Download UOB's Hybrid Working Policy: Employee Benefits and Work-Life Balance and more Essays (high school) Computer science in PDF only on Docsity! Page | 1 INTRODUCTION Compensation and benefits refer to the compensation or salary and other monetary and non- monetary benefits passed on by an organization to its employees. Compensation and benefits act as an important aspect of the Human Resource Management function as it helps to manage and keep the employees motivated. It helps give benefits to employees based on their performance and actions and brings out the best employees at the workplace. As for the current issue assignment, “UOB reveals a permanent hybrid working policy” is the topic that I choose which focuses on the employee benefits part. Due to the pandemic Covid-19 in early February 2020 in Malaysia, the Malaysian Government has imposed a lockdown system to prevent the spread of this disease which required all companies in Malaysia to close their office and required all employees to work from home. The Covid-19 pandemic has prompted all companies to make a profound shift from a traditional workplace model to almost fully remote working, upending the way organizations and employees operate. Hence, for UOB, considering the future hybrid working environment, the Management has allowed UOB’s employees to work remotely up to two days a week which is considered part of the employee benefits. These new benefits implemented by UOB are supported by the internal study showing that the bank’s job functions are suitable to work remotely. UOB has implemented the permanent hybrid policy which under the flexible working concept where would provide employees a better work-life balance as well as more autonomy to choose how and where they work. This hybrid work model provides employees “the best of both worlds” as they would have the option to work in the office when needed, for instance for in- person collaboration, or to work at a convenient location of their choice. In addition, this hybrid concept also enables employees to continue experiencing the camaraderie of office life which is critical for maintaining mental wellness, something that has been sorely missed during the long periods of lockdown. In addition, these new benefits also offer the employees two hours off a month to attend to any personal matters during their workday. UOB also offers wellness talks, training courses, and activities to help employees develop resilience and learn compassionate ways to care for mentally distressed team members. Page | 2 The issues that led to the implementation of a hybrid working environment instead of fully remote in UOB are due to stressed factors among employees like the pressures of balancing personal and work commitments, a lack of conducive workspace at home, increased working hours due to the lack of boundaries at home and difficulty in sustaining teamwork and collaboration virtually. Page | 5 CONCLUSION In a conclusion, the implementation of a hybrid working environment is encouraged in Malaysia due to offers a lot of advantages to the employer and employees. With a hybrid working model, commuting time is reduced. How much depends on how many days the employee goes in, but most have freer time each week. Rather than spending this time in traffic, they can use it to exercise, be with their family, read or cook healthy meals. Having that extra time in the day can have a considerable knock-on benefit to an employee’s life. When employees have a better work-life balance and can adapt their job to fit around other commitments and things they enjoy, you might find them more focused and productive. If an employee does not have to commute every day, they should start work feeling more energized and refreshed, and able to approach their work with more enthusiasm or, if they are a morning person and are allowed to clock on at 6:00 am every morning, they might work much better than if they have to stay in the office until 6:00 pm. Basically, a flexible working schedule can help maximize an employee’s abilities to be the most productive they can be. Page | 6 REFERENCES • UOB reveals permanent hybrid working policy article - https://www.hcamag.com/asia/specialisation/benefits/uob-reveals-permanent-hybrid- working-policy/318018
