Company employee benefits play a crucial role for every organization that aims to attract and retain the best talent in the industry. The right mix of employee benefits means a safe, healthy, and productive workforce.
According to the Employment Confidence Survey, over 60% of employees accept that they weigh employee benefits and perks while considering a new job offer. That’s not all. Over 80% of the employees picked additional benefits over salary hikes.
Several types of employee benefits are prevalent in India. Some are mandatory, while some are at the discretion of the employers. But does every employee benefit have the same impact on the performance and morale of the employees?
The answer is no. So what are the employee benefits that work best for the employees and the ones that are nothing more than a gimmick for the employees? Let us check out this blog post.
How has the company employee benefits space changed over time?
The company employee benefits scenario has changed tremendously in the last five years. Employers have started assessing employee benefits and perks with a wide lens now.
Moreover, taking care of the mental well-being of the employees has become the top priority of organizations. On the other hand, employees prefer to choose careers that offer them diversified and robust employee benefits.
Employee perks your workforce will love in 2021
What should be included in a benefits package? Here are the top 5 work benefits, except for the mandatory ones, that your employees will love to have in 2021.
It is one of the most popular types of benefits offered by employers that employees wish to continue receiving in the coming years as well. Offering a healthcare plan has become a must-have company employee benefits post-COVID-19 outbreak. It is also an excellent way to show that you care for your personnel.
A healthcare plan can ensure your team members safety and can help them reduce financial burden in case of health issues or medical emergencies.
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Onsurity’s healthcare membership is packed with all the benefits that your every employee looks forward to having for their health and safety like group health/term life insurance, doctor teleconsultations, fitness webinars, discounted health checkups and medicine orders delivered at doorstep. Sounds interesting?
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Do you know that over 40% of the employees prefer the flextime working system in their next new job? This trend makes flextime one of the most desirable employee benefits components in 2021.
Parental Leaves and Childcare Facilities
Employees expect the organizations to help them take care of their children and family members more during pandemic times. Offering parental leaves and childcare facilities for working parents will stimulate a better work-life balance.
One of the best ways to retain the talent in a team is by letting your employees grow. You can offer executive professional courses at affordable rates from the top business schools. Another way to boost employee engagement is by paying them to attend conferences and lectures.
Employees of the 21st-century work with the employers and not for the employers. Employers should introduce profit-sharing as a part of their employee benefits package to boost the morale of such employees. In this, the eligible employees get a portion of pre-taxed profits.
Employee perks your workforce might not appreciate in 2021
Here are the top three company employee benefits that might fail to impress your employees in 2021.
Unlimited paid time off
Offering unlimited vacations can hamper the productivity of the employees. They can be out of the workflow loop, resulting in missed deadlines and poor performances.
A Cosmetic Employee Wellness Program
Employees no more appreciate superficial healthcare programs. They now look forward to more crisp and object-oriented wellness programs.
Fun and Games
Although recreation plays a vital role in invigorating the mind of the employees. But not all employees enjoy this facility. Some might prefer to go for more mindful practices like yoga and meditation. Therefore, offering fun and games as an employee benefit might not always work.
Quick tips for the employers
- Determining the purpose of the employee benefits program before beginning the process can prove to be a smart move. In other words, employers should have clear reasons to offer employee benefits.
- Make sure you include meaningful and mindful benefits in your employee benefits package.
- Picking the benefits alone can be an uphill ride for employers. Conducting an employee survey will make the process smoother.
- Go for customized bucket list experiences to make your package more appealing.
Here’s our take
It is high time employers come up with an appealing mix of employee benefits to impress the employees. Remember, the best employee benefits packages are the ones that are not too elaborate or flashy.
It should be a simple commitment to avoid professional responsibilities that come in the way of employee wellness. Last but not least, make sure you explain the importance of employee benefits to your employees. Your ultimate goal at the end of the day should be to keep your employees happy and content.