What are employee benefits?
Employee benefits are those non-financial benefits that are provided to the employees in addition to their salaries. In short, employee benefits are perks in the form of indirect pay.
India has one of the largest working populations in the world. Hence, employee benefits in India have its own importance.
These employee benefits and perks can include paid vacation, employee medical insurance, wellness programs for employees etc.
Hence, we can say that
- Employee benefits are not specified for a particular team or an employee. Rather, it is for the entire organization.
- These employee benefits can make your employees feel valued at the workplace. Further, it can boost their interest towards work and increase their productivity.
- When two similar jobs offer the same salary, what makes them different is the benefits they provide. These benefits for employees is what makes the job offer a better financial proposition in the eyes of an employee.
Importance of employee benefits
Employee benefits are of utmost importance due to the following reasons.
1. Increasing workplace productivity
When organizations provide employees with benefits like group health insurance, it can reduce their stress and increase their productivity. This happens as an employee is financially secure during times of emergencies. Apart from this, when employees are stress free, it directly impacts the employee engagement of the organization.
2. Goodwill generation
By providing employee benefits like life insurance, group health insurance, employee wellness programs you show that you care for your employees’ physical and mental health. Overall, this will help you in goodwill generation.
3. Talent retention
Employee benefits are used as a strategy to recruit and retain talent. Talented employees are the backbone of any successful organization. Hence, providing employees with appropriate benefits plans shows that you value them and care for them. As a result, they will stay with your organization for longer periods of time.
4. Decrease in employee turnover
As you provide employee benefits and perks, your employee turnover rate reduces. When you offer your employees a good package and best benefits plan, the chances of your employees searching for new opportunities reduces. Hence, they stay loyal to your organization.
5. Staying ahead
Providing benefits to employees can uplift your organization and make you stand out of the crowd. By providing additional perks and benefits that your competitor does not provide, you can stay ahead of the curve, as an employer.
What are the four major types of employee benefits?
According to most of the employees, the four major types of benefits that they value the most are
1. Group health insurance
Group health insurance plans are a benefit that most employees consider very valuable to them. This is because it makes one financially strong during medical emergencies. Organisations can provide GHI health insurance that also covers the dependent family members of the employee. This makes group medical insurance a most significant benefit for the employees as well as their families.
2. Retirement benefits
Not all organizations in India provide full fledged retirement benefits to the employees. Providing retirement benefits to your employees will make you unique and aid you to stand out from other companies. Retirement benefits can help employees from different age groups be financially secure. Moreover, this can teach the new generation the importance of saving money from an early stage.
3. Employee wellness programs
Another important perk that can benefit the employees are wellness programs. Organizations can build an exclusive wellness program for their employees, these can include gym memberships, mental wellness programs etc. This indicates that you care for their physical and mental health.
4. Career growth benefits
Most employees wish to grow professionally by acquiring new skills and learning new things everyday. Providing career growth benefits and opportunities can help such employees. By offering career advancement benefits you invest in improving the quality of professional life of the employees, which helps them in the long term.
A few examples of career growth employee benefits are
- Financial assistance for completing training programs and workshops.
- Providing additional certifications relevant to your niche.
- Providing financial support for pursuing executive programs.
Employee benefits in India offered by top Indian organizations
Let us look into some Indian organizations that offer some of the best employee benefits in India.
1. TCS employee benefits in India
Employees working for TCS have positive reviews about their organization and the benefits they receive. They are content with the work culture and organizational policies. Some of the popular and common employee benefits offered by the TCS management are paid sick leave for employees, paid holidays, educational training or certifications reimbursements, group health insurance policies, mediclaim facilities, life insurance plans for employees, etc. Out of the numerous benefits offered some benefits and perks are offered to maintain the work-life balance. They are gym memberships, health club memberships etc.
2. Google employee benefits in India
Source: India Today
The employees working for Google India are happy about their workplace environment. They are satisfied with the work culture and it even motivates them. The work schedules are flexible and there are numerous recreational activities also. Plenty of indoor and outdoor games are available for the employees. It makes their minds refreshed. The well-equipped gym provides an opportunity for the employees to maintain their health and wellness. The organization also celebrates special occasions. This work environment helps the employees feel rejuvenated and productive. Hence, it can help employees focus more on their work.
2. Accenture employee benefits in India
Accenture provides its employees a ‘Total Rewards’ package which includes compensation benefits and assistance for professional growth. Moreover, there are various programs offered by the organization which help the employees to maintain a good professional career and healthy lifestyle.
Accenture provides numerous benefits for employees which includes group health insurance schemes, dental coverage, disability coverage, life insurance schemes, etc. These insurance schemes provide comprehensive coverage to its employees.
Apart from these schemes, the organization provides several financial rewards and perks to the employees by various financial programs like Employee share purchase program, Accenture discount directory, Flexible Spending Accounts, flexible time schedules, vacations and paid time off, etc. Here the employees have the opportunity to maintain a healthy work-life balance. Furthermore, there are several employee assistance programs, online fitness programs, wellness programs, etc. for the employees to lead a healthy lifestyle.
Source: The New Indian Express
Employee benefits have their own importance in retaining talent and increasing the workplace productivity. In the earlier days a basic health insurance plan and good pay was enough to hire a potential candidate. Today it is much more than that. The benefits provided by the organization is what determines the financial proposition of a job. Further, the benefits provided to employees can make them satisfied and increase the employee engagement rate of the workplace. Moreover, the kind of benefits you provide is what makes your organization stand out from the rest.
Paz Care conducted an employee benefits survey across 100+ enterprises. More than 120 HR and People operation leaders answered the survey and the report Employee Health and Wellness at Work is the first of its kind. It is a must-read for teams that are rethinking workplace health and happiness. Download your free copy of the report now.