Why Do You Need Employee Benefits Program?
What differentiate you from other company is the type of employee benefits program you provide in your company. In order to retain your old employees and attract new talents to your company, it is vital to provide some benefits such as free food, flexible working hours, hybrid working days, etc.
Companies such as Zomato introduced period leaves and google’s sleep pads along with fully equipped gyms and different indoor facilities, free food and fruits, etc. are some of the innovative employee benefit programs that have been gaining attention.
These kinds of benefits not only help employees grow professionally but also develop personally. After all, who would not want to work with such an organization that makes sure to keep their employee's growth on priority.
Things to Keep In Mind While Designing Employee Benefits Program
While designing an employee benefits program in your company, make sure to keep these 3 things in mind:
1. Employees Nature
We live in the era of start-ups, where we get to see a new company growing and becoming a unicorn. Today’s employees are smart, tech-savvy and much more focused on finding the solution instead of beating around the bush. And these kinds of employees are required who can help in growing the company.
With the outbreak of Covid-19, the companies have to adapt to the work from home concept. With the sudden change in work culture, people have started getting comfortable working from home but after the third wave of covid-19 companies have started calling employees to work from office. However, some of the companies have opted for the hybrid working style.
Therefore, with sudden changes in personal lives and work culture, it becomes vital to understand your employee's nature and see what they actually desire as well as comfortable at. Once you get to understand what your employees want, it will become much easier for you to design an effective employee benefits program.
2. Work-Life Balance
It is important for companies to make sure that their employees can maintain a good work-life balance. It is crucial because an imbalanced work-life can affect the mental health of the employee. It is important for an employee to be mentally healthy to keep the workforce intact and be attentive to official things as well as take initiative in trying new things for a better outcome.
As an employer, if you do not make sure that your employees are mentally healthy then productivity can drop drastically which will eventually lead to a drop in the overall growth of the company. As per the research done by ManpowerGroup, more than 86% of the Millenials appreciate taking time off to spend more time with family and rejuvenate as it helps them stay mentally healthy and refresh themselves.
3. Health Care Program
After the outbreak of Covid-19, people have become more health-conscious than ever. It has made people around the world realize that health comes first and it is important to get yourself covered under a health insurance policy for any unforeseen medical condition.
Many companies have started providing health insurance policies for employees as well as organizing the health care programs in the office. Since today’s generation is more into tech hence they would appreciate using the tech-enabled healthcare program in which they cold schedule appointments with a doctor online, learn about the inclusions. It is also important to create a user-friendly UI to make it easier for the employees to keep a track of their daily activities.
Benefits of Designing Good Employee Benefits Program
The company will witness the betterment in the workforce of the employees by providing a good employee benefits program. Here are some of those benefits:
- Generates a Sense of Value: When the company provides an employee benefits program, it generates a sense of value and importance in the mind of the employee. These employees intentionally as well as unintentionally promote their company for a good working environment among their family and friends.
- Productivity Increases: When employees realize their importance in the company, they become more productive and their quality of work increases. The recognition makes the employees develop emotionally.
- Creates Goodwill: When you take care of your employee's physical as well as mental health by providing an employee benefits program, it creates the employer's goodwill among them. Not only in the office but when they talk about the benefits they get in the company to their friends and family it attracts new talents to the company.
- Retain Old Employees: Now a days, employees focus on growth and a healthy working environment without any kind of politics. If as an employer, you can manage and provide a healthy working environment with constant growth and different kinds of benefits programs then you can retain your old employees also.
Importance of Millennials
People born between 1981 and 1996 are called millennials. There are more than 400 million millennials in India which is more than 30% of the population of India. Millennials cover almost 50% of the total workforce of India and this number is expected to increase up to 75% by 2025 in India.
Since all the major transformations in technology have taken place in front of the millennial's eyes, they learn things related to technology quicker than any other. Since the millennials are considered more ambitious and career-oriented, they know what they want and if the company provides them with what they expect, it will directly reflect in their work that will eventually contribute in the overall growth of the company.
Conclusion
In order to get good results and consistency in the workforce, it is important for employers to understand the needs of their employees. That is where the employee benefits program comes up and as a good employer and to stand out in the market, it is vital to provide an attractive employee benefits program.
