Are customized benefits essential for employers?

In a recent article, our partner UAE Medical Insurance discussed whether customized benefits are really essential for employers. Below you will find a short summary of the article which we found to be quite interesting and a valuable read for any business in Dubai looking to ensure that they are offering the best quality insurance to their employees.

Did you know? The proportion of UAE employees willing to pay for customized employee benefits has risen dramatically. In 2017, 62 percent of employees said they would agree to pay for benefits customization compared to 43 percent in 2014, according to a 2017 Employee Benefit Trends Study (EBTS) by MetLife. This illuminates a potential opportunity for employers to foster staff engagement, attract and retain talent, as well as drive up productivity through a voluntary benefits program.

A voluntary benefits plan provides optional or additional benefits offered by an employer, but are partially or fully paid for by an employee. Here, we look at what the EBTS has to say about changing workforce trends, and why it is important for employers to bridge the gap between employee expectations and organizational needs.

Changing workforce trends

According to the EBTS, 56 percent of employers cite “keeping up with industry trends” as a key employee benefits challenge. So, what are those trends?

Mandatory health insurance has changed perceptions

By the extended March 2017 deadline, over 99 percent of employers have complied with Dubai’s mandatory workplace health cover requirements. The introduction of mandatory health insurance has highlighted the value of employee benefits, opening opportunities for employers to further differentiate their offerings to new and current staff. And that’s not just in health insurance benefits but also across a wider range of benefits like physical and mental wellness, culture, flexible working arrangements, etc.

Read the rest of the article here. To talk to someone about getting the best employee benefits for your company, contact the team at Pacific Prime Dubai today.

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Jessica

Content Strategist at Pacific Prime Dubai

Jessica Lindeman is a Content Strategist at Pacific Prime. She comes to work every day living and breathing the motto of "simplifying insurance", and injects her unbridled enthusiasm for health and insurance related topics into every article and piece of content she creates for Pacific Prime.

When she's not typing away on her keyboard, she's reading poetry, fueling her insatiable wanderlust, getting her coffee fix, and perpetually browsing animal Instagram accounts.

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