2023 BTS Vietnam results sharing

Yen Bui
Head of Health & Benefits, Vietnam

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2023 Benefits Trends Survey (BTS)
Asia Pacific

Markets Industry
1,746 employers China
mainland
South
Korea Manufacturing 26%
134 22 Japan
65

4.9 million employees

India
Hong Kong
134
Taiwan
169
IT and Telecom

General Services
21%

17%
Thailand Philippines
364 106 Vietnam 183
219
Singapore Malaysia Financial Services 15%

71% 38% 111

Indonesia
85
Healthcare 7%

61
Wholesale and Retail 7%
Australia
employers are in respondents’ role 62
Energy and Utilities 5%
multiple countries involve global, regional,
/ regions or multi-country New Zealand Public Sector and
2%
26 Education
responsibilities Other: 5

Note: Percentages may not sum up to 100% due to rounding.

Source: 2023 Benefits Trends Survey, Asia Pacific

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 Survey Key Findings

01 Conflicting ambitions 02 Driving efficiencies:

• Desire to improve benefits to attract • Increased focuses on streamlining

and retain talent
• Face cost challenges due to a
weaker business environment and
concerns about workforce performance
operations and adopting more efficient
governance processes
• Taking more aggressive steps to
improve contract terms with vendors
and bundle services

03 Enhanced portfolio: 04 Future direction

Current focuses: • Almost all employers desire to at least

• Physical and mental health, also
broader wellbeing
• Programmes that enhance employees’
careers to align with flexible work
environments
be ‘at market’ for their broader portfolio
of benefits
• An increasing number of employers are
targeting an ‘above market’ position

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 Competition for talent and rising costs are the key issues influencing
benefits strategy

2021 2023
#1 Competition for talent Competition for talent

#2 Rising costs Rising costs

#3 Organisation restructuring Economic weakness

Advances in technology for

#4 benefits
Organisation restructuring

2021 Q: To what extent are the following key factors influencing your organisation’s benefits strategy in the next two years?
2023 Q: What are the key business issues influencing your organisation’s strategy for benefits? (Select at most 3).
Source: 2021, 2023 Benefits Trends Survey, Vietnam

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More than 1/3 looking to improve the positions in mental health support, financial
wellbeing / short-term finances and retirement plan / long-term finances at 33%

Percentage of employers looking to improve their benefits positions

1 Mental health
support
Mental health support
Financial wellbeing / short-term finances 34%
39%

Retirement plan / long-term finances 33%

2 Financial wellbeing /
short-term finances
Health benefits

Flexible work arrangements

30%

30%

Inclusion and diversity 29%

3 Retirement plan /
long-term finances
Career, training and development

Community and social responsibility (ESG) 26%

29%

Risk and insurance benefits 26%

4 Health benefits
Family and caregiving support

Support employee benefits decisions

26%

26%

Social connections at work 21%

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Opportunities to improve and planned actions over the next 2 years

Portfolio Financing Employee experience Admin & operations Analytics & reporting

Support employee
Opportunity Choice and flexibility Managing risk understanding & decision Managing operational risk Vendor analytics
making

Improve terms from Tools and services for Enhance data Forecast future costs and
Actions Mental health support
vendor contracts benefits selection management and security risks

Additional funding for Streamline internal Analyse claims or data to

Financial wellbeing Single digital platforms
benefits programmes operations understand cost drivers

Reduce the generosity of Integrate benefits

Market studies to
Retirement plan benefits programmes Decision support information and HR
benchmark benefits
overall information systems

Source: 2023 Benefits Trends Survey, Vietnam

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