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Navigating Changing Employee Welfare Schemes
Post-Covid, workers worldwide experienced a shift in priorities, with the younger generation demanding such as well-being and flexibility, choice and autonomy. For better or worse, the pandemic had exposed the shortcomings of employee welfare, or lack thereof.
HUMAN RESOURCE
Navigating Changing Employee Welfare Schemes
Post-Covid, workers worldwide experienced a shift in priorities, with the younger generation demanding such as well-being and flexibility, choice and autonomy. For better or worse, the pandemic had exposed the shortcomings of employee welfare, or lack thereof.
This caused a worldwide shift in employee welfare rules, with many companies scrambling to cater employee offers to current demand, offering four day work weeks as well as such as counselling, wellness workshops in bid to retain talent. As the landscape of employee welfare schemes undergoes significant changes, companies that are unable to keep up with the current employee offerings now face the looming threat of high employee attrition rates.
Companies now have 2 options – improve your offerings or lose your workers. This has forced many SMEs and Mid-tier firms to explore alternative avenues to meet their workforce needs, with many turning to freelance platforms. These platforms offer a cost effective solution to such problems, boasting a diverse talent pool of skilled workers. With many , should MNCs follow suit?
One of the main problems businesses face now is cost. With the need to change and improve employee offerings, higher costs are now incurred while trying to retain valuable talent. With such platforms, it could help reduce overhead costs associated with employee benefits, healthcare coverage, and retirement plans. Freelancers typically work on a project basis, and businesses only pay for the specific services they require. This cost-effective approach can help companies allocate their resources more efficiently, allowing for increased investment in other critical areas of their operations.
Another reason why such platforms could be a good fit to MNCs because of its company size. MNCs are always looking for talents with different expertise around the globe, and such platforms provide a one click solution for such, allowing MNCs to tap into a across various industries, across different countries. As employee welfare schemes change, even MNCs may face difficulties in finding and retaining highly skilled individuals due to competition and evolving expectations. Such platforms offer the talent, without the constraints of traditional employment relationships, reducing a lot of the stress and costs associated with talent retention.
With the rate of technological advancements, skills needed in the workforce are ever changing, making agility and innovation paramount. Such platforms facilitate agility by enabling businesses to assemble teams quickly and efficiently for specific projects. This agility promotes innovation as companies gain access to fresh perspectives, novel ideas, and diverse skill sets brought by freelancers from different backgrounds. By embracing freelance platforms, businesses can foster a dynamic and innovative culture that keeps them at the forefront of their industries.
In an era of changing employee welfare schemes, businesses must proactively explore alternative workforce solutions. Freelance platforms offer numerous advantages, including flexibility, access to specialized skills, cost-effective solutions, agility, and adaptability to changing regulations. By embracing these platforms, businesses can tap into a vast talent pool, optimize their operational costs, and foster a culture of innovation.
Conclusion
As the freelance economy continues to grow, integrating freelance platforms like Hust could help position your business for success in an evolving business landscape. Want to reduce overhead cost but face the issue of talent retention? Speak to Hust, we can help.
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Hust Pte. Ltd. (UEN: 202227007D) © 2023 All Rights Reserved.