Employee Benefits All HR Professionals Should Know

Deciding on the right employee benefits can be challenging for one reason. There’s so much you can offer your employees. But, choosing what type of employee benefits suit your organisation’s work culture is essential. They are crucial to keeping your employees happy and sound.

In today’s economy, a great employee benefits package goes miles in attracting talent. Thanks to a multigenerational workforce, employee benefits is not a one-size-fits-all approach. Employees are seeking various benefits that suit their work-life balance the most. The best part is almost all benefits can be woven with organisational culture. You no longer have to break the bank in figuring out employee benefits for your team.

There are three critical types of employee benefits you can offer your team. These are benefits across work, health and lifestyle. This blog breaks down the perks you can provide under this umbrella to support your team’s well-being.

Work benefits

Remote work

Employees value flexibility. Remote work has shown people that having a thriving career without compromising time with loved ones is possible. Moreover, remote work enables employees to have flexible working hours. This encourages them to work when they feel the most productive and has become integral to their well-being. Offering remote work as an employee benefit saves costs and improves productivity. That’s a win-win for every one part of the organisation.

Generous leave policy

Time away from work is instrumental in maintaining an excellent work-life balance. In fact, encouraging employees to take time off is productive. Counter-intuitive, we know, right? This helps employees deal with stress and the blues healthily. There are different types of time off you can offer your employees. These could be:

• Parental leave
• Menstrual leave
• Bereavement leave
• Special occasions (like your wedding, sibling’s graduation and more)
• Very sick leave (for illnesses like dengue, chickenpox and more)

Learning and development

Employees value opportunities to learn and grow on the job. A study revealed that 93% of employees would stay longer at a company if it invested in their career development. 

You can enable this by providing teams with learning budgets as an employer. You can also offer employees access to resources relevant to the skills they want to learn. This makes work fun, engaging and inspiring for your employees. 

Learning programmes are no longer selective perks to the best performing employees.

Health benefits

Insurance 

Group health insurance is the most preferred employee benefit. It doesn’t get easier than this to let your employees know that you care about their well-being. A comprehensive policy helps your team focus on their work better. It becomes a symbol of reassurance in times of emergency.

Besides health insurance, modern insurers offer free doctor consultations, vision and dental checkups. This helps employees shift their mindset from “sick-care” to preventative care.

Emotional well being

Health benefits are not only about physical health. It’s also about mental and emotional well-being. This prepares your employees to face any challenges that come their way. It normalises conversations of low motivation days and encourages employees to introspect often. And so, you can support your employees' well-being by partnering with therapists and counsellors.

This makes taking care of mental health and wellness effortless for your employees.

Lifestyle benefits

Gym memberships 

Healthy teams bag the best outcomes. Offering gym memberships nudges your team to exercise as a key part of their routine. Not only does this boost their morale, but it brings them one step closer to their fitness goals. 

Wealth management

Everybody has financial goals and aspirations. By onboarding wealth partners, you enable your employees to plan for their future better. This helps your employees reach their financial goals faster. 

Tips for choosing the best type of employee benefits

There are myriad benefits you can provide your team. However, the best way to know what benefits work for your organisation is to ask your employees for them. Given that they are the key stakeholders, it is best to talk to them and identify the perks they value the most.

Employee benefits should also be in tandem with organisational culture. For instance, remote work has become a popular work culture. However, if your work requires you to be on-site, remote work is not the best option for you. So, it’s important to contextualise your benefits. Ensure they meet everybody’s expectations.

Lastly, remember that providing employee benefits shows your team how much you care. Happy teams create the best products, and the results of this can be seen throughout time. If you liked our blog, you would enjoy our Uncovering HR video with Aashish Singh, CHRO of Meesho. He spoke to us about building inclusive organisations and policies. And, we believe you will enjoy watching this video!

https://www.youtube.com/watch?v=XIiLqDjgL5c