When it comes to employment, one looks for stability and a cohesive working atmosphere. However, this goes beyond a paycheck alone. In addition to receiving competitive pay, more and more employees are now looking for value-added benefits and additional perks at the workplace.
Organizations too are aware of this and are now including employee perks in employment packages. So, what exactly are employee benefits and perks, and which ones should you include in your work packages? Let’s find out below!
What Are Employee Perks?
Employee perks are both monetary and non-monetary benefits that are provided over and above the salary component. Examples of them include paid time off, insurance provisions, wellness initiatives, and more. Read further to know why they are important and how you should provide them too.
Why Employee Perks Are Important?
Employee perks can increase and fuel higher employee satisfaction. For organizations, this translates into better productivity and thereby more success and growth. It also enables employers to attract and retain better talent and boost market presence.
Looking for employee benefits ideas? We’ve got you covered below.
List Of Employee Benefits And Perks In India
More and more employees are now demanding benefits at work. To cater to this and to enjoy the advantages of higher employee satisfaction, we bring to you below, a list of employee benefits and perks that you can include in your employment packages.
1. Employee recognition
A little appreciation can go a long way! Employee recognition is one of the most solicited means for increasing workforce satisfaction. Key in regular feedback, provide appreciation notes, and small yet meaningful packages to encourage the effort of your employees.
2. Health insurance
Health Insurance is one of the most important and the best employee perks today. Ensure that you provide employees with adequate health coverage that goes beyond regular health insurance.
Loop’s custom health insurance plans entail top-notch primary care, wellness perks, 24X7 doctor consults, and a lot more to ensure a happy workforce!
Talk to us to bring amazing health benefits to your team!
3. Primary care
Along with group health insurance, one of the must-have employee perks at work is primary care. You must keep an eye out for insurers who also not only treat you when you’re sick but work to keep you healthy always. And that’s what primary care is.
This way, your employees don’t have to let illnesses come in the way and can stay healthy and productive.
We’re got a bunch of resources on preventive care. You can read about the importance of preventive healthcare for employees in India, and 5 differences between preventive and curative health care, and more right here!
4. Vacation/Paid leaves
Your employees are not machines. They require time to recuperate and recharge. This is possible with the help of paid vacation days and time off. Include paid leaves in your leave program to enable happier employees at work.
It’s also one of the low-cost employee perks for small business that in return give you a great deal in the form of more productive employees.
5. Retirement plan benefits
It’s not entirely true that only government jobs allow pensions. Subsidize employee savings and enable them to form a surplus that they can use after their retirement.
Even things like employee provident funds are excellent examples of employee perks that will help them know that you truly care and also feel secure about their future.
6. Paid parental leaves
Parenthood is special and every new mother or father and must enjoy the phase. One of the great perks for employees like them is paid parental leaves. With the help of scheduled maternity/paternity leaves, they do not need to worry about loss of pay or other stressors and at the same time enjoy time with their little one!
Did you know with Loop group health insurance you get maternity cover too. Check it out!
7. Flexible work arrangements
One of the biggest reasons employees leave their jobs is poor work-life balance. Provide valuable perks to employees like flexible schedules and work-from-home options to cater to day-to-day contingencies or personal goals so they feel satisfied and supported.
8. Child care facilities
Employees with children often worry about the safety of their tiny tots at daycare facilities. Further, child care comes at an additional cost, which they may not be able to bear easily.
To help them in this regard, companies can look at providing creches and child care facilities at work. Of course, it’s one of the unique employee perks, but a very useful one.
9. Professional development
Learning is a lifelong game. Offer employees with ample opportunities to expand their skillset and grow at work. This will help them fulfill their career plans. At the same time, this can help you enable more efficiency at the workplace.
10. Employee discounts
Providing discounts on your company’s food and services is also a great way to solicit employee satisfaction. You can also extend new products to your employees first as a means of appreciating them and making them feel like an integral part of the process.
11. Wellness programs
Post the pandemic, there’s been a shift in focus to wellbeing in the workplace. It pays to have a fit employee base - something that organizations can guarantee with the help of an employee wellness program.
Wellness perks for employees include free or subsidized gym memberships, mental health consults, sessions on how to sleep better, financial management, and more.
At Loop, we provide free wellness events as part of our holistic health insurance plans. Check out the calendar for a range of different wellness activities and session.
12. Commuter support
Commuting to work is cumbersome to the pocket as well as the mind – thanks to the traffic and the cab bills. Provide employees with an easy-to-use shuttle service or commuter reimbursements. This will help them feel taken care of and perform better at work.
13. Stock options/Equity
Another unique employee perk is stock options. These give employees a real sense of ownership in the success of the business and thereby help you create a relationship of trust with them.
14. Office parties/Get-togethers
Human connection at the workplace plays a huge role. Allow your team to mingle with other employees outside of work. A great way to do this is with the help of office parties. They help break the ice for new joiners and work as a stress reliever for the rest!
Want something entertaining to do in the office? Try one of our top 10 fun Friday games and activities for employees in 2022.
15. Lunch subsidies/Food provisions
Food fosters love – at home and at work! One employee perks idea is to stock up your pantry with free food supplies including refreshments, snacks, and more. This way, employees can indulge in some delicious nibbles and feel more satiated at the office!
Happy employees equal a happy organization. By taking care of your people, you stand to benefit from their loyalty and also improve your company’s reputation and overall standing.
Download this quick and easy-to-read guide for implementing employee benefits that work for you and your organization
At Loop, we enable you to take care of your employees from a health perspective. Our holistic group health insurance plans work towards the overall health of your employees. and include round-the-clock mental health and doctor support, free wellness sessions twice a month, and more.
For further assistance, get in touch with us now.
Q1. Which benefits and perks drive the highest employee satisfaction and engagement?
Ans: While all types of employee benefits can drive employee satisfaction and engagement, the below are generally believed to be the top 3:
- Health insurance primarily drives employee satisfaction
- Vacation/paid time off for enhanced engagement
- Flexible working both a little bit of both!
Q2. What are the top 5 examples of employee perks?
Ans: Given the change in workplace dynamics and based on common consensus, here are the top 5 examples of the types of employee benefits and perks:
- Flexible work arrangements
- Wellness initiatives like gym memberships
- Health insurance
- Paid sick leaves
- Professional development opportunities