Source: https://jobgrin.co.in/blog/types-employee-benefits-every-hr-should-implement/
In its 2019 Employee Happiness Index, HR Tech Company distinguishes 4 categories of employee benefits.
1. 1. Benefits at work
· Working hours & leave - additional holidays and, one of the other benefits employees value most, paid parental leave.
· Skills development – Is not just an important benefit for employees, it’s also essential for organizations if they want to remain competitive.
· Employee clubs, activities & gifts - There are lots of possibilities when it comes to this category of the employee benefits package like joining clubs, running groups, Secret Santa, anniversary gifts
1. 2. Benefits for health
Employee wellness programs vary from a simple gym membership to full suite solutions that include physical, mental and financial wellness.2. 3. Benefits for financial security
Pension plans are considered as a very important benefit by every generation
Insurances - health insurance is something that comes with the simple fact of being an employee. Other types of insurance benefits for employees cover parental leave or injury.
Financial benefits - Commissions, bonuses and the possibility for employees to buy shares of the company they work for.
3. 4. Lifestyle benefits
· Work-life balance – It is more important for employees mental health and well being.
· Mobility - benefits can make your employees’ life a lot easier.
Conclusion
The right benefits schemes ensure that hard working employees are rewarded fairly and in the most cost effective way for the company. This in turn then motivates employees to sustain their performance. Not only important for retaining and motivating employees, but also for attracting new people to the company.
References
Blog for HR Recruiters - Employers - Jobseekers. (2021). Types of Employee Benefits : Every HR should implement | JobGrin. [online] Available at: https://jobgrin.co.in/blog/15-types-employee-benefits-every-hr-should-implement/ [Accessed 5 Dec. 2021].
Merhar, C. (n.d.). What Are the Most Important Benefits to Employees? [online] www.peoplekeep.com. Available at: https://www.peoplekeep.com/blog/the-most-important-benefits-to-employees.
AIHR. (2019). 12 Types of Employee Benefits to Implement at Your Organization. [online] Available at: https://www.aihr.com/blog/types-of-employee-benefits/.
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Employee benefits are the perks, facilities, and conveniences that an employee earns for working in a company. Employee Benefit is not only a matter of monthly salary, annual bonus, and holiday allowance; many beneficial components are tailored to the company's business objectives and the needs of its employees. Good article
ReplyDeleteAgreed,solid employee benefits package can help to attract and retain talent. Benefits can help you differentiate your business from competitors.
DeleteThe"Employee benefits" covers a lot of things in most businesses. However, it usually refers to a company's compensation package that includes everything from health insurance to assistance programs. Benefits can be defined as various forms of compensation other than wages that managers provide to workers in addition to their wages or salaries. These are often included in job postings to help attract and retain talent.
ReplyDeleteYes, employee benefit programmes have greater impact on workmotivation than on productivity, monetary benefit programmes are most highly valued by both executives and workers, there is a cognitive gap between management and worker on the importance of employee benefits.
DeleteThis is an Interesting Blog. Employee benefits are non-cash, non-tangible compensation provided to employees. Employee satisfaction is closely linked to job satisfaction. Ignoring employee satisfaction will lead to a loss of commitment in the long run. As a result, there is a loss of motivation, efficiency, and, ultimately, productivity.
ReplyDeleteYes, There are many positive outcomes from offering benefits to employees in addition to their salary. While benefits have simple tangible effects like easing healthcare costs or increasing income for employees, they can also have more far-reaching effects on mental health, motivation and productivity.
DeleteActually more than anything else, employees want flexibility and people have lives outside of work, and they need flexible work arrangements. Employee benefits are provided to employees over and above salaries and wages. These employee benefit packages may include overtime, medical insurance, vacation, and profit sharing and retirement benefits. Good article.
ReplyDeleteYes its true, Recent Career Addict study explored the reasons why employees quit and discovered that 77% of respondents would consider leaving due to poor benefits. It’s not unusual for a wrorker to leave for a similar job with a comparable salary at another company just to land better health insurance or bonus opportunities. Investigate what other businesses in your industry are offering and aim to be competitive.
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