pru-employee-satisfaction

（29 April 2024, Hong Kong）Remuneration, job stability and employee benefits, along with supportive colleagues, are the crucial drivers of talent retention among small and medium-sized enterprises (SMEs), revealed by Prudential General Insurance Hong Kong Limited today in its annual Employee Satisfaction Survey1(“the Survey”), which aims to help employers better understand employee needs in order to provide appropriate health and wealth solutions to attract and retain talent.

In the Survey, remuneration emerged as the main reason behind 90% of SME employees surveyed staying in a job. Yet job stability (85%), bonding with colleagues/supervisors (81%), and employee benefits (80%) are also highlighted as key factors influencing job retention. The findings reflect that SME employees weigh both monetary and non-monetary incentives.

SME employees receptive to job changes, but not actively pursuing new jobs

SME employees surveyed on average desire a 5.6% salary increase in 2024. However, when they consider their employers' financial situation and other macroeconomic factors, their expectations slip to an average 3.8%, similar to the 3.6% expected by employees in large enterprises. Still, the Survey showed 42% of SME employees not expecting any raise at all this year, well above the 25% of employees in big corporations anticipating a salary freeze.

Over one-third of SME employees (35%) said they are open to new job opportunities, up from 26% in the previous survey in 2022. Nevertheless, more than half (55%) of SME employees expressed a preference to stay with their current company, above the 51% of employees in large enterprises. Furthermore, SME employees (62%) indicated slightly higher satisfaction levels with their current employer compared to those in large corporations (58%). They cited good connection with colleagues, harmonious relationships with superiors, plus equitable compensation, as the key reasons for their contentment.

The Survey found that 59% of SME employees prefer to work with an SME, a notable increase from 41% in 2022. In contrast, only 30% prefer to work in large corporations. SME employees said they believe harmonious relationships with colleagues and a “human touch” in the company culture (54%), along with less competition among colleagues (46%) and greater freedom in their work (45%), are the perks of working in SMEs. This, again, underscores the importance of non-financial benefits for SME employees.

Benefits are key for SME talent retention, SME employees’ MPF knowledge needs improvement

Eighty percent of SME employees consider employee benefits a crucial factor in their decision to stay in a job. However, only around half (49%) said they are satisfied with the employee benefits provided by their current employer, down from 62% in 2022.

Among the protection plans provided by employers, medical insurance coverage (71%) is the most favoured, followed by critical illness insurance coverage (54%) and accident insurance coverage (51%). However, just 59% of the SME employees surveyed said their company provides medical benefits, well below the 80% in large enterprises. In addition, significantly fewer SME employees were offered the option of a top-up plan to enhance their medical coverage. Only 16% of SME employees can purchase additional voluntary medical coverage at a discounted price, a significant drop from 42% in 2022.

When it comes to financial management workshops organised by employers, the most appealing topics for SME employees are MPF performance and management (43%), general wealth management or financial knowledge (42%), and retirement planning (31%). Surprisingly, while 45% expressed interest in having multiple MPF providers, only 39% said they are aware that an employer could offer more than one.

Prudential’s enterprise solutions help SMEs enhance employee benefits

Kelly Mok, General Manager of Prudential General Insurance Hong Kong, said: "Prudential recognises the importance of SMEs to retain skilled talent, particularly given the skills shortage. The Prudential Employee Satisfaction Survey shows that non-monetary factors, especially employee benefits, play an important role in achieving this goal. In fact, we offer a range of solutions to help SMEs meet employee expectations. Our internal data shows that SMEs using Prudential enterprise solutions have achieved an employee retention rate of 63%, surpassing the average rate of 55% for other SMEs. In response to employee feedback, Prudential is launching a series of promotional offers and value-added services focusing on employee welfare, such as savings plans, MPF and medical coverage, while also developing comprehensive employee benefits solutions for employers. This is a testament to our mission of 'For Every Life, For Every Future'."

Through its progressive enterprise solutions, Prudential supports SME employers in safeguarding the physical and mental well-being of their employees. Some of the latest services and promotional offers include:

  •  [Savings Plan Promotion] 2% annual premium refund for EGC Plan*
    From today to 30 June 2024, Prudential’s active group life, group medical and MPF customers can enjoy an additional 2% first-year annualised premium refund when successfully enrolling in the Evergreen Wealth Multi-Currency (EGC) Plan.
  • [MPF] HK$10,000 worth of Reward Unit rebate for Accounts Consolidation
    From today to 31 March 2025, individuals who successfully consolidate their MPF accounts into one account under relevant MPF scheme through Prudential’s financial consultants can receive a maximum of HK$10,000 worth of Reward Unit rebate into the MPF account.
  • [Medical Coverage] 50% premium discount for PRUChoice Group Medical Insurance BestCare Scheme
    From today to 17 May 2024, selected new customers who successfully enrol in the PRUChoice Group Medical Insurance BestCare Scheme through Prudential’s financial consultants can enjoy a 50% first year premium discount. The maximum premium amount is HK$10,000, with no minimum amount set.
  • [Value-added Services]
    In view of the increasing emphasis on physical and mental health among employees, Prudential has specially rolled out an array of value-added services to help them relieve stress and create a healthy lifestyle experience. These include:
    • Various services such as emotional health assessment, online personal counselling, and life guidance (to be launched in the third quarter of 2024)
    • Health support services, including health talks, onsite Chinese medicine practitioner consultations
    • Office health and wellness services such as yoga instruction and massage services
    • Christmas market
    • Other merchant discount offers on e-platform PRUWorks, and a 10% premium discount for Prudential’s general insurance plans applied via the PRUeShop

For more details of the employee protection solutions and promotional offers, please refer to terms and conditions on the official Prudential website.

 

1 Prudential conducted an online survey from 9 to 25 January 2024, interviewing a total of 300 SME employees, 300 employees from large corporations, and 30 employees from SMEs covered by Prudential's enterprise solutions in Hong Kong

* the Evergreen Wealth Multi-Currency (EGC) Plan is offered by Prudential Hong Kong Limited

 

- The End -

 

About Prudential Hong Kong Limited

Prudential has been serving the people of Hong Kong since 1964. Through Prudential Hong Kong Limited and Prudential General Insurance Hong Kong Limited, we provide a range of financial planning services and products including individual life insurance, investment-linked insurance, retirement solutions, health and medical protection, general insurance and employee benefits. In 2023, Prudential has established a branch of its Hong Kong business in Macau, offering life and health insurance solutions.

Please visit www.prudential.com.hk for more information.