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Disclaimer: The above plans and premiums are for 1 Lakh sum per life per month covering Health and Wellness needs of 7 Employees, 5 Spouse & 2 Kids below 35 years of age. The premium is inclusive of GST and do not cover PEDs & Maternity. Standard T&C Apply PolicyBazaar does not rate, endorse or recommend any particular insurer or insurance product offered by the insurer.
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
