Vietnam employers look to enhance benefits to attract and retain talent

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%

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%

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%

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.