The company along with making its own profit, need to consider employee benefits as well. Here in this guide, we are going to discuss on the kind of employee benefits which are poplar in various generation in the workplace. Before going deep on the employee benefit, one should be clear what is employee benefit?
What is employee benefit?
Employee benefits can be defined as the indirect pay to the employee in the form of insurance, stock option, skills development courses, and any other myriads of things or many more.
Two jobs can be offering the same salary to the employee but can differ in terms of the employee benefits that they are offering to the employees. Along with the salary, employees these days also expect for several other employee benefits as well in order to get the better financial proposition then others.
Following we are going to list the types of employee benefits.
The most common type of employee benefits majorly used in most of the companies
Traditionally, the companies used to provide the following types of employee benefits. These are:
- Medical insurance
- Retirement plans
- Life insurance
- Disability insurance
But with time, the type of employee benefits provided to the employee also increased.
Following are the types of the employee benefits that a HR should be aware of
In order to attract the top talents, along with the high pay scale, the company need to allure the employees in terms of employee benefits. The following four kind of employee benefits, a HR should know in order to attract the top talents. These are:
- Benefits at work
- Benefits for financial security
- Benefits for health
- Lifestyle benefits
These four kinds of benefits, talents in the market expect from the company. They want the company to take care of their requirements as well in order to get them engaged for the company’s work. Let’s have a detailed view for the above mentioned kinds of employee benefits.
Benefits at work
The benefits at work employee benefit can be defined as the facility provided to the employee at the work place. Since the employee is going to spend their half or more of the day at the office, they will required to ge some facility at the workplace. The benefits at the workplace plays a very significant role in keeping the passion level and dedication towards the work high in the employees. The benefits at work included the skill development courses, working hours, employee entertainment, clubs, gifts, activities, and the food and beverages.
Working hours and leave
The employees should be given with the flexibility to choose the working shift and the working location where they want to work. Most of the top companies these days are providing the facility to the employee to decide their working hours, and the location where they want to get placed. Other employee benefits comes under this category includes weekly offs, extra holidays, and paid parental leave.
This is another requirement of the employee in order to give the best of the performance to the company. Since the technology is growing rapidly and this has increased the demand for the skill development. This employee benefit is not actually the benefit for the employee but for the company. The company in order to be competitive in the market needs to keep their employees up to date for the latest technology and help them develop their skills for better and updated performance.
Food and beverage
Coffee, tea, and other snacks is important to keep the energy level of the employees high. The food and beverages offered by the company plays a very crucial role in promoting the healthy working environment in the company.
A well said quote suggest that the coffee in the company indicates how they care for the employees. And, it is actually true. If the company want the employee to take care of their success, they should take care of the employee as well.
The free meal, coffee, fruits, and meal vouchers at the workplace is one of the highly appreciated employee benefit in the workplace. As a added bonus, the free lunch, and the coffee is a great idea to promote the healthy environment in the workplace.
Entertainment is essential for the high performance. Without entertainment, and only work will make the life monotonous and thus impact negatively on th performance and the productivity as well. The same rules goes with employees as well. This is why a company should arrange for employees clubs, gifts, and activities, in order to keep them motivated and passionate for the work.
Benefits for health
The benefits for health include health insurances, life insurance, health and wellness programs , gym, yoga centre etc. These benefits help in keeping the employee physically and mentally healthy and thus more productive.
Benefits for financial security
It is one of the most important financial benefit offered by the company to the employee making them financial independent after retirement.
These benefits strengthen the employee’s financial position in their worst time.
It includes PF, etc that helps the employee to be financial stable after retirement.
This mainly includes the work life balance and the mobility.
Work life balance
With the increase in work engagement, the popularity of this kind of employee benefit has increased. The company in order to keep their employee engaged in the work provided facilities like child care, legal services done, and grocery delivery etc.
The facility of transport by the company plays major role in easing the life of the employee.
The bottom line
So these are some employee benefits important for attracting talents!