Major Types of Employee Corporate Benefits Programs
Getting an employee corporate benefits program that resonates with most of your employees (if not all) is not an easy feat. Employee corporate benefits programs are increasingly becoming complex. Employers must ensure that the programs are designed and implemented to boost employee motivation and interest in work, thus producing more valuable output. In the below article, we shall focus on various types of employee corporate benefits programs and the benefits of buying corporate insurance.Read more
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Trending Employee Corporate Benefits Programs in India
India is believed to have one of the largest workforces in the world. India is believed to have one of the largest workforces in the world. Employee benefits in India are vital as most of the Indian working population work in the service sector. Providing adequate employee benefits can ensure they are happy and feel valued.
Employee benefits are generally compensation-based or non-cash benefits given to employees over and above their salaries. A good employee corporate benefits program is designed keeping in mind the workforce’s needs and the company’s budget.
Some of the trending employee benefits programs in India include:
- Group Health Insurance Plans: Group insurance scheme is one of the most valued employee benefits. This insurance covers employees and may also cover their dependents, including spouses, children, and parents. Also, the government has made it mandatory for employers to provide group health insurance to their employees as per the post-COVID guidelines.
- Paid and Maternity Leaves: Getting paid leaves are very significant for every employee. The motivation comes from the fact that in addition to monetary benefits they will be granted paid leaves for their hard work. Companies are now also considering longer maternity and paternity leaves for their employees.
- Wellness Programs: Wellness programs have started to gain significance in employee corporate benefits programs. Employers now offer several programs to boost the overall wellness of employees. This includes both physical and mental well-being. Wellness programs such as yoga and meditation sessions, gym membership, etc., are now a common practice.
- Fringe Benefits: There are a few benefits that employers usually offer, like, food coupons, transportation facilities, educational costs, etc.
- Skills Development Programs: Offering skills development programs help employees stay well-equipped with their job and the company and be competitive in their industry.
Benefits of Buying Corporate Health Insurance
Also commonly known as group health insurance, this insurance plan is designed to cater to the health insurance needs of employees. Moving away from basic health plans, employers have now realized the need for comprehensive health insurance for employees.
Some of the common benefits include:
- No medical check-up
- Zero waiting period
- Coverage of pre-existing diseases
- No (or very less) contribution to premium
Apart from these common benefits of corporate group health insurance, some of the added advantages that a comprehensive plan provides are:
- Complete digitalization
- Customization of plans
- Flexibility in payment options
- A wide network of hospitals and medical centers
- Seamless and paperless process
- Some may even include added wellness, teleconsultation, fitness, and rewards features
Employee benefits are essential for a company’s welfare, having a direct correlation with the company’s overall productivity. In the dynamic work environment, need-based benefits have an edge over the basic ones. Employees choose a job or decide to continue with the existing firm based on various factors. And, an attractive employee corporate benefits program is one of them.
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