Create the Best Employee Benefits and Rewards Program

In today’s talent-led market, employee benefits and rewards programs are becoming a cornerstone to help organisations attract and retain employees. Benefits and rewards are no longer just for on-paper purposes, but to genuinely compensate for the employee’s performance and efforts. It is for this reason, a more strategically planned and smarter rewards programs must be created that focus on holistic, and ongoing experience. In the article below we shall look at the reasons why these programs are necessary and how to create them.

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*Tax benefit is subject to changes in tax laws. *Standard T&C Apply

** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines

Why Offer Benefits and Rewards Program to Your Employees?

Having an employee benefits and rewards program is one of the best things you can an employer can offer to your employees. It has a positive and long-lasting impact on both, the employer and the employee.

- It helps increase loyalty within the workforce

- Such programs motivate the employees that in turn leads to higher productivity

- Creates goodwill and boosts the reputation of the organization

- Helps attract talent

- Leads to lower attrition rate and improves employee satisfaction.

Building the Best Employee Benefits and Rewards Program

To ensure your organization attracts and retains the best talent a competitive employee benefits and rewards program is the need of an hour. Let’s have a look at the steps to build one such winning program:

Discuss with your Team

Since these programs are designed specifically to meet the needs of your team, it is best to ask them before making any decision. A survey can be conducted wherein the employees are encouraged to share their suggestions and ideas. Insurance for employees and wellness programs are the most sought-after benefits.

Align the Program with the Overall Business Goals

Benefits and reward programs should be such that align with your overall business goals. They should reflect your work culture and values. Similarly, these programs also are a strong force to create a specific company culture. Thus, considering a bird’s eye view is a must:

Make a Budget

There are plentiful employee rewards and benefits available in the market like the employer employee insurance. It is however important to set up a budget and pick the ones that make the maximum impact with minimum cost. From the suggestions provided by your workforce and aligning them with the overall objective, select the benefits that fit best in the allocated budget.

Incorporate Mandatory Employee Benefits

There are a few benefits that are mandated by the government. Every organization (based on the criteria) should compulsorily comply with such regulations, or else they will be liable for fines and penalties. For example, a type of employer employee insurance, worker’s compensation insurance, is mandatory for certain organizations.

Communicate Clearly with your Employees

Once the employee benefits and rewards program is in place, it is essential to communicate the same with the employees in an effective manner. Communicating, educating and training the employees (if needed) should be constant and clear.

Get Feedback

Employee feedback is necessary not just before structuring the program but also after its implementation. It will ensure the popularity of the rewards and how much are they valued.

Review Periodically

The continuous success of employee benefits and rewards programs depends a lot on the frequency of its review. Making changes forms a part of any growing organization, and similar to other policies, these programs should be reviewed periodically for any amendments needed.

Conclusion

Effective employee benefits and rewards programs can support, care for, and build career paths for its employees. It understands both extrinsic and intrinsic needs and tries to fulfill them in the best way possible. Not only does a well-designed rewards program help attract the best talent, but it also helps in boosting employee productivity and improves overall engagement and retention.

Written By: PolicyBazaar - Updated: 12 December 2022