Compensation & Employee Benefits Ideas for Better Workforce

Employees are the most valuable asset of a company. To improve the workforce, an employer has to make sure that the employees are satisfied. It works both ways, as an employee works hard to for the company in return the employer has to make sure that the employees are happy. The added advantages like wellness programs, paid sick leaves and group health insurance policies help in building a sense of trust and belief in the employee’s mind.

Read more
Personalised health plans that fit your organizations requirements & dedicated experts to help you choose.
Customized plans

Affordable prices

24X7 Support

Dedicated claims manager

Total Care

All round wellness benefits

Fast-track your search with instant quotes from top insurers
₹1 Lakh cover starting at
₹110/employee+
No medical test required
Zero waiting period
Paperless claims
secure-icon We don't spam
Get Updates on WhatsApp
By clicking on "Next" you agree to our Privacy Policy and Terms Of Use and also provide us a formal mandate to represent you to the insurer and communicate to you the grant of a cover.

Whom do you want to insure?

  • Employee, spouse & kids

  • Employee only

What are Employee Benefits?

Employee benefits are also known as fringe benefits. Indirect compensation is paid to an employee apart from their salaries and wages. An employee loves added benefits. However, appreciation and recognition for their good performance work as a motivator, smart employees usually go for the jobs where they are provided different perks and added benefits.

Job satisfaction is one of the most important things for an employee. In case the employer ignores the employee's satisfaction with their jobs backfires and leads to bad performances by the employees. Since it is important to keep an employee motivated, the employer has to make sure that an employee’s necessities are also being fulfilled. The more you take care of your employee, the better workforce they will provide.

So here we will tell you about some of the ideas of compensation and employee benefits that you can provide to your employees for a better workforce.

Bonus For Good Performance

Well, who does like being appreciated? Everybody does. The appreciation for good performance in a company works like a charm and it motivates an employee to such an extent that they will put everything they got into their work for and deliver better results every time.

When you appreciate your employee for their hard work and offer them some kind of bonus that can be related to tickets to their favourite movie, passes for their favourite game, or anything that makes them feel good and appreciated.

Office Perks

Employers now-a-days have become smarter. They know the importance of work as well as the joyous environment in the office. As an employee enjoys the perks given in the company as much as the working environment, the employers can provide them with perks like free food, indoor games, board games, etc.

Countries like Japan and China promote nap time in the afternoon and appreciate the employees who take a nap during their work as it has delivered better results. The term used for nap during work is “Inemuri”.

Provide Group Health Insurance

Many organizations provide group health insurance policies to their employees. The insurance provided by the company provides financial aid to the employers at the time of medical emergencies. To provide the insurance plan, the company pays the premium amount for the employee’s cover.

When a company provides an insurance policy to their employees, they feel their importance in their company and it makes them feel valued. The insurance provides cover for accidents, illnesses, disability, etc. There are medical insurance policies that also provide dental checkups and regular health checkups for their employees.

Stock Options

The option of purchasing a few shares of the company on a pre-agreed amount can also increase the faith of an employee in the company. The amount is generally lower than the marke price by a particular date. It makes the employee feel a kind of ownership over something they are working to improve.

It is like human psychology, that a person works harder for something they think of it as their own. This is why when an employee is allowed to purchase some share of the company gives them a feeling of ownership and they work harder to grow the company resulting to an enhanced workforce.

Wellness Programs

Employee wellness programs are dedicated to the employees of a company. The company make sure that their employee leads a healthy lifestyle so they organize different methods of promoting healthy lifestyle.

The wellness programs a company organizes are membership in the gym, daily zumba classes, anti-smoking campaigns, health screenings, etc. These programs work as an antidote for an unhealthy lifestyle.

Provide Retirement Plan

This one of the best employee benefits. In India, the government employees used to get pension post-retirement that was also discontinued after the year 2000. Now if the employers can provide lifetime financial security to their employees then it will work like a charm.

The employees would stick to the company and would not want to leave. The stability of good employees can bring gradual growth and the employers can benefit much more than any other company.

Conclusion

Providing the employees with added benefits and compensation would surely help a lot in enhancing the workforce. These added advantages make the employees feel valuable and important as an asset. Also, providing them with group health insurance policy works better than any other advantages. An employer can benefit from providing an insurance plan as they get relaxation on tax. They can purchase insurance policies online at cost-effective rates after comparing different plans online.

Written By: PolicyBazaar - Updated: 26 August 2021

Wait! Didn't find what you were looking for?

Our certified business insurance experts are just a call away.

Call scheduled successfully

Thank you
Our experts will provide you assistance with your
insurance coverage. Be assured, all your questions
will be answered

Customizable plans from top insurers

starting @ ₹110/employee*

View Quotes
Group Health Insurance Articles
GIPSA stands for General Insurance Public Sector Association.It is a group of four General insurance companies...Read more
28 Apr 2022 by Policybazaar 12657 Views
When it comes to insurance, it's important to have a clear understanding of the available options. GPA (Group...Read more
01 Jun 2023 by Policybazaar 4851 Views
A group medical insurance scheme offers many benefits in addition to providing financial support during medical...Read more
08 Feb 2023 by Policybazaar 5687 Views
Employee welfare is one of the prime responsibilities of an employer. It helps in the smooth functioning of the...Read more
29 Nov 2022 by Policybazaar 6299 Views
Adequate health insurance forms an important component in a sound and practical personal financial plan. Its...Read more
21 Sep 2022 by Policybazaar 5745 Views
In the corporate sector, the health and happiness of employees...Read more
14 Nov 2023 by Policybazaar 42 Views
The Hospital's Third-Party Administrator Desk, often referred to...Read more
03 Nov 2023 by Policybazaar 215 Views
Offering group health insurance to employees is a critical...Read more
05 Oct 2023 by Policybazaar 397 Views
Are group health insurances tax deductible? The answer to this...Read more
15 Sep 2023 by Policybazaar 583 Views
Daily hospital cash insurance is essentially a lump-sum benefit...Read more
15 Sep 2023 by Policybazaar 428 Views
Policybazaar for Business - Group Health Insurance - Customer Reviews
View all
4.4/5
Based on 189 reviews
4.4
out of 5
Based on 189 reviews
38 users
136 users
15 users
0 users
0 users
3.8 April 09, 2023
Mansi
Excellent Support
It was easy to buy insurance from PolicyBazaar website and customer support was also amazing to clear all the doubts.Thankyou. Highly worth it.
Dehradun
4.3 April 01, 2023
Mahesh
Necessary Investment
It is a good and necessary investment. Thanks PB.
Lucknow
4.3 March 24, 2023
Surya
Provides Satisfactory Results
I purchased Group health insurance at policybazaar recently and i am so much satisfied with the plan. The application process was smooth and efficient, making the typically tedious task of getting insurance surprisingly hassle-free.Thanks PB.
Bareilly
3.8 March 16, 2023
Naveen
Helpful In Making Decisions
When it came to selcting the right Group Health Insurance, Policybazaar offered an impressive range of options from reputable insurers. I appreciated the comprehensive details avalable for each policy which helped me to take the better decisions. Thankyou.
Delhi
4.3 March 15, 2023
Rajesh
Increases Clients Expectations
I recently had the pleasure of securing a Group Health Insurance policy throug PolicyBazaar and I must say the Entire process exceeded my expectations! From start to finish, their service werw great. Thankyou.
Delhi
3.8 March 02, 2023
Ravi
Great Experience
I got great deals on PolicyBazaar website. Highly recommend.
Pune
4.3 February 17, 2023
Diljeet
Excellent Purchase
It was a excellent purchase at PolicyBazaaar. Thankyou team.
Coimbatore
4.3 February 04, 2023
Satya
Prompt Services
Policybazaar's efficient claims process was impressive. In case of any medical emergencies, my employees were able to get their claims settled swiftly, allowing them to focus on their health and recovery without worrying about financial aspects.Thankyou
Chennai
4.3 January 22, 2023
Abhishek
Budget Friendly Purchase
Thankyou PolicyBazaar for providing such a great plan at affordable premium rates. It was a budget-freindly purchase.
Delhi
4.3 January 09, 2023
Abhash
Multiple Range Of Benefits
I purchased Group health Insurance which offered me plans with affordable rates Thankyou PB.
Pune