In today’s fast-paced, competitive scenario, hiring talented employees for your organization can be a daunting task—especially when employees look for more than just salary checks. Creating unique employee benefits packages can be a game changer. By offering employee benefits, you can ensure that employees feel valued and stick with the organization until the end. Let’s discuss what employee benefits mean?
What are Employee Benefits?
In layman’s language, employee benefits are the additional perks that an organization offers to employees besides their salary. This can include benefits like health insurance, vacation holidays, personal loans, salary advances, and term insurance policies. Since every organization is different from the other, organizations offer various benefits packages to their employees.
As mentioned earlier, offering benefits packages not only helps in improving the employee experience but also helps in increasing the retention rates. Therefore, it is important that every organization should offer benefits to their employees. In this article, we will list down 4 common benefits.
4 Common Employee Benefits
1- Workplace Benefits
These benefits include the perks that an employee enjoys while working for an organization. It includes perks like flexible working hours, skills development opportunities, engagement activities, etc.
- Flexible working hours And Leave
Flexible working hours mean that the employees have a fixed number of working hours and the choice to decide the location they want to work from. Additionally, the employees should also have the privilege of taking monthly paid leaves.
- Skills development opportunity
As the business dynamics are changing rapidly, there is a constant need to put emphasis on skills development. Therefore, the companies that provide skills development opportunities to their employees have the edge over their competitors.
- Engagement Activities
Engagement activities like fun Friday activities are also an important part of workplace benefits that help improve employee productivity and build organizational culture. These activities are generally organized on Fridays to lighten up the stress of the entire week.
2- Healthcare Benefits
As employees spend more time in offices than they do at their homes, health and wellness benefits become indispensable for the growth of the organization. Most organizations offer medical insurance benefits to their employees. Generally, these policies differ from person to person and cover a broad topic of specific policies like healthcare insurance, hospital bed fees, medication fees, prescription fees, dental insurance, vision insurance, etc.
- Medical Insurance
Medical insurance commonly includes health coverage, vision insurance, and dental services. Additionally, the medical insurance may also include other benefits like regular body checkups, procedures, and certain medication fees.
- Paid Sick Leave
As the name suggests, paid sick leave involves giving time off to employees so they can focus on taking care of their health.
3- Financial Benefits
Financial security is the primary driving forces for any individual. The organizations also understand this need and offer various financial assistance benefits, such as pension plans, personal loans, vehicle insurance, tax benefits, etc. Some of the most common benefits include:
- Pension plans
Pension plans are the most common financial benefits that organizations provide to their employees. Some common pension plans include provident fund (PF) and Employer Provident Fund(EPF). Employees can also invest in mutual funds and ETF schemes to save on taxes.
- Personal Loans
These days organizations understand the importance of providing secured financial assistance to their employees. Therefore, many organizations offer personal loan benefits to their employees at affordable interest rates. For example, at Zimyo, we offer personal loans at 2% interest rates to provide short-term financial assistance to our employees.
- Other Financial Benefits
These benefits generally include commissions, bonuses, salary advances, etc.
4- Life Insurance
Another common benefit that organizations provide to support their employees is life insurance policies. There are various types of life insurance policies. Employees can choose the type of policy plan he wants to opt for. Some of the most common policies include:
- Group term life insurance
The group term life insurance policy covers several people instead of a single person in the event of death. These policies are suitable for employees with children and spouses.
- Accidental Death
As the name suggests, the policy covers the insurer in the event of accidental death. However, the downside of the policy is that it covers only specific circumstances leading to death.
- Endowment Policy
These types of policy covers combine financial savings with the risk cover. The policyholder benefits in two ways. In case of death, the policy holder gets the sum assured of the policy. While on the flip side, the policy holder gets paid investment returns and bonuses.
Which Employee Benefits should you offer?
Every organization is made up of employees of various age groups. Therefore, putting together an employee benefits program can be a confusing process. Of course, you do not need to offer every benefit mentioned in this blog post. Instead, you should create custom benefits packages for new hires.
Gone are the days when employees only look for big salaries while choosing a job. Nowadays, employees look for the benefits they are getting from the organization. In fact, organizations are also focusing more and more on employee benefits. Depending upon the size of the organization and the number of employees, employers may offer various benefits. This helps in increasing retention rates as the employees also understand that their organization cares about them.
At Zimyo, we strive to provide the best employee experience by offering various benefits like personal loans, salary advances, vehicle insurance, health insurance, and many more. To learn more, visit Zimyo.