Employee Benefits
Reshaping Malaysia's IT and professional services sectors with flexible employee benefits
January 18, 2024
The government of Malaysia is striving towards an ambitious goal to establish the country as a professional services hub by 2030. As such, the strategic efforts of key stakeholders across professional services sectors must align with prevailing global megatrends within the subsector. These megatrends, centered on both business and employee needs, serve as guiding parameters for shaping the framework that will position Malaysia as the unequivocal hub for professional services. Amid these trends, a critical focus emerges on fostering an employee-centric ecosystem that propels business growth.
It is important to address talent crunch and talent retention challenges first. According to Robert Walters' Salary Survey,60% of Malaysian businesses face challenges retaining top talent, with 48% of professionals expecting pay increases due to the rising cost of living. Concerns over retention contribute to a 95% worry among companies about talent scarcity, primarily driven by high compensation and benefits expectations.
This is where Mednefits stands out as a key solution for Malaysian businesses in the IT and professional services sectors. By facilitating tailored flexible employee benefits, Mednefits not only aids in retaining top talent but also positions businesses as employers of choice.
Let's closer look at the challenges faced by the IT and professional service sectors in Malaysia.
Challenge 1: The need for diverse employee benefits management
Organisational structures, influenced by seniority, work scope, and location, create a hierarchy that results in different benefits for employees under the overall corporate benefits policy. This often leads to dissatisfaction and hampers a sense of equity among the workforce.
Mednefits' Solution
Mednefits introduces a robust customisation feature through Tiers, Schemes, and Caps. This allows employers to tailor benefits according to various parameters, fostering a fair and transparent benefits system that meets the diverse needs of the workforce.
Challenge 2: Tracking varied benefit-related costs
As companies grow, managing the complexity and time-consuming nature of tracking diverse benefit-related expenses, especially outpatient benefit claims, becomes overwhelming. This inefficiency can result in delayed reimbursements and dissatisfaction among employees
Mednefits' Solution
Mednefits streamlines the entire process of handling non-panel benefits claims. From benefits policy management, to non-panel claims submission and employee reimbursement, the platform simplifies and expedites the process, ensuring a seamless experience for both employers and employees. This makes Mednefits ideal for businesses in IT and professional service sectors in Malaysia that are working on limited budgets.
For example, ViewQwest- an ISP provider in Malaysia turned to Mednefits for flexible employee benefits and was able to offer comprehensive benefits to their employees with a 50% reduction in costs.
Challenge 3: Holistic and catered medical care
Balancing the preference for effective treatment at GP clinics over generic medications is a common dilemma. Ensuring a faster recovery process for employees is crucial, but the challenge lies in finding the right balance between personalised care and cost-effectiveness.
Mednefits' Solution
Mednefits provides a unique solution by treating its members as walk-in patients at panel providers. This approach ensures that employees receive direct prescriptions tailored for their effective recovery, bridging the gap between personalised care and cost considerations.
Challenge 4: Robust control over employees' confidential health data
Safeguarding the confidentiality of employees' medical and health data is a critical concern. In some corporate settings, there is a challenge in restricting access, with instances where both direct supervisors and the accounts department may gain access to confidential medical information. This compromises the established practice where only HR personnel are typically allowed access, leading to a need for stricter controls.
Mednefits' Solution
Mednefits addresses this challenge by offering customisable Permission Settings and Multi-Level Claims Approval. This not only enhances control but also fortifies privacy protection, ensuring that employees’ personal data remains confidential and secure.
Challenge 5: Lack of detailed consolidated reports
Generating consolidated reports for IT and professional service sectors that provide a breakdown of entitlement utilisation across different employee groups/entities over varying periods is a daunting task.
Mednefits' Solution
Mednefits introduces the Cost Utilisation Report, offering a detailed breakdown of Panel and Non-Panel Spending. This empowers employers with comprehensive insights, facilitating informed decision-making and strategic planning for future benefits utilisation.
Why Mednefits?
Mednefits emerges as a strategic partner in helping Malaysia's IT and professional service sectors transition towards a balanced workforce and cost-effective benefits. By effectively addressing these challenges, Mednefits aligns seamlessly with the government's vision of establishing Malaysia as a professional services hub by 2030.
Ready to revolutionise your employee benefits strategy? Schedule a demo with Mednefits and witness firsthand how their automated multi-tiered benefits policy can transform your hiring and retention strategies.
Join the movement towards a brighter future for your workforce and business alike.
