Benefits That Attract and Retain Talent in a Competitive Market

Hiring and keeping great people has never been harder — especially for SMEs in Singapore. While MNCs offer cushy pay, big bonuses, and fancy perks, SMEs can’t always compete on salary alone.

But here’s the good news: employee benefits are a powerful — and often overlooked — lever that SMEs can use to attract and retain talent.

Let’s explore how.

🎯 1. Position Benefits as Part of Total Compensation

When you offer a job, don’t just present the monthly salary. Show the full value of what you provide, including:

• Group health and life insurance

• Wellness programs or mental health support

• Paid leave policies

• Staff discounts, learning stipends, or flexible work arrangements

✅ Tip:

Create a Total Rewards Statement for candidates and new hires. This clearly shows how your package compares beyond just the monthly paycheck.

🔄 2. Personalise Your Benefits (Within Reason)

Employees today value flexibility and relevance. They’re asking:

• “Does this help me outside of work?”

• “Can I use this for what I need — not what someone else needs?”

You don’t need to offer a fully customisable package, but a little goes a long way.

✅ Try this:

• Let staff choose between dental, wellness, or mental health allowances

• Offer riders for Traditional Chinese Medicine (TCM) or physiotherapy

• Consider giving a fixed benefit wallet (e.g. $300/year) and let staff choose

📣 3. Use Benefits to Reinforce Your Company Values

If your company values family, provide parental support and child insurance.If you value wellness, invest in stress management sessions.If you value learning, subsidise skills courses or certifications.

The benefits you offer are part of your employer brand story.

📈 4. Retention > Replacement

Hiring is expensive. Every resignation sets back morale, productivity, and revenue.

SMEs that offer meaningful benefits can improve:

• Staff loyalty

• Absenteeism and mental health

• Company reputation

“A small monthly investment in benefits can save you thousands in recruitment and training costs.”

💬 Final Thoughts

You don’t need deep pockets to win the talent war — you just need clarity, care, and creativity.

📩 Want help crafting a competitive staff benefits plan, or to outsource the administration?

Contact us at info@wealthdex.sg for a free consultation.