Vietnam employers look to enhance benefits to attract and retain talent
Highlights from the 2023 Benefits Trends Survey - Vietnam
October 4, 2023
Employers face a range of challenges including rapidly rising benefits costs and the ability to engage, attract and retain key talent. Explore ways to help with these key issues.
Health and Benefits
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Vietnam employers look to enhance benefits to attract and retain talent
Highlights from the 2023 Benefits Trends Survey - Vietnam
Competition for talent and rising costs are key issues influencing benefits strategy
Competition for talent: 60%
Rising costs: 51%
Economic weakness: 42%
Organisation restructuring: 30%
Note: A maximum of three options could be selected
Concerns around rising healthcare costs keep growing, making it the most important issue influencing benefit strategies
Key focus areas for the benefits strategy
Plan cost: 68%
Harmonisation: 38%
Meets needs for all employees: 35%
Benchmarking and market trends: 33%
Note: Percentages indicate “ranked top 3”.
Health benefits are the primary focus of the benefits portfolio
What are employer priorities to support their workforce?
Health benefits: 71%
Career, training and development: 50%
Flexible work arrangements: 35%
Risk and Insurance benefits: 31%
Mental health support: 21%
Financial wellbeing/Short-term finances: 18%
Note: Percentages indicate “ranked top 3”
Employers look to improve their market position across wellbeing
Percentage of employers looking to improve their benefits positions
Financial wellbeing/Short-term finances: 30%
Mental health support: 25%
Health benefits: 24%
Career, training and development: 23%
Nearly 7 in 10 employers are reviewing vendor contracts
Percentage of employers who have taken action in benefits financing
Improve terms in vendor contracts: 57%
Increase employee share of cost: 43%
Bundle different services into one package from a single vendor: 31%
Next steps for employers
Optimize. Strike the right balance between managing costs and enhancing your portfolio, especially in wellbeing areas. Employ various listening activities, including pulse surveys, town halls and focus groups to understand employee needs.
Differentiate. Improve the wellbeing position especially the mental health support.
Deliver. Explore methods to enhance the employee experience when delivering benefits, including through technologies like digital platforms
Evaluate and Refine. Measure and analyze program performance to refine existing programs as necessary and ensuring they provide optimal value.
