Employee Rewards and Benefits News
Cash bonus swings the work-life balance for employers
More than 25% of all companies in Singapore picked up a S$10,000 bonus by adopting flexible working arrangements in the first half of the year, according to the Ministry of Manpower.
That means S$5,750,000 in grants was paid out to 575 companies – 28% of the countries 2,053 companies that was an increase from 21% the year before.
To qualify for the payment, companies had to show they had put in place equipment or processes improving the work-life balance for staff.
One of the top indicators was changing systems to allow employees to work from home.
The ministry said studies show giving workers more time to manage their lives makes them more committed to their employer and leads to greater productivity, lower costs and helps companies overcome trading problems.
Some ways companies can improve the work-life balance for employees are giving a day off for their child's first day of school, or time out to take an elderly parent to see a doctor.
"Companies will also have the ability to tap on a larger pool of workers, including older workers, as well as women who may require or appreciate more flexible working arrangements. So I think this will give the companies an added competitive advantage," said Manpower Minister Gan Kim Yong.
"This is important for the companies at this moment, even at the recession, to position them to enhance their competitiveness and prepare for the long term."
The ministry has announced adopting flexi-work arrangements will not become compulsory for companies.
However, the government will work with unions to draw up guidelines and to convince companies to have such arrangements.
"The company must be transparent about some of these guidelines and policies. They must communicate with all associates on what's available. They must make it fair. And they must fix the key performance indicators so that during the work appraisal, you have been targeted to perform at this level and you deliver," said Claire Chiang, chairperson of Employer Alliance.
The Employer Alliance commented no single work-life balance policy formula fits all companies, and companies should decide with staff which measures meet both their needs and expectations.
