Employee Benefit And Healthcare Administration Outsourcing For Small And Medium Enterprises (SMEs)
SMEs contributed for about half of Singapore’s GDP and employed about two-thirds of Singapore labour force in 2017. Looking ahead, major paradigm shifts are taking place on a global scale and SMEs are not immune to disruption. As global disruption continues to redefine business landscape, SMEs must adapt and innovate. However, this will rely heavily on the ability of every employee to innovate and develop its capabilities to grow. To achieve this, SMEs must do more to attract and retain talents to stay ahead of the curve while staying lean at the same time.
Allocating Employee Benefit Plan
In a tough business environment, SMEs must focus on their employee benefits to attract talents while retaining existing staff for their contributions. The purpose of creating an attractive employee benefits on top of their remuneration package serves not only to engage and motivate, but also create a working culture that defines the value of SMEs. Companies with employee benefit plans will be able to present themselves as a more attractive option to potential hires and differentiate themselves from their competitors.
Staying Lean By Outsourcing
The process of innovation, together with the development core capabilities will stretch SMEs’ resources as hiring usually starts when cash flow or project is certain. This situation leave SMEs in a tight spot where non-core business activities such as medical claims administration tends to overwhelm the administrator with extra work while expanding core business. Fortunately, this issue can be overcome by business outsourcing strategy where a third-party administrator can help to alleviate constrains and reorganise work processes. It will help to increase productivity as non-core business activities are outsourced to save costs and manpower.
Having The Best Of Both Worlds
Embarking on corporate healthcare programme can also be a viable option for SMEs as it offers many benefits and convenience to employees when it comes to medical treatment and outpatient care. This will allow employees to gain access to medical clinics nationwide while allowing SMEs to monitor their healthcare budget closely. The proven cost-saving measures in treatment will help SMEs stretch their healthcare dollars that will improve employees’ well-being and morale. In the meantime, paper work will be reduced significantly which will yield extra time for core business. It is the best-of-both-worlds solution to tackle industrial disruption and talent crunch.
Reference : https://www.singstat.gov.sg/~/media/Files/visualising_data/infographics/economy/singapore-economy22032018.pdf