Employee Benefits
Tenzing pacific services

The Smart Strategy
for Employee Benefits

In Southeast Asia, group health and life insurance plans and corporate pensions are not commonly provided.  Compared to Europe and North America, why do companies in in the region overlook this? 

Are your employees worth investing in?  Here are a number of reasons why you may want to consider providing employee benefits.  The reality is that they can help employers and employees alike.  

Employee Benefits

They want it!!!

Read surveys on employee benefits -- this is becoming a major reason why people choose to work for a company
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Recruit

Attract the best talent in your industry -- notice those companies who are leading the charge? They offer good employee benefits.
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Retain

Keeping your top talent is just as important! Reduce your turnover and hiring expenses. Can you afford not to?
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Save

Take advantage of pooled risk with better terms and conditions and lower prices!
Employee Benefits

Health insurance can boost productivity

High quality universal healthcare is generally not available in Southeast Asia.  Without a national healthcare system, it is crucial for employers in Southeast Asia to invest in employee health insurance.  Why?  A healthy workforce makes good business sense by boosting productivity and morale. 

A consensus believes that  employee healthcare benefits increase productivity.

In 2017, Glassdoor conducted a survey which found 80% of employees would choose additional benefits over a pay raise.

Employee Benefits
Employee Benefits

Save with employee benefits

The sensible approach for employers is to purchase a group policy for employees.  Insurance companies usually offer discounts on uniform policies, with larger savings for more participating employees.  A recent quote comparison from Tenzing for a group of 5 resulted in a saving of 18.4% over the individual prices.  Larger groups can save thousands in discounts. 

In many jurisdictions, health insurance is considered a business expense that can lower your tax burden.

 

Life insurance can make your employees feel more financially stable

An employee can rest easily at night knowing that their family is protected in the event of the worst.  Increasing your employee benefits package helps keep employees longer. 

Employers can also purchase life insurance policies to recover the revenue that would be lost from an employee, perhaps due to a loss of their clients’ business.

For more on life insurance, check out our blog:  Top 6 Reasons to Get Life Insurance

 

Attract and retain better employees with corporate pension schemes to help them save for retirement

Pension plans can again make your employees feel more financially stable and encourage them to remain with the company for the long term.  More compensatory benefits make a job all the more attractive to a job seeker, even with a below-average salary. 

Employers can also set up a profit-sharing plan as part of an employee’s retirement benefits, similar to defined contribution plans, but with extra motivation to perform.

 

Help employees save and invest with international savings accounts 

An international savings account is perfect for employees who may be working with multiple currencies, giving them the ability to save and invest their wages.

Depositing money offshore can allow employees to benefit from not paying income tax, only withdrawing as much money as needed, making disposable income go further.

Often the bank transfer charges are much lower than normal accounts, which also makes it easier for any employee dealing internationally.

 

Why don’t small to medium sized employers (SMEs) deploy employee benefits in Vietnam?

SMEs account for around 50% of all employment in Vietnam, whilst contributing at least 40% of the country’s GDP.  Yet very few of these businesses invest in a proper employee benefits solution.  Considering the shortcomings of social insurance, people who work all their lives can find themselves without any assets to enjoy at the end of it.

Whether employee benefits are conceived as too expensive, or decision makers just don’t understand the tangible benefits to be gained from investing in their employees’ well-being, the current reality is that most SMEs are missing an opportunity to distinguish themselves from their competitors. 

 

Speak to us for a complimentary benefits quote and budget analysis

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Corporate Specialist
Nhu.Nguyen@ten-pac.com
or
Nhu Nguyen2

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  • Group Health Insurance
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Johannes Heikkila

Advisor
From Finland
Expat for 1 year
Speak Finnish, English & Spanish

Speciality:
- Health Insurance
- Savings Plans

Robert Cunningham

Advisor
From the UK
Expat for 13 years in Thailand & Vietnam
5 years' insurance & financial services

Speciality:
- Health Insurance
- Life Insurance
- Savings Plans

Romain Camillo

Senior Advisor
11 Years in Insurance & Financial Services
Expat in thailand for 7 years
Joined Tenzing in 2020
Speaks French & English


Speciality:
- Health Insurance
- Life Insurance
- Savings Plans"

Nancy Dao

Advisor
From Vietnam
International Business from UK
Lived in Singapore
Speaks Vietnamese & English

Speciality:
- Personal Health Insurance
- Group Health Insurance

Hunter Deems

Advisor
10 years' experience in insurance and investments
Joined Tenzing in early 2020

Speciality:
- Investments
- Savings Plan
- Health & Life Insurance
Patrik Shore Tenzing Pacific Services

Patrik Shore

Senior Advisor
From Sweden & New Zealand
7 years' insurance experience
Joined Tenzing in 2019
Crim Science
Speaks English and Swedish

Speciality:
- Savings Plans
- Health Insurance
- Life Insurance

Geoffrey Mann

Advisor
From the US
Employee benefits & insurance compliance background
Joined the Tenzing team in 2019
Law degree from the US

Speciality:
- Personal Health

Nhu Nguyen

Senior Advisor
From Vietnam
Joined Tenzing in 2017
Fluent in Vietnamese & English

Speciality:
- Group Health & Life Insurance
- Personal Health"

Ian Comandao

Health Insurance Manager
From Philippines
MBA from Duke University
Expat for 20 years in US, China, Hong Kong & Vietnam Worked at Tenzing since 2018
Fluent in English, Tagalog, Mandarin

Speciality:
- Personal Health Insurance
- Group Health Insurance
- Business Insurance

Craig McAvinue

Director of Wealth Management
From the UK
25 years' expereince in investments & insurance
Expat in Thailand for 5 years
Chartered Accountant by trade
Holistic approach to consulting his clients

Speciality:
- Investments
- Savings Plans
- Health & Life Insurance

Quinn Miller

CEO & Managing Partner
From the US
Joined Tenzing in 2014
Expat for 10 years in Vietnam
Finance & Entrepreneurship Degrees

Speciality:
- Group Health Insurance
- Life Insurance
- Savings Plans"
  • 84 35857 2629
  • 84 35857 2629
  • quinn.miller@ten-pac.com

Quinn Miller

CEO & Managing Partner
From the US
Joined Tenzing in 2014
Expat for 10 years in Vietnam
Finance & Entrepreneurship Degrees

Speciality:
- Group Health Insurance
- Life Insurance
- Savings Plans"