Employees work hard, and it’s for more than just a six-figure salary 💵. Today, they’re looking for a job that suits their lifestyle and fulfills their non-tangible needs. With this, employers are required to step up and provide more employee benefits and perks at work.
However, a holistic employee package isn’t for employees alone. It works rather well for employers due to its ➕ positive effects on increasing employee engagement and overall productivity 🎯 at work.
To cater to this and to enjoy other allied advantages, organizations now offer lucrative employee benefits. Let’s understand what are common employee benefits and how you can offer them.
🎯 How Do Employee Benefits Increase Productivity? 🎯
Employee benefits make employees happy and happy employees 😀 will naturally be more productive 📈. Various studies have proven this as well. That’s why companies today are extending competitive employee benefits packages to employees.
Providing important benefits, such as flexible hours, medical insurance, and more can further lead to improved employee retention. This can enable HR and business leaders to reduce the time spent on tackling attrition and instead focus on other improvement areas.
And that’s not all. Providing benefits to employees also allows companies to stay at the top of the game to earn goodwill and build a market reputation. Happy employees will advocate for the organization, and this will, in turn, help you attract more talent.
Let’s understand what are some common employee benefits below:
👉 What Are The Most Common Benefits Offered To Employees? 👈
While traditionally it was believed that offering great pay raises to employees will keep them happy, it is far from true today. As time has changed, so have your people. They’re now looking for other perks such as job satisfaction and flexibility at work.
You can cater to these demands of employees and work towards building a benefits plan by incorporating the following:
1. 🚻 Life insurance
One of the most common insurance benefits that you can offer to your workforce is life insurance. Given the times of today, employees are keen on covering their lives.
However, this comes at an added cost and not everyone can afford it. By providing employees with life insurance, you can make them feel secure and also help take care of their families in case of any unforeseen contingencies.
Employers can either offer life insurance at no cost to employees or provide it to them on an equal sharing basis.
2. ⚕️ Medical care
After the pandemic, more and more people are willing to buy health coverage. They have realized the financial and mental burdens that health contingencies come with and are therefore looking at means to avoid the same.
By providing medical insurance to your employees, you can elevate them from the burden of purchasing expensive medical policies and also provide them benefits such as coverage for pre-existing diseases.
🟢 At Loop, we offer customized group health insurance plans that can help you extend medical care to employees at affordable rates. 🟢
3. 🎄Paid time off
Employees who work without a breather can have dipped energy levels 🔋. It is important for them to recharge and find time to disconnect every once in a while. They can do this with the help of paid time off 🌴.
In the absence of paid time off, employees fear the loss of salary and hence avoid taking breaks from work altogether. This can take a toll on their productivity and also affect their perception of the company.
You can substitute paid time off with leave encashments to incentivize employees who cannot utilize the leaves granted.
4. 🧓 Retirement benefits
A looming question on the mind of most employees is future security. This can sometimes affect their productivity as well. To avoid this, employers can consider offering retirement benefits to employees.
You can do this via schemes such as NPS (National Pension Scheme). You can contribute a percentage of the employee’s pay to the NPS account each month and let them make similar contributions as well.
Providing benefits such as these can enable employees to structure their retirement planning and secure the future of themselves and their families.
5. 💪 Wellness programs
Another common benefit offered to employees includes subsidies or provisions for physical and mental wellbeing. These include 🏋️ gym memberships, mental health counseling 🧠, and more.
Companies these days have well-designed wellness programs that take care of employee wellbeing. As a substitute for a wellness program at work, employers can also offer monetary aid, such as wellness subsidies, to help employees look after themselves.
6. 📈 Stock options
💸 Monetary perks work great with employees. It is an easy way to make them happy and reward them for their hard work. In addition, to pay raises and bonus payouts, you can look at offering your people stock options.
Provide employees an option to purchase a certain number of shares in company stock at a pre-set and slashed rate. Doing so can make them feel valued and an important part of the company.
7. ⏰ Flexible working schedules
Of all the types of employee benefits offered, flexible working has been one of the top-rated 💯. Employees are looking for means to balance work and personal commitments more effectively, and flexible working schedules offer just that.
Instead of fixing hours at work or micromanaging your employees, give them the freedom to manage their time and work commitments. This can also help in building a relationship of trust with employees.
Additionally, you can also allow employees to work from home or devise hybrid working arrangements.
8. 📚 Education assistance
Another way to cater to employee happiness is by providing them with opportunities to grow and learn 🪴. You can do this by offering education subsidies or professional development opportunities.
Enable them with the freedom to pursue the educational courses of their choice by tying up with reputed institutions. Further, you can also offer them time off for educational purposes.
In addition to educational assistance, added work responsibilities also aid employee development.
9. ➕ Disability insurance
Disability insurance is especially important for organizations dealing with hazardous processes or where there is a perceived threat of injuries.
This entails financial compensation and job security in case of any accidents. It covers complete, partial, as well as long-term, and short-term disabilities.
Offering disability insurance is another way of showing employees that you truly care for their well-being and future.
10. 💫 Caregiving benefits
Working parents have several added responsibilities in terms of childcare. This sometimes compels them to leave their jobs as well. To avoid great talent from quitting, companies are now offering caregiving benefits to employees.
You can provide daycare subsidies to employees or have creches arranged at the workplace. Further, you can also offer extended maternity and paternity leaves, as and when required.
Offering caregiving benefits can enable employees to maintain loyalty to the employer in the long run.
👌 Better Employee Benefits With Loop 👌
In addition to standard compensation packages, employers are now providing several fringe benefits to their workforce. This has enabled them to enjoy better growth and revenues at work.
Grab this easy-to-read guide for implementing employee benefits that work for you and your organization
At Loop, we recognize the need for companies to provide amazing employee benefits. That’s why we include perks such as mental health counseling, 24/7 doctor consults, and access to wellness events as part of our insurance plans.
To understand more about employee benefits at Loop, click here.
Leave it to Loop to supercharge your team!