A loyal and productive workforce is one of the most critical assets of a successful company. Skilled and knowledgeable workers rarely remain in the market for a long time. This does not mean that employees just accept the first offer they receive. So how do they decide which company to work for? It all boils down to employee benefits a company offers besides the salary. These may range from employee health insurance to vouchers for restaurants. Let’s take a look at some of the most effective workplace benefits that help retain employees.
What are employee benefits?
Employee benefits are indirect benefits that employees receive as a part of their complete compensation, which is over and above the direct paycheck. One of the most effective ways to retain employees and reduce attrition is to reward them. When people working for you feel that their voices will be heard and that they are taken care of, they prefer to stay at that job. Employee benefits vary, depending on the organization and job profile. The benefits of permanent employment, for instance, far outweigh those of temporary or freelance gigs. Although employee health insurance plans may work better for some workers, compensation may work better for others. Companies usually discuss these benefits when they issue offer letters. This gives one company an edge over its competitors.
An organization can offer multiple employee benefits to recruit and retain the best talent and boost productivity. Employers can choose these benefits, depending on their current workforce needs. Below are some of the best employee benefits an organization can offer:
- Health insurance
Most individuals are interested in health insurance plans 🤒 an organization provides. From reimbursement of medical bills to compensation for permanent disabilities to support the employee’s family, this includes a range of benefits. Organizations like PlumHq even offer cashless medical treatment facilities. The employees only need to contact their HR, and all the paperwork is taken care of. These benefits relieve employees of any financial stress during medical emergencies and go a long way in ensuring employees’ loyalty.
- Retirement planning
Preparing for the future and saving for it is always prudent so that you don’t have to deal with financial stress after retirement 👵🏻. Employees who give their time and talent to an organization expect to be rewarded with financial security post-retirement. Providing an expert-guided retirement plan helps an organization gain long-term trust from employees.
- Training and development 👩🏻🎓
The more skills an employee has, the better the job offer. One of the prime reasons for attrition is that people feel they have nothing left to learn and no room to grow. It is necessary for them to think that there is still more learning and more opportunities available. To retain its best employees, the company must invest in professional development. Training them on a foreign project or handing them other roles and responsibilities are some examples.
- Travel perks
An important aspect of boosting employee productivity is ensuring an excellent work-life balance. As an example, companies can arrange paid vacations 👩✈️ for employees based on their performance. Employees are motivated to work harder not only to earn recognition but also to enjoy the perks. Sometimes, these benefits may even cover a spouse or partner’s expenses.
- Paid leaves
It is important to maintain physical and mental health to maximize productivity. Offering paid leaves can provide employees with a sense of support. The number may vary as per the organization. Moreover, if unused, organizations may allow rollover to succeeding months or redeem it at the end of the year.
- Bonus and stock options
An employee’s best reward is to be recognized for their work. A bonus reward can be offered to show appreciation for completing targets. Additionally, the ability to purchase the shares of their company at a discounted price can also be granted to employees who reach a certain job role.
- Work from home and mobility benefits
The pandemic and subsequent lockdowns have demonstrated that work can be done from home or remotely. Offering employees the option to work from home or another location may simplify their lives and contribute to their work-life balance.
An organization can conduct an in-house survey or market research to understand current employee needs to select employee benefits. It is no secret that employee benefits boost the productivity and satisfaction rate of employees, which boosts the company’s public perception.
For premium employee health insurance plans, Plum Insurance offers customized insurance plans at an economical price. In addition to detailed and transparent coverage, the employees also receive 24/7 expert-guided assistance for any claims or other questions. Personalize employee health insurance for your team today.