Employee benefits boost employees’ morale and motivate them to give their best to the company. As we know, employees are the playback owners of the company who run the whole task on behalf of the owner. Offering benefits is the only way to retain the best employees in the company.
What are employee benefits?
Benefits can be insurance, medical, profit sharing, stock options, paid time off, dental, life, retirement benefits, and many more. Such benefits are apart from the basic salary and wages.
Employee benefits in India also include pension schemes, provident funds, and many groups or individual insurance packages, including perks like mobile phone charges, transport allowance, internet packages, and many more.
The benefits are given per the company requirements and different in different companies. For example, in the US, health insurance is a common strategy to retain the best employees. In France, restaurant vouchers are the best way to attract employees.
Most companies successfully retain their best employees by giving them benefits above the salary, although there are others who are unable to retain their employees even after offering perks. At the end of the day, retention only depends on the employee’s personal decision.
List of employee benefits in India
Employee benefits have several advantages to the organisation or company. Most companies are satisfied much more than employees after offering employee benefits. Employee benefits packages should be customised according to the employee’s requirement and allowed by the employer’s budget. There are some employee benefits in India that are helpful for both and are discussed below:
Health 💉 and group insurance plans
Health is the priority of every individual. It is equally essential for every individual to secure their family’s health. A company that offers both benefits to its employees will increase the retention rate of the best employees. Providing these benefits highlights the organisation’s values in the eyes of potential employees.
Dental insurance plans
Dental treatment is costly and painful. Every individual can not afford it with a minimum salary. A company that offers its employees dental insurance plans as a perk will secure the company’s future. No employee will leave the company after getting dental insurance as a benefit without any deduction in basic wage and salary.
Life 🏥 insurance plans
Life insurance is the secured plan for the family of every individual. Getting these plans from a company where you spend lots of time or give your best is a blessing. Such benefits boost the morale of employees to work harder for the company to achieve its goals. Their dedication to working also secures the life of their loved ones after their death.
Retirement is when employees permanently leave the job and are dependent on their family members and children. If employees get any income after their retirement at regular intervals will push the employees to give their best towards their work.
Every employee will work harder if they get paid leaves for better working and fulfilling their given target. Getting paid leaves are helpful for every employee. Employees enjoy the paid leaves at the time of vacation and after returning to office work with more dedication to achieving the next target.
Profit is the only way to change technology with upgraded machines and equipment. Profit-sharing plans are commodities for achieving this goal. If employees get a share in the company’s profit, they work much harder without any leisure to achieve the target profit so that they get their share in it.
Monetary benefits also include sales commission which is the extra benefit added to the basic salary for achieving a given sales target. Commission can be in the form of cash in hand and gifts such as bags, awards, vehicles, and many more. It is the best and most straightforward way to retain employees.
Getting free vouchers for clothes, accessories, meals, and shoes is the cut-off expense of a person. The employee will work with a core heart to get their vouchers. It can be helpful for the company that wants to spend less and retain the best employees in the company.
Work from home facility
Due to lots of responsibilities at home, such as their sick grandparents, care of a few months child, and substantial travelling expenses, some employees will drop their job. If a company gives its employees the option to work from home, it will be able to retain them.
Bonus is the employee’s reward for achieving the target. Bonuses can also be in the form of promotions such as general manager, area sales manager, taking part in decision making, and many more. When the employees get bonuses frequently for every task, they work with more boost, which also benefits the company.
Maternity paid leaves are one of the topmost registered benefits. If the employee gets paid for taking maternity leaves, they get back with more potential in the same company rather than changing it. Companies with minimum employees of 10 only give maternity leaves.
Most companies use this method to retain their highly profitable employees. Employee benefits were first started in 1948 by the employee’s state insurance act. The results from it are beneficial for both employers and employees.
Worker benefits are common and essential for the company’s welfare. For maintaining a positive atmosphere in the company, it is necessary to give employee benefits at regular intervals.
It boosts their morale towards working and unlocks their maximum potential. It is the best and easiest way to retain better employees. Moreover, employee benefits schemes also attract potential employees outside the organisation.
Check-out corporate insurance plans here.