Employee benefits are the indirect and non-cash benefits provided to employees. These are given to them apart from their salaries. Some employee benefits are governed by laws like group health insurance, retirement benefits, etc. Other benefits for employees include gym membership, paid vacations, employee wellness programs.
These additional benefits can make them more productive and help them focus on the long-term benefits of the organization. India being one of the largest workforce in the world, Employee Benefits in India is very significant.
The Need For Employee Welfare Programs
Providing benefits for employees in the form of employee welfare programs can aid in employee retention. These benefits can create a sense of loyalty among the employees towards their organization. Further, this will decrease employee turnover and employee absenteeism.
For example, providing employee medical insurance as a benefit can reduce the stress during an emergency and make the employees more proactive.
Types Of Employee Benefits
Let us see some types of employee benefits to implement in your organization.
As the title indicates, employees are paid even during their time off. This is one of the most popular employee benefits the organizations offer. An extension of this benefit is providing unlimited paid vacation.
If your employees are undergoing any stress, this type of benefits strategy can help in coping up with it.
Providing employer-employee insurance or a group health insurance plan is a great way to show that you care about your employees. Increasing the sum insurance, providing maternity health insurance, covering dental check-ups are great ways to go about this plan.
Paying money for your employees’ medical emergencies can make your employees cut down on financial stress and concentrate on the goals of the organization.
Providing benefits like a compensation package, pensions are some classic examples of retirement benefits. These are some of the government employee benefits in India.
An employee continues to perform well if he/she is appreciated for their contribution, hard work, and achievements. Rewarding them for their good work will motivate them and contribute positively to employee engagement.
An interesting way to carry employee retention is by letting them grow. Providing training programs that are sponsored by the organization can enhance the skills and knowledge of the employees.
Mental health benefits at the workplace
According to the American Psychiatric Association, 40% of the employees take an average of 10 days’ leave to handle their mental health issues. According to the state of employee benefits and healthcare survey conducted by Paz Care nearly 40% of the organizations do not have an active employee wellness program as part of their benefits plan.
Working remotely causes a lot of stress. Especially in the middle of a crisis like covid 19, the stress gets multiplied. So it is important to organize mental wellness programs as part of your employee mental health benefits program.
Making employee wellness programs as permanent employee benefits can say a lot about your organization and improve goodwill generation.
Perks that make the office work fun and joyous could be provided. Free food, board games, nap rooms can be set up to merge work and fun.
Remote working was not something we were used to. But the pandemic has made us work remotely. Even when the situation gets normal, employees will appreciate the flexibility to work from anywhere.
On The Whole
Providing the right kind of benefits for your employees is necessary. Providing additional benefits like corporate employee insurance plans, wellness programs for employees, retirement benefits can retain talent and make your organization more diverse and inclusive. This can contribute to employee engagement as well, which impacts the success of your organization.
To know the state of employee benefits and healthcare in India, a survey answered by more than 120 HR professionals, founders and people leaders was conducted. Download your copy of the report to know more about it.