Seven organisations, including DBS Bank, are in the list of Best Employers of Singapore in 2018. To add icing on the cake, DBS Bank has also been recognised as the Regional Best Employer 2018 for Asia Pacific.
The study has been conducted by Aon, a global professional services firm providing a broad range of risk, retirement and health solutions. It analyses the companies on three-tier assessment tools and includes participants from a variety of industries-including finance, F&B, hospitality, pharmaceutical and more.
“The Best Employers achieved an engagement score of 81 per cent, compared to a market average of 61 per cent. They also scored 20 points higher than market average across the Best Employer indices of employer brand, effective leadership, and high-performance culture,” said Aon in a press release.
The company research also found out that a five per cent increase in employee engagement is linked to a three per cent increase in revenue growth in the subsequent year.
The Aon Best Employers in Singapore for 2018 are:
- DBS Bank
- American Express International Inc
- Baxter Healthcare Asia Pte Ltd
- DHL Express (Singapore) Pte Ltd
- Mandarin Oriental, Singapore
- McDonald’s Singapore
- Singapore Prison Service
In addition, five organisations received special recognition:
Aon observed that Best Employers always inspire their employees and their senior leadership provide them with a clear direction for the future. Aon said, “In an uncertain business environment where 87 per cent of Singapore organisations are undergoing digital transformation, Best Employers inspire their employees with a compelling vision. 83 per cent of employees in Best Employer organisations agree that their senior leadership provide them a clear direction for the future (22 points higher than the market average).”
In addition, Best Employers have a total rewards strategy in place that focuses not just on pay but learning and career development opportunities as well. 76 percent of Best Employer employees feel that they receive appropriate recognition for their contributions (21 points higher than market average).
DBS Bank has also been recognised as regional Best Employer 2018 for Asia Pacific, after being named Aon Best Employer in India.
“As the business environment gets challenging and the talent more discerning, organisations in Singapore must shift gears from providing career progression to career experiences,” said Vikas Verma, Director, Talent, Rewards and Performance, Aon, Singapore.
“While what this means to each company is different, Best Employers have done well to identify their top engagement drivers and create a fit-for-purpose employee experience that maximises potential,” he added.
“To thrive in this age of disruption, Best Employer organisations nurture an agile workforce that quickly moves from old jobs to new ones as they are created. An agile workforce must be supported by agile HR that delivers services based on reduced time-to-market, increased collaboration, regular reflection, and course correction based on evidence collected continuously during the entire employee lifecycle,” said Na Boon Chong, Managing Director and Partner, Talent, Rewards and Performance, Aon Singapore.
“Best Employers know that today’s best practices may not be tomorrow’s, and are always looking to ensure their HR remains relevant and responsive to the changing culture and work-styles of their organisations,” he added.
Aon Best Employers is a flagship programme, designed to improve employee engagement, leadership effectiveness, employer brand, and culture to drive high performance. It is the most credible and comprehensive study of its kind in Asia Pacific and Middle East.