Every modern employee wants a solid benefits package, and every employer wants to offer the “right” benefits to attract and retain talent.
With a plethora of benefits out there, what benefit do you choose? To make things easier for you is this handy employee benefits checklist.
Various Types Of Employee Benefits
When it comes to employee benefits, there’s no limitation. You can pick and choose from a variety of different benefits based on your industry, your employees, etc. Think about it carefully and pick the right ones, as that’s what will help with recruitment and retention. Broadly, you can categorize benefits into four types:
- Benefits for financial security
- Benefits at work
- Benefits for health and wellness
- Lifestyle benefits
Benefits For Financial Security
Financial security ranks number one on most employees’ lists. You must tick one or more of these boxes for the best results in the long term.
- Travel support
- Maternity/paternity pay
- Share schemes
- Employee assistance program (EAP)
- Financial wellbeing support
Benefits At Work
Like financial security, employee benefits at work too are essential. It helps employees not only perform their duties better but also ensures a positive work environment. Some of them include:
- Flexible working hours
- Training and skill development
- Food and beverage options
- Paid training and development
- Company equipment
- Employee clubs and activities
- Leaves (paid, sick, and family)
- Flexible hours and remote working
Benefits For Health And Wellness
Health and wellness are key to giving it your 100% at work. Plus, after the pandemic, it’s clear that everyone needs support and care. It’s essential for employers to pay attention to their staff’s mental and physical wellness. The following health benefits help with that.
- Employee health insurance plans
- Additional medical benefits (dental, vision, maternity, disability, etc.)
- Mental health coverage
- Preventive care (health screenings)
- Gym memberships
- Sick leaves
The little things like free coffee or time off when you need to recuperate matter. Especially in a time like this, where flexibility is a growing need, you must help employees, which in turn, helps your bottom line.
- Retirement plans
- Paid parental leaves/childcare facilities
- Hybrid/remote work
Making An Actionable Benefits Plan For Your Workforce
Of course, the above benefits seem like an undeniable proposition to attract and retain employees. However, without a plan of action to enforce your benefits plan, you will head nowhere.
- Step 1: Identify the objectives and the budget of the organization - Firstly, you need to identify your objectives. Once you do, you can easily design a benefits plan and allocate a budget.
- Step 2: Conduct an assessment of your needs - You know your objectives, now you need to assess your needs so you can cherry-pick those that matter to your employees.
- Step 3: Formulate the benefits plan - Now that everything is laid out for you, you must formulate the benefits plan.
- Step 4: Communicate the benefits plan - Communication is key, without which, employees won’t know what’s on offer. Plus, it’s one of the best ways to promote employee buy-in. Pick every channel possible and let them know what’s on offer.
- Step 5: Periodic evaluation to determine the effectiveness - Evaluation every few months will reveal if the plan is working and meeting the employees' and the organization’s needs. Accordingly, you can make amends.
Measuring The Impact Of Benefits
When you measure the outcome of any plan you’ve put in place, you will know if it’s meeting the objectives, and you set the goals of the business. Here are a few ways to collect data and measure the outcome of your benefits plan.
- Focus on outcomes rather than ROI
- Employee key performance indicators
- Staff turnover
- Absence statistics
- Employee satisfaction surveys
Benefits For The Win!
You’ve heard the saying, “all work and no play makes Jack a dull boy” time and again. In the workplace, this holds relevant as work is good only if your employees enjoy it!
In order for your employees to do their best, as an HR or employer, you must keep your most important resources, your people, healthy, happy, productive, and engaged.
Loop helps you do all that plus care for your employees.
We believe health benefits must be holistic, useful, and simple. Our mission is to bring value and quality care back into the Indian healthcare landscape. If you agree, reach out to us!