Insights

Protect Your Talent: 6 in 10 Employees Would Leave for Better Benefits

March 3, 2025

In today’s competitive job market, a robust benefits package isn’t just an extra perk—it’s a critical factor in retaining top talent. Recent research indicates that six in ten employees would leave their current role for a better benefits package. For HR professionals, especially in Hong Kong’s dynamic market, this statistic is a call to action: if your benefits aren’t competitive, you risk losing valuable team members.

 

The Rising Importance of Employee Benefits

Employee benefits have become a cornerstone of job satisfaction. Over recent years, appreciation for comprehensive benefits has surged. According to the WTW Global Benefits Attitude Survey:

  • Attraction: In 2017, only 40% of employees were drawn to an employer by its benefits. Today, that number has risen dramatically—over two-thirds (65%), now join a company because of its attractive benefits.
  • Retention: Back in 2017, 44% of employees stayed with their current employer primarily for the benefits. Fast forward to 2024, this perspective is shared by a majority (65%) of employees, showing how crucial benefits have become for employee retention.
  • Overall Appreciation: Employee value placed on comprehensive benefits packages has seen a substantial boost—from 45% in 2017 to an impressive 65% in 2024.

These figures clearly show that a competitive benefits package is essential for both attracting and retaining talent.

What Employees Really Value

Recent insights from ASE Online and Patriot Software provide further evidence:

  • Health Care Benefits: A majority of employees (65%) report that top-notch health care is the second most important factor after salary when weighing job offers. Impressively, 78% say they’d seriously consider moving on if their benefits package doesn’t measure up.
  • Customisation Appeal: Nearly 60% of employees demand a flexible range of benefit options—like HMOs, PPOs, and especially FSAs—that empower them to tailor their coverage to their unique needs. In fact, 72% say that the ability to customise their benefits is a critical factor in their loyalty. With solutions like MixCare, employers can offer these adaptable, personalised benefits that truly resonate with today’s workforce.
  • Job Satisfaction: Over 90% of employees, regardless of company size, link their overall job satisfaction to the quality of their benefits. Inadequate coverage can even hinder their productivity—68% at smaller companies and 72% at larger ones noted this impact.

Attracting Young Talent with Attractive Benefits

The importance of benefits isn’t uniform across all age groups. For younger professionals, particularly those aged 18-34, benefits are even more crucial. According to HR Review:

  • Youth Appeal: 72% of employees in the 18-34 age group consider workplace benefits a major factor when evaluating new roles.
  • Economic Considerations: With rising living costs, many companies are unable to offer significant salary increases. In these circumstances, a robust benefits package becomes a strategic alternative to support employees and secure their loyalty.

For HR professionals, tailoring benefits to meet the expectations of younger talent is key. Consider flexible work arrangements, health and wellness programmes, and other perks that resonate with the lifestyle and values of this demographic.

Why a Competitive Benefits Package Matters for HR

A competitive benefits package not only enhances employee satisfaction but also serves as a powerful retention tool. When employees feel valued and supported, they are less likely to look elsewhere. In today’s climate—marked by economic uncertainties and evolving job market dynamics—ensuring your benefits package is both attractive and customisable is essential.

By benchmarking against industry standards and leveraging feedback from employees, you can identify gaps and opportunities for improvement. The data is clear: comprehensive, flexible benefits can be the difference between retaining your best talent and watching them jump ship.

Take Action with mixcare

In a market where 6 in 10 employees would leave for better benefits, staying ahead of the curve is vital. Book a demo with mixcare today and discover how our customisable employee benefits solutions can streamline your HR setup while keeping your team happy, engaged, and loyal. Let us handle the complexities of benefits management so you can focus on driving strategic growth.