Tenzing Smart Employee Benefit Strategies

In South East Asia, particularly Vietnam, there is a lack of corporate pensions, group health & life insurance plans.  Compared to places UK, Europe & North America, why do companies in Vietnam overlook this? 

Why are they, your employees, worth investing in? Here are a number of reasons you may want to consider employee benefits in Vietnam and how they can help both employers and employees alike.  


Boost Productivity

with health cover & incentives

Save

with discounted group rates

Ensure Employee Financial Security

with financial plans for the future

Attract & Retain Talent

with attractive benefits

Convenient Banking for Employees

with international savings accounts

 

1. Health insurance can boost productivity

With an absence of good quality universal healthcare that people from a country with a national healthcare system may be familiar with, it is crucial for employers in South East Asia to invest in health insurance. Why? Keep your workforce fit, healthy & protect from out of pocket medical bills.

More importantly, for employers, providing your workforce with good healthcare can boost productivity and morale. 

A Metlife study indicated that 60% of employers surveyed believed employee healthcare benefits increased productivity.

 

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

Employee Benefits

 

2. Save on group insurance policies

Purchasing health insurance for your employees means you’ll be sensible to get a group policy. With 2+ employees, insurance companies will offer discounts on uniform policies, saving more money than health insurance for individual ones. A recent quote comparison from Tenzing for a group of 5 resulted in a saving of 18.4%, so a larger group is going to mean thousands in discounts. 

A tax advantage is also on offer as employee health insurance is considered a business expense to lower your tax burden.

Stable

 

3. Life insurance can make your employees feel more financially stable

An employee can rest easily at night knowing that their family members have protection in the event of the worst. By increasing your employee benefits package, it 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 below:

 

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

Pension schemes 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.

 

5. Help employees save & 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 their wages and, in some cases, watch it grow.

Often the transfer charges are much lower than normal accounts, which also makes it easier for any employee dealing internationally, as many do in Vietnam.

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

International Savings Accounts

 

Why don’t SMEs use employee benefits in Vietnam?

SMEs account for around 50% of all employment in Vietnam, whilst contributing 40% of the country’s GDP. Many exist, yet very few invest in a proper employee benefits solutions. Considering the shortcomings of social insurance, which many SMEs don’t even contribute to, this leaves people working all their lives without any assets to enjoy at the end of it.

Maybe employee benefits are conceived as too expensive, or people don’t understand the real benefits gained from investing in their employees’ wellbeing. However, investing in something like health insurance can save your company money from healthcare bills in the first place.

 

Speak to Us For A Complimentary Benefits Quote & Budget Analysis.

 
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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

Senior Advisor
From Sweden & New Zealand
7 years' insurnace 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"