Competition for talent primary determinant of benefits offerings

EMPLOYERS in the Philippines view the competition for talent as the main factor in determining the benefits offered to employees, advisory group Willis Towers Watson (WTW) said.

In its 2023 Global Benefits Trends survey, WTW said 80% of the 5,233 employers interviewed in the Philippines view competition for talent as the main consideration when budgeting for benefits programs.

“While employers desire to improve benefits, there is increasing pressure to manage costs and optimize the value of benefit programs,” it said.

“Companies that can differentiate themselves and implement holistic benefits programs will stand to gain a strong advantage against their competitors.”

WTW said employers weighed the rising cost of hiring and seeking out suitable talent against their capacity to meet the needs of employees without comprising business goals.

Some 64% of employers cited the persistence of inflation as a variable to look out for in budgeting for benefits programs.

August headline inflation unexpectedly accelerated, the first rise in seven months, to 5.3% from 4.7% a month earlier.

Employers also see health benefits; mental health support; career training and development; and risk and insurance benefits as the most important offerings to include in their packages for employees, WTW said.

“The key now will be to develop a truly equitable approach that not only tailors to the individual needs of the workforce,” Maria Nelissa Abrera-Badal, director of health & benefits at WTW Philippines, said.

“This approach should also ensure that the value of their investments is optimized to become more cost-effective.” — John Victor D. Ordoñez