Benefits All Startups Should Provide To Employees

In 2016, the Government of India launched a scheme named “Startup India”. The purpose of this initiative was to encourage young talents to build their business/company and contribute to the economy as well as increase employment. However, it is not easy to run a company as you have to hire the best of talents as well as retain them for a long period of time.

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*Premium starting from ₹105/Employee/Month for ₹1 Lac Sum Insured covering Health & Wellness Needs (excluding GST)
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**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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How Can Startups Benefit Employees & Retain Them?

It is not easy to start a startup company from scratch and convert it into a unicorn when you get to hear about a new startup coming up every other day. With the rising competition, the entrepreneurs have to take a different approach in order to grow their business.

Since employees are the backbone of a company and they are no less than a responsibility for the employer. It is vital for the employer to offer them several benefits as leverage so that they do not look for any other opportunity.

It is not easy to find a young, pro-active employee who would give their 100% to grow the company and then retaining them is another part of the puzzle. To make this possible the employers have to provide certain benefits such as health insurance, the opportunity to learn new things that would help them in their career, flexibility in work, a diverse working environment, etc.

Flexible Timing

It is a different story when there is a deadline to submit any work assigned to the employee otherwise making them feel the pressure of work all the time would hinder the quality.

When you offer a flexible working environment where employees can work without feeling any kind of pressure, their quality of work improves. This not only makes them feel relaxed but also benefits the company.

Opportunity To Learn New Skills

There is a mindset among the graduate that when they join a startup company, they would get to learn new things. They will not only be assigned the work according to their forte but different tasks where they learn new skills and grow as an employee that would benefit them in the future.

Whereas in a well-settled company, the employees are assigned the tasks according to their forte and do not get the opportunity to learn new skills. This is where startups stand out among all the companies in their sector. This would help the startup companies to retain good employees for a longer period of time as well as benefit the employees.

Health Insurance

Group health insurance is one of the most important perks when it comes to providing benefits to employees. When the employer provides health insurance to their employees, it builds a sense of care and goodwill for the employee.

Group health insurance provides financial aid to the employee in case of a medical condition and not only to the employee, the coverage for medical bills extends to their dependents as well. This is why providing group health plans to the employees would help in keeping the workforce that would eventually help in the growth of the company.

Option To Work From Home

When the Coronavirus hit the entire world many companies had to send their employee to continue their work from home. In the last 2 to 3 years, the work from home culture changed the mindset of the employer as they not only discovered a different approach but also benefitted them in several ways such as they get to save on hefty electricity bill, transportations cost, etc.

Working from home not only benefitted the employers but the employees also got better at maintaining their work-life balance. Not just this many giant organizations like Twitter have totally shifted to work from home culture and now their employees can keep on working from home forever.

Four Days Work Week

The United Arab Emirates has taken the initiative to begin the 4 day work week in 2022 only. Not just UAE but countries like Spain, New Zealand have begun the trial for a 4 days work week.

It is said that the concept of 4-day work is to make it easier for the employees to maintain their work-life balance as well as improve the quality of work of the employees along with the workforce. Startup companies can consider this concept as it would attract many fresh talents and get the most out of them.

Conclusion

People looking for jobs not only get satisfied with the kind of salary they get but they also wish to get additional perks. Group health insurance is an important perk but not enough. The employers have to take a different approach towards providing benefits that would attract young talents and retain the old ones.

Written By: PolicyBazaar - Updated: 25 February 2022
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