The battle to attract and retain talent is tougher than ever. As many as 80% of Malaysian employees are considering switching jobs, according to a survey conducted by Jobstreet. Recognising that the root of the problem runs deeper than pay and work arrangements, HR solutions provider WorkSmartly is tackling this with the introduction of WorkMart, a flexible employee benefits marketplace for companies.
While changing work-life balance or working arrangements may have spurred on the Great Resignation as Malaysia transitions to an endemic phase of COVID-19, a key part of this phenomenon is that workers are re-evaluating the value received from their employers on a personal level. Work environments are expected to not only be healthy, but sustainable and prioritise individual well-being outside of careers—be it financial, physical, mental, or even social. Building loyalty in a growing and increasingly diverse landscape of employees thus necessitates a wider array of benefits to meet different demands.
Victor Phang, CEO and Founder of WorkSmartly, commented on this shift, “As the economy gradually returns to full speed after the pandemic and workplaces continue to diversify, it is more important than ever for employers to realise that a one-size-fits-all approach to employee benefits no longer applies. For instance, working parents might prioritise childcare or health insurance benefits, while younger employees might be more interested in fitness rewards or subsidised upskilling courses.”
As a flexible benefits marketplace, WorkMart gives employees the freedom to pick and choose their preferred benefits from a pool of options set out by the company. Rather than having fixed packages by paygrade, this allows companies to reward employees with what they value most, which in turn gives HR personnel insights on the benefits that are well-received or those that may need an overhaul.
With a curated listing of various offerings from partners spanning the insurance, finance, and lifestyle industries, WorkMart’s catalogue covers a comprehensive range of benefits. This includes more conventional options like healthcare, personal insurance, and childcare benefits, to more lifestyle-oriented ones such as self-improvement rewards, training courses, and vacation subsidies. WorkMart also makes trade-ins possible, where employees can barter annual leaves for other benefits and vice versa.
“WorkMart is a game-changer for the better. We’re not bound by worn traditions or ‘the way it’s always been done, and we strongly encourage businesses to see flexible benefits as an effective way to foster well-being in an ever-diversifying workforce. If your company cares for your talents, they’ll care for you too—this is why initiatives supporting employee satisfaction outside of work are equally important,” said Phang.
Keeping a keen eye on trends in the employee landscape, WorkMart aims to continue expanding its benefits offerings by bringing onboard a variety of partners such as travel agencies, mental health organisations, and more.
