HSBC has launched a platform, to help small and medium-sized enterprises (SMEs) better manage employees’ benefits, in Singapore on Monday (Jul 29).
The platform, HSBC Thrive Benefits, allows employees to access their benefits, as well as offers related to the bank’s financial products, financial fitness, well-being and lifestyle, from one place.
Singapore is the first market to introduce the platform as part of the lender’s employee banking solutions proposition, said HSBC.
It noted that analytics from the platform also give small businesses insights into benefit utilisation, thus allowing them to tailor their offerings to meet the specific needs of their workforce.
Rudra Basu, HSBC’s global head of employee banking solutions, said SMEs source workplace benefits from numerous providers due to the fragmented nature of the benefits market. This results in higher cost and more time spent, as well as lower engagement from employees.
Therefore, the platform aims to help such businesses deliver flexible employee benefits, while improving both SME and employee experience, he added.
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Thrive Benefits is currently serving 500 active users across 30 companies in Singapore.
Some features of the platform include SMEs being able to choose benefits their employees value most, co-build benefits packages, as well as tap on the bank’s servicing and help desk team.
After a two-month free trial period, businesses who want to use the platform would be charged S$4 per user.
Additionally, SMEs’ employees would also have access to their benefits, health and well-being brands, HSBC Singapore financial well-being resources, as well as preferential rates on some of its banking products.
