Employees are the backbone and key assets of any company. Talented employees help the organization to grow rapidly and if they are looked after well then they are most likely to stick to the organization for a longer period. It increases employee retention and attracts new talent.
Hard working employees deserve more than just money. They expect good workplace and career growth and most importantly employee benefits that can make them feel valued and secured. Employee benefits assure employees to seek stability and support from the organization. Here are few types of employee benefits every organization should offer:
1)Benefits at work:
This includes working hours, food, beverages, gifts, activities, and many more. Most employees expect the working hours to be flexible and want the work location that they like. Other benefits that fall in this category include free lunches and coffee. Organisations can also Offer gifts on special occasions. Various activities such as knitting clubs and running groups etc.can also be organised from time to time.
Many companies offer health benefits to their employees such as Gym memberships. Offering such fitness-related benefits will help your employees in staying fit and healthy, which would ultimately reflect positively in their productivity. You can also offer yoga or Zumba classes on weekends for all the interested members of the organization.
Healthcare benefits come in different shapes and sizes. You can also arrange for some chiropractic and physiotherapy sessions, along with paying some monetary medical allowance.
3)Paid training and development:
Many organizations pay their employees to attend training and professional development programs. Organizations can offer training to employees which helps them upskill and become better at their jobs. Offering training to a bulk number of employees becomes tough to manage. An LMS vendor like Paylocity can help you to manage, curate, and track the progress of your training. Paylocity pricing is also comparatively less. You can check their website for more information.
Many companies offer group life insurance to their employees. These life insurance policies offer provisions covering accidental death or dismemberment. These policies can be paid out to the beneficiary designated by the employer and can include their partner or any family members.
These are the funds set aside to provide people with an income or pension when they retire. Defined benefit plans and Defined contribution plans are the two types of retirement benefits.
In Defined benefit plans, the benefit amount is pre-determined based on salary and years of service. In this method, the employer bears the risk of the investment. In Defined contribution plans, employer or employee contributions are specified, but the benefit amount is usually tied to investment returns, which are not guaranteed.
Not every company offers this, but employees expect this from an organization. Paid time off can be summarized as any time where an employee doesn’t work and still receives pay. Paid leaves come up in the form of sick leaves, vacations, and holidays. Many companies provide paid vacations as an employee benefit to motivate them.
7)Remote work flexibility:
This is a very new type of benefit that has emerged recently due to remote working proving as effective as working from office. Some companies offer a hybrid working mode with a fixed number of remote and office working days.
Employee benefits should be provided keeping in mind the employees’ welfare. It also keeps the employee attached to the company for years without any second thought to switch companies. So employee benefits in a way help both the employees and the organization.