Importance of Employee Benefits
Attracting employees to work in your company is not easy, especially if you are a small business or startup. Without the large paychecks offered by MNCs, many employees might find it hard to want to work for a smaller business. Luckily, there is a way to change that – employee benefits.
What are Employee Benefits?
Employee benefits or perks are now a must-have, no matter how big or small your company. A survey by Prudential Financial found that 72% of employees stay at their current job because of a strong benefits package. 52% of respondents say they would be willing to take a new job if better benefits were offered.
The results are clear. You need to be offering employee benefits to attract the best talent. But just providing benefits doesn’t matter, you need to provide the right benefits. Yes, that’s a thing. What are the right benefits you ask?
For 2021, we have rounded up six of the most popular employee benefits you need to offer. Offering even a few, if not all, of these, is bound to make your company stand out in a crowded market.
Employee Benefits You Must Have
Flexible Work Policies Are a Must Have
Even if you do plan to return to the office, the need for social distancing will mean some employees will have to work remotely. Offer a flexible work policy, giving employees the option to work from both home and the office. If jobs can be done remotely, give employees an option to do so.
RGF International Recruitment’s Talent in Asia 2020 report found that 61% of employers plan to continue flexible work arrangements even after COVID-19. If so many people are opting for it, you don’t want to be left behind!
Cover Internet Bills and Office Equipment
If employees are going to be working from home, you want them to be as comfortable as possible to maximize productivity. Here’s a blog we wrote on setting up the ideal home office. With that, you need to look at financing internet bills and office equipment.
These employee benefits are a great way to show you care. Even a small amount, like ₹1,000/employee will go a long way in building a culture of caring. Doing so will allow your team to build a safe and functional space at home, ensuring that they can get the job done.
Employee Benefits Like Holidays Matter
Paid time off is a standard benefit, but you can and should go beyond the standard. Offer employees time off for things like their birthdays and anniversaries. It’s a great gift your employees will love. It gives them a chance to properly celebrate the day, without worrying about work.
Also, consider providing mental health days. Aetna International found that 32% of employees used their sick days to deal with stress. Not only are employees hiding it, but as a result, they end up working on days that they are sick.
Access to Subscriptions
A New York Times report found that on average, we were paying $640 (around ₹46,000) per year on subscription services. From music to wellness membership plans, the average person has plenty of subscriptions. As an employer, you can do your bit to help.
Employee benefits like discounted subscriptions are a great way to attract employees. Why not get a corporate plan for access to subscriptions like wellness memberships, resources like The Economist, LinkedIn Premium and more? Not only are they cheaper, but they also help create healthier and informed employees.
Professional Development Courses
No one likes to stay where they are. Employees are always looking to grow their skills and advance their careers, so why not provide employee benefits like professional development courses? Give employees a chance to learn new skills, and apply them in-house.
That way, your team might find a more efficient way of doing something, or come up with a great new idea. It’s a benefit that will really help your business grow.
Healthcare Employee Benefits
Post-COVID, there’s a huge focus on healthcare you cannot afford to ignore. A great way to attract employees is with comprehensive employee wellness programs. That means preventive care, wellness benefits and employee medical insurance.
That way, your employees can put their health first. Healthy employees are more productive and engage better. With no clue on when the pandemic will end, healthcare benefits for employees are a must-have in 2021.
If you are looking for affordable employee healthcare for MSMEs and startups, why not check out Onsurity? Our employee wellness programs offer benefits like doctor teleconsultations, discounted medicine delivery and health check-ups, fitness tracking and more. Onsurity’s employee benefits will help you stand out, so what are you waiting for?