Careers at Mednefits | Customer Support Executive
June 20, 2023
Revolutionising corporate benefits in the Malaysian manufacturing
November 17, 2023
Case Study
Human Inc: Using employee benefit to remain attractive to the younger talent force
August 01, 2023
Location: Malaysia
Employees: Less than 50
Industry: Experience Design, Consulting
https://www.humaninc.co/
Melissa Tan, Chief Operations Officer at Human Inc.
Company Background
Founded in 2015, Human Inc is a consulting agency that helps world-leading organisations ‘Work Different’ through their expertise in Design Thinking, Creative Leadership, Cx4 Innovation Strategy, Solution Design Sprints, and Agile Projects. Through these workshops, Human Inc is incredibly focused on creating a world where businesses serve humans. They have worked with more than 100 global brands in driving sustainable business model innovation where they launched more than 200 products and services. Human Inc helps businesses develop the most effective customer-centric growth strategy.
Human Inc is based in Kuala Lumpur, Malaysia, with less than 50 employees within the organisation.
Challenges
Attracting and retaining younger talent as a Small Medium Enterprise (SME)
It is undeniable that the pandemic has caused a seismic shift in how businesses operate today. For SMEs, the pandemic has brought about unprecedented challenges, particularly in attracting and retaining young talent. As SMEs, like Human Inc, continue to compete with larger businesses for top talent, it is becoming increasingly important for these companies to understand the unique needs and desires of the younger and new generation of employees.
With 26% of employees more likely to stay within the organisation if they are satisfied with the benefits and 13% willing to continue working for more than 3 years if satisfied with the benefits provided, the current workforce is made up of individuals who prioritise work-life balance, career growth opportunities and flexibility. Hence, when it comes to attracting and retaining younger talent, Human Inc is rethinking its approach and is looking to adopt a strategy that caters to the younger generation.
Addressing the unique needs and demands of the generational differences observed
The team at Human Inc consists of employees from the Baby Boomer generation and those from Generation Z with different expectations when it comes to employee benefit. The Baby Boomer generation would prefer benefits such as medical expenses while Generation Z employees would prefer benefits related to wellness. The need to have an employee benefit strategy that caters to the generational differences observed in the workplace is then especially crucial.
Traditional employee benefits models are no longer an option, especially for SMEs, due to the high cost incurred without ensuring employees’ satisfaction. The traditional model is a rigid, one-size-fits-all approach that does not address the generational differences faced by a diverse team of employees and often leaves them feeling unhappy and disengaged as it seems like the company does not care about them. Studies found that although 65% of employees would prefer being able to choose their own benefits, only 36% of them are able to do so. Thus, Human Inc is looking for a flexible employee benefit platform provider that allows them to provide employees with the ability to choose their desired employee benefit, for a more highly personalised employee experience.
Limited budget available when providing employee benefit
One of the biggest limitations SMEs face is the lack of financial resources available for them. As such, it is nearly impossible for SMEs to compete with larger technology companies that are known for their comprehensive employee benefits. For instance, Facebook provides USD 4000 cash grants to employees who are new parents. Human Inc, like any other SME, were overwhelmed by the need to constantly compete with these companies in order to attract talent. However, if the limited financial resources are allocated effectively, SMEs are also able to provide an attractive employee benefit package simply by ensuring that the package is highly customisable.
Nonetheless, creating a personalised experience may be daunting for SMEs since the term ‘personalising’ is often associated with an exorbitant cost incurred. Contrary to such belief, creating a personalised employee benefit experience would in fact allow organisations to reduce the cost of benefits not being used and refocus their budget allocation towards benefits that are used more often. Hence, there is a need for Human Inc to have a platform that allows them to analyse the utilisation rate of the benefits to understand which benefit they should focus their limited budget on, to drive maximum employee satisfaction.
Solutions
Flexibility to introduce or adapt new forms of employee benefit
An important aspect of developing an effective employee benefit strategy is by offering a comprehensive employee benefit package that not only meets the basic needs of employees but also enhances their work-life balance and overall well-being. However, traditional employee benefit packages can be limited in their scope, may not cater to the diverse needs of today’s workforces, and can be cost-ineffective. This is where flexibility in introducing or adapting new forms of employee benefits can play a vital role in keeping employees engaged and satisfied.
This is where Mednefits offered Human Inc a solution that addresses the need for a highly personalised package. Mednefits allows Human Inc to provide their employees with an allocated yearly budget where employees can manage their yearly entitlement according to their needs. Additionally, the flexibility to introduce or adapt the type of employee benefit offered gives Human Inc the ability to update its policy for a more personalised package that is catered to its unique pool of employees.
“One of the best features of Mednefits is the huge range of panel providers and benefits available for our employees to choose from. It’s great that the panel providers are not merely medical clinics, but also consist of fitness classes, dental, TCM and even other forms of wellness options. This is especially helpful for our employees as they are able to have greater autonomy to choose what they really need rather than us providing them with what we think they need,’ commented Melissa Tan, Chief Operating Officer at Human Inc.
No upfront payment or commitments required
“In today’s talent landscape, it is becoming increasingly difficult for SMEs like us to remain competitive and attractive. A huge challenge is to strike a balance between ensuring our employee benefit strategy remains affordable and still provides the most comprehensive benefit package. This is where we truly value Mednefits as our employee benefit provider. Mednefits' unique funding method e.g. cashback facility does not require us to commit a pool of funds ahead of time, unlike that of other insurers. As such, this gives me and my team the flexibility to move my limited funds around and be able to predict and budget for cost expenses ahead of time. Mednefits is an amazing employee benefit provider that recognises the needs of a growing organisation," mentioned Melissa.
A centralised administrative platform to view and manage claims
Claim management has always been a complex and time-consuming process. It involves a multitude of tasks such as processing claims, filing documents and communicating with employees. Especially with the need to provide personalised employee benefit, HR departments are experiencing a strained workload when dealing with each claim manually and individually. The need for a centralised administrative platform has hence become more critical than ever, which simplifies the claims management process, reduces administrative costs and improves employee satisfaction.
“The centralised administrative platform offered on the Mednefits platform gives my team access to real-time usage reports where they can view and manage all claims submitted by employees. The well-designed administrative platform gave us the confidence to provide our employees with the option of claiming visits to non-panel clinics so they are given the choice to select the doctors of their preference. Especially with the platform being so easy to use for both employees and admins, claiming and managing claims is no longer a daunting process," said Melissa.
Results
A time and cost-effective solution that lifted the organisation’s employee value proposition
By integrating these solutions into the employee benefits strategy, Human Inc was able to witness a 20% cost reduction and reduced time spent on admin work from one day to one hour during the payroll cycle.
With access to key data for future planning and cost management, Human Inc is able to make data-driven decisions to fuel business growth in future planning and cost management. Additionally, the well-designed platform created a good and easy-to-use experience for both administrators and employees which lifted the organisation’s employee value proposition.
Are you interested in working with Mednefits to offer employee benefits to your employees? Contact our benefits specialist today!
About Mednefits:
Mednefits helps businesses take care of their employees with its automated, affordable, and accessible employee benefits platform.
Request to join Mednefits for free to help process and track claims in real-time, while controlling costs.
