the STORM Flex platform in order to help employers craft an effective flexible benefits design. It consolidates data gathered from 18,703 employees across 15 top companies in the Philippines, and identifies trends in four spheres:
1. The standard benefits provided by employers,
2. Flexible benefits offered by employers,
3. Flexible benefits converted by employees, and
4. Benefits or items availed in the marketplace.

The study showed that leaves and health-related benefits are the most common benefit categories that companies allow their employees to flex, or to convert into points that they can use in STORM's marketplace. Employee bonuses are not often offered as flexible benefits, but when given the option, 52% of employees choose to convert these into points. The top three most converted benefits are 14th month pay, medical allowance, and vacation leaves. Of the employee population entitled to flexible benefits, 56% converted at least one benefit into points, indicating that there are benefits that are underutilized.

The three most availed benefits in the marketplace are Electronics, Home and Living, and Digital—categories not typically addressed by standard benefits packages. The report further delves into availment trends according to respondents' age groups, civil status, and gender to provide employers a better understanding of employees' benefits preferences.

The most converted benefit of single male millennials and married male Gen-Xers are their medical allowances, which they used to avail of data storage, earphones, and mobile phones and tablets. Single female millennials converted their HMO the most, and availed of transportation credits and electronic load. Meanwhile, married female Gen-Xers converted their vacation leaves the most, and availed of kitchenware and kitchen appliances with their converted points.

Clear differences in benefits behaviors underscore the diversity in the workplace and present opportunities for employers to improve their benefits strategy, thus enhancing employee satisfaction.

To learn more about the current benefits landscape of the Philippines, download the STORM Flexible Benefits Trend Report 2017 by clicking the image below.




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