Research show that flexible benefits help to reduce attrition rates. So why are adoption rates of these schemes still lagging in Hong Kong, compared to other developed Asian economies?Although flexible benefits are increasingly offered by employers in developed economies like Singapore and South Korea, the take-up rate in Hong Kong remains slow.In Hong Kong, only 14% of companies with more than 250 employees offer flexible benefit schemes, compared to over 50% in Singapore and South Korea, according to Mercer’s January 2017 BenefitsMonitor survey.This figure is on par with those seen in Thailand, Malaysia and The Philippines.Flexible benefits have been gaining ground because they boost the employee value proposition.Staff can purchase any benefits they want from a set list of provisions already paid for by the company, as long as it does not exceed their given credit limit.This scheme allows employees to cherry-pick only the products relevant to their individual needs, unlike regular group corporate plans where there might be a number of generic benefits that an employee might never utilise.Products can come in the form of traditional health coverage, or even lifestyle options like annual zoo passes or restaurant vouchers.

Source: Why flexible benefits are unpopular in Hong Kong | hrmasia

The Hong Kong Monetary Authority (HKMA) is expanding, physically speaking. Just last week, the HKMA launched what they are calling the Infrastructure Financing Facilitation Office (IFFO), according to the central bank’s press release center. The goal of the new office will be to build “capacity and knowledge on infrastructure investments and financing” in addition to facilitating “infrastructure investment and financing flows” amongst other functions. Not only for Hong Kong, but for infrastructure develo

Source: Hong Kong’s Infrastructure Ranked Best In World | Benjamin Holland | Pulse | LinkedIn

Underhill joins a session led by Edelman APACMEA CEO David Brain, that will focus on how innovation needs to be communicated, amid rising public scepticism. In addition, Li & Fung community engagement director Karen Seymour will feature in a session on ‘Tomorrow’s CSR’. Seymour, who is responsible for global community service initiatives across Li & Fung’s 40 markets and 26,000 employees, will help explore how community engagement strategies are rapidly changing.Both speakers join a lineup that includes Microsoft senior communications director Andrew Pickup, who will discuss the ‘disruptive power of technology’ at the conference, which will again explore how the world of communications and public relations is changing.

Source: The Holmes Report: Fonterra, Li & Fung, Edelman Join Next Week’s In2Summit HK Lineup-PR Newswire Asia-Newswire