There are many avenues for employees to switch jobs in today’s highly competitive landscape. Skilled and talented employees are always high in demand, and it is not difficult for them to find better opportunities. Thus, above anything else, companies need to focus on employee retention. This is where employee benefits come into the picture.
Employee benefits have a positive impact on the lives of employees and encourage them to work better for the company and prevent them from migrating to other companies.t An employee benefits program implemented by the company is a suitable course of action.
Here are some of the best employee benefits ideas that company bosses can consider for their employees.
Flexible Schedules
Abandoning a fixed set of hours in favor of flexible working hours is one of the best employee benefits, especially in the post covid world. The conventional 9-5 working hours model does not work in modern times as employees appreciate flexible working hours. The freedom to work at their convenience brings out the best in the employees and enhances their performance.
Health Insurance
Investing in corporate health insurance is also ranked among the best employee benefits. This is because financial costs imposed by expensive medical treatments can drain the finances swiftly, and getting a health insurance cover keeps the employees protected against financial losses in the event of hospitalization.
There are many types of group health insurance plans available for companies. Since there is no medical screening in group health insurance, all the employees get the cover irrespective of their health conditions. The employer can also choose to include the family members of the employees in the group health insurance policy.
Health insurance enables the employees to take care of their medical needs without any problem.
Productivity Awards
Employees want good work to be appreciated by the top bosses. Getting recognition in the company is a big motivation for any employee to work harder than even a fat salary package. The recognition should not be mere verbal praise but something which satisfies the employees. To this end, productivity awards rank among the most important employee benefits.
An employee award program should thus be implemented in the company. The system of awards makes the employees feel that their work is being recognized. The rewards can be in the form of bonuses, gifts such as electronic gadgets, air tickets, or more.
Paid Vacation
Paid vacation is among the highly popular employee benefits. Paid vacation means the employees can take leave from work to explore new places with friends and family while being paid during the absence from work. The employer allows more vacation time to the employees in a year instead of the current system of a limited number of days permitted for leave.
Taking a break from the daily work routine without any curtailment in the salary improves the physical and mental health of the employees and stimulates them to work harder. It has been observed that employees usually do not take undue advantage of paid vacation facilities, and the employer’s goodwill is also increased.
Corporate Transportation
Transport facility is an important part of employee benefits that a company can provide to its staff. Corporate Transportation eliminates the need for the employees to find their means of transport to shuttle to and from the workplace. This is highly convenient for the employees. Employees working late hours are particularly benefited. Safe and secure transportation is also a major motivation for female employees.
Tax Declaration
Employees need to submit proofs of various kinds of investments and other sources of income with the employee. The employer requires this information to calculate the TDS and provide tax benefits. This is an annual exercise to be completed at the beginning of each financial year.
Streamlining the tax declaration process to make it a simple process for the employees is also a major employee benefit.
Food Tickets
Food tickets to provide free breakfast, lunch, or dinner to the employees or free food delivery to their homes can also be included in the employee benefits program by a company. The most popular option is pre-paid restaurant ticket. The restaurant ticket enables employees to enjoy any meal over many restaurants or order through food delivery services.
Snacks
Sending snack boxes to the employees each month helps establish a close relationship between the employer and the employees. The employer can choose to send customized snack boxes for each employee. Snack boxes are particularly suited for remote employees not connected personally with the company.
Canteen
Canteen service for the employees right at the workplace is an important employee benefit. Subsided rates at the canteen save a lot of money for the employees. The canteen is also particularly beneficial for the employees who do not have the time or inclination to prepare their meals.
Yoga
Wellness programs have become popular employee benefits because fitness has become a major concern. As a part of the employee wellness program, the employer can opt for yoga classes for the employees. To this end, a professional yoga trainer can be appointed to conduct weekly or daily classes before or after office hours. Yoga classes can either be held right at the workplace or virtually.
Gym
Maintaining a gym at the office premises features prominently among employee benefits. A well-stocked office gym is a part of the employee wellness program. The gym enables the employees to work on their fitness without expensive gym memberships. Consequently, the employees remain physically fit and are also motivated to work harder.
Casual Friday
Casual Friday means a day of less stressful work ahead of the weekend, activities such as a game of poker or cricket or any other sport, and even casual clothes instead of formal attire. Apart from rejuvenating the mind, casual Fridays allow the employees to bond.
Free Parking
A dedicated parking area for the employees to park their vehicles free of cost may seem trivial but is among the important employee benefits. The daily costs add up to a large amount each month. In the absence of a dedicated parking area, the employees need to park their vehicles in paid parking spaces every day.
Conclusion
Employee benefits need to be one of the major priorities for corporate organizations to attract and retain talent. This is mainly because millennials making up 35% of the workforce, look for employee benefits.
If you are looking to add employee benefits to your organization, then you must consider Vital Health Cover for it starts at just Rs. 299 per employee per month. To know more log on to www.getvital.in/business.