SINGAPORE: Today, the conventional ‘one-size-fits-all’ strategy to employment no longer works; while veteran professionals prioritize stability and systematic workplace settings, younger employees increasingly seek flexibility, opportunities for advancement, and meaningful work.
Therefore, business leaders must reassess their hiring and retention policies to address these needs, but despite generational differences, one common thing that workers give value to is workplace benefits.
Benefits – key factor in engagement and retention
Based on Howden’s “B to Z Guide to Singapore’s Most Wanted Employee Benefits”, published by People Matters Global, 85% of Singaporean personnel view high-quality, pertinent benefits as a crucial feature in deciding to stay. Since different generations value dissimilar incentives, a tailored approach is vital.
Flexible work measures are at the top of the list of benefits for all generations. According to Howden’s guide, 93% of Singaporean employees prefer hybrid or remote work; two in every five employees would turn down a job offer without flexible opportunities, and 38% would even go for a lesser pay to be able to have remote work privileges.
The predilection for flexibility is predominantly strong among younger workers; 60% of those aged 18 to 24 would leave their jobs if they were obliged to work full-time or on-site. Even among older employees (55+), 35% echo the same preference.
Health follows as the most desired workplace privilege. To meet this requirement, companies have provided a selection of healthcare options, like preemptive upkeep and therapeutic assistance.
Mental health emerges as a serious workplace concern. At present, 17% of Singaporeans aged 18 to 70 have poor mental health, while exhaustion and stress are prevalent; 61% of workers reported having been suffering from burnout in 2024.
Burnout excessively impacts younger workers, with 68% of Gen Z and 65% of Millennials experiencing high levels of stress, compared to 56% of Generation X and 36% of Baby Boomers.
Still, company provisions remain deficient. Only 45% of businesses offer private therapy, and 58% of workers believe their bosses are not efficiently meeting their money-related anxieties.
To offset these issues, business organizations must foster a caring and empathetic culture, carry out employee assistance programmes, and provide financial well-being agendas to help ease financial worries.
Work-life balance and meaningful work
Work-life balance is still viewed with urgency and importance for all generations, with 74% of Gen Z, 78% of Millennials, 66% of Generation X, and 50% of Baby Boomers willing to shift jobs to advance it.
While young employees crave meaningful work and work-life balance, older workers give priority to job security, skill improvement, and safeguards against age-related prejudice.
Particularly, 86% of Gen Z and 89% of Millennials believe that having a purpose in their work is central to job fulfilment and overall happiness.
Businesses can bridge these gaps by nurturing lifetime education, employing sustainability programs, and guaranteeing workplace convenience for adult employees and persons with infirmities.
For Singaporean businesses to have an engaged and robust labour force, employers must therefore espouse a vigorous, employee-centric benefits approach.