Singapore is a dreamland for financial institutions: banks, insurance companies, venture capitals… They are crowding in this country with its fiscal advantages.
To help these companies grow and settledown, a whole ecosystem of service companies has grown around it: headhunting, corporate transformation, IT services…
For theses small and medium companies, their most precious asset are their employees. In a country with an unemployment rate flirting with 2%, hiring and keeping talent can be complicated. How can you make your company attractive ?
In this article,Grégoire Rastoul, founder of UEX, shows us the challenges of health insurance in Singapore. A good health insurance can help to keep and attract talents. This advice is even more true in a country like Singapore where the healthcare system is really expensive.
The example of the IT developers
Nowadays with fintechs and insurtechs, digitalisation is not only an option for financial institutions.
In Singapore, the main issue is that there is not enough graduates in IT. Each year to fill the demand of the market, there are not enough getting out of universities. According to the Ministry of Education, less that 5,000 new developers get out of Singaporean universities every year. IT services companies need to hire developers from other countries, such as the Philippines, India, Vietnam or even from Europe.
In the list of expenses, healthcare comes second right after housing. It’s a real consideration for everyone settling down in Singapore especially if they have to take care of a family.
Offering a minimum or even good medical coverage becomes a competitive advantage. It well help to convince the best employees to join your team.
You should not underestimate your employees health insurance budget when you launch a company in Singapore. Mainly because most of your competitors may offer by default international coverage to their employees, especially for inpatient. Giving your employees the opportunity to be covered in their home country is also pretty common in Singapore.
To conclude, keeping your talents can be complicated in this small city-state. You need to align the benefits you offer to your employees if you want to keep up with competition in the service industry.
To find out more about healthcare topics for your company and your employees in Singapore, you can check out our articles.
To understand how your employees health insurance plans cover their healthcare, costs and how you can cover your business, feel free to contact the UEX team by email or by phone. We will provide you with more information and guidance – and the good news is that they are super nice!
With UEX, you can obtain a quote for your employees health insurance contract or your business insurance customized to your needs and requirements – all in less than a minute!