Technology and employee benefits both have the potential to help companies push their boundaries to the limit. Now, imagine if we could combine them together – there would be infinite possibilities for businesses!
There are countless benefits to be reaped from the provision of employee benefits. Everyone wants to be appreciated, and there’s no better way to do that than by offering some perks.
When employees are satisfied with their jobs, they perform better and are more likely to stay with the company. Improvements in productivity, higher employee engagement and an increased ability to attract and retain talents are just some of the advantages of having an employee benefits plan.
Not an ideal reality
So, why do some employers still shy away from employee benefits? We’ve spoken with thousands of HRs and employers, and they always tell us the same thing – their number one concern is the cost.
Corporate insurance is expensive. This is especially true for SMEs in Singapore as they do not have the luxury of size to negotiate for corporate rates.
After all, insurance companies are businesses and need to make profits to stay afloat. They are reluctant to sell insurance to small companies with a low headcount as the risk is just too high.
What insurance companies do instead is to bundle an outpatient insurance plan together with the costly inpatient insurance.
However, in Singapore most people are covered for inpatient healthcare costs by the government. It would be a waste for employers to purchase an additional inpatient insurance for their employees as they cannot claim their insurance twice (yes, double-claiming your insurance is a criminal offence).
If companies purchase health insurance for their employees, they would be paying for much more than their employees need. Moreover, many SMEs cannot even afford the hefty insurance premiums.
There is still a way out
Fortunately, this does not spell the end of the road for SMEs. Many decide to take on the role of a mini-insurer and reimburse their employees’ medical expenses instead.
Setting aside a fixed amount every year for each employee seems to be the more pragmatic approach for organisations who are unable to afford corporate insurance.
Of course, choosing the self-insurance scheme comes with its own set of problems as well. Drawing up guidelines, educating your employees, handling all the paperwork for claims and more.
These simple but tedious tasks ultimately take up time, effort and resources which could be put to better use growing the business instead.
What if there was an even better solution?
By leveraging on technology and with a little help from Enterprise Singapore, affordable benefits are no longer a far-fetched dream for SMEs.
Technology is prevalent in the workplace and our personal lives, helping to cut costs and streamline our work processes. Of course, this applies to medical benefits as well.
The traditional insurance model has many layers of administrative paperwork, and naturally this translates into higher costs.
With technology, the whole system can be redesigned to be more automated and all the unnecessary steps can be cut away. This means that not only will there be more cost savings, but also reduced workload for companies.
Introducing: Enterprise Singapore’s HCD HR Tech Grant
“But, technology is expensive!” – you may be thinking that it doesn’t make sense to adopt technology if it will cost more than your traditional insurance plan.
Indeed, it is illogical for the business to take on the costlier option. That is exactly why technology is the way to go! In fact, the digital choice may be more affordable compared to traditional methods.
Contrary to popular belief, not all technology will break your company’s budget.
To encourage businesses to be more productive and innovative, Enterprise Singapore offers SMEs a grant when they adopt the usage of technology.
SMEs can choose from a list of appointed service providers in the following areas.
- Employee Engagement
- Compensation and Benefits
- Learning and Development
- Recruitment and Selection
Under this grant, businesses can enjoy up to 50% off the costs of the project.
How can I apply for the grant?
Just like how the grant promises to reduce the workload for HRs, the application process is simple as well.
Under the “Compensation and Benefits” category, Mednefits is an appointed service provider to aid SMEs in their quest for better benefits. For SMEs looking for affordable employee health benefits, select Mednefits as your service provider.
Complete the HR Tech Project Template Form.
Go to the “Human Capital Development” section in your company’s Business Grant Portal (BGP) account.
Submit your project proposal and application form onto the portal.
For more details, refer to Enterprise Singapore’s website here.
SMEs can take advantage of this generous grant to provide affordable benefits and streamline their HR workflows and processes.
The benefits solution for SMEs – Mednefits
Among the grant’s service providers, we have a perfect match for SMEs looking for a benefits solution – Mednefits
Mednefits is a new kind of health benefits company using technology, data, design to make benefits simple, affordable and human. Mednefits believes in designing better healthcare experience for SMEs and our members – the kind we want for ourselves, and our loved ones. Learn more about Mednefits here.