Gone are the days when employee benefits weren't considered necessary, and a simple hike in pay would suffice. According to a survey by GlassDoor, nearly 57% of people say benefits are the first priority when it comes to accepting a job. Today, with costs for healthcare, fuel, meals, and clothing reaching the sky, only a competitive benefits package can help retain top talent.
A well thought and balanced package of employee benefits not only ensure workforce's efficiency but happiness and wellbeing as well. It can be a challenging task deciding what suits today's multigenerational workforce depending on various factors, including company size, workforce demographics, and industry. However, once it is cracked effectively, it offers a morale boost for employees that drives them to deliver their best and contribute to the company's business goals.
Here are the top 10 employee benefits in India:
Flexible Schedule
Flexi-time helps maintain a healthy work-life balance for employees. It allows them to customize their day instead of following the traditional schedule; however, they still work for the same number of hours. A chance to avoid sitting in traffic holds great value for employees as they get to spend that same time as per their choice. As a result, it boosts productivity and enables the workforce with the power to control their work lives and personal lives.
Transportation Benefits
Conveyance is a big concern for the workforce, especially those who stay far off from their office location. An organisation can either provide fuel benefits if the employee uses his or her personal vehicle or offer cab services. In case of fuel allowance, employers can take help of a digital solution like Sodexo Multi-Benefit Pass as it eliminates the tedious process of filing paper bills for reimbursements. And a shuttle or cab facility is a great way to ensure convenience and safety even when the workforce is travelling late due to work meetings.
Health Insurance
With employee wellbeing taking centre stage, health benefits are undoubtedly the most valued among the workforce. There are many options that employers can choose from to provide medical assistance. It is not only beneficial for employees but the management as well. With health insurance, companies can observe reduced absenteeism due to illnesses and higher engagement. It also imparts a sense of appreciation among employees that their organization cares about them.
Meal Benefits
Food connects with each employee as providing meal benefits serve for enriching workplace culture. Meal benefits are given by organisations to employees to have a meal at their convenience with either a food voucher or a digital card with a pre-loaded amount. With the help of solutions like the Sodexo Meal Card, employers can provide food allowance from anywhere, at any time in India, along with a simple digital card loaded with exclusive offers. Apart from acting as a tax-saving instrument for employees, it provides hassle-free processing for organizational reimbursement claims.
Housing Allowance
It is one of the most effective ways to contribute to an employee's financial wellness. With the help of house rent allowance, employers can reduce the employee's tax liability on the rent paid by the latter. Many salaried individuals today are migrants from different cities pursuing their interests or passions. Most of their salary is spent on the rent and other expenses that come along with it, therefore, HRA is an efficient way to claim tax exemption.
Paid Time Off for Vacation
Travel is a basic need, and studies show that once a human's basic needs are met, experiences contribute to long term happiness, which is a win-win situation for employer-employee relationships. It is one of the most desired benefits for most employees. As the monotony sits in, the workforce needs some time to unwind and break the mundane pattern. While an employee is dreaming of sitting at a particular destination, employers can provide paid time off to encourage them to do better in life and the workplace.
Gym Membership Discount
Many employees have a gym membership or access to on-site fitness facilities at the number one spot on their workplace wish list. Exercise can help avoid several diseases, physically and mentally. It helps release tension and balance stress levels while making employees feel energetic to take on a task. And for employees, on-site gym or fitness discounts can reduce the costs of health insurance.
Telecommunication benefits
Offering employee benefits for day-to-day expenses like mobile and internet can help employers to maintain effective communication especially during remote working. Since sending and checking emails, video conferencing and webinars have become a common aspect of the new working environment, telecommunication and internet allowance are a smart way to provide great employee experience. While ensuring high productivity at work and collaborative teamwork, it is also one of the most preferred tax-saving options among employees.
Child Care Assistance
Today's workforce is multi-generational, dominated by millennials, but the others with children face challenges when it comes to managing the ghost of childcare. A competent benefits package has to resonate with employees from all walks of life. Child Care assistance can positively impact a parent's performance at work, knowing that the children's future is safe. In some cases, it also influences major career decisions.
Incentives and Recognition
At times, going beyond a verbal thank you for a job well done can increase employee's morale. The leadership gift the workforce for a well-executed project or even better, they can offer a digital card which enables employees to buy a gift of their choice and further manage all the expenses on a single digital portal. Tangible benefits for an achievement increases retention rates and engagement levels.
With the help of employee benefits, business leaders can retain best talent in a highly competitive job market and foster a great workplace culture while enhancing employee experience.
