Post the pandemic, employee benefits have proved to be vital in helping organizations boost employee retention, improve job satisfaction and attract top talent. A survey by the Harvard Business Review found that over two third of the employees placed better employment benefits over a higher salary.
However, the preference for the kind of benefits varies from employee to employee. Thus, it becomes hard for organizations to find the right balance between the benefits a company offers and what they need.
Considering the fact that the cost of replacing a lost employee can be anywhere between 90-200% of the employee’s actual salary, employee retention is indeed a better alternative. While offering too many choices isn’t always the best option, the right selection of employee benefits can play a vital role in improving the job satisfaction of employees. And a right platform to help you do that makes employers' lives a lot easier.
Why Should You Offer Employee Benefits?
Let's have a look at all the advantages a robust employee benefits package offers'-
A good employee benefits package reflects the fact that the organization cares for its employees. Perks such as paid time off, better healthcare plans, workplace incentives, and retirement benefits ensure that the employee feels valued at the organization. This, in turn, ensures that employees remain satisfied with their job, loyal to the company, and motivated to perform better.
A harmonious work-life balance has increasingly become a priority for most employees Some benefits that improve work-life balance include vacation time, generous or unlimited paid time off, flexible work hours, work from home, etc. These benefits allow employees to spend more time with their families and tackle issues such as stress and fatigue. A reduced chance of burnout helps boost job satisfaction and motivates the employee to work more productively.
Employee benefits ensure that employees remain satisfied with their job. This helps reduce work stress and fatigue as employees can have more fulfilling personal lives and social commitments. It motivates employees to work better and harder, improving their overall productivity.
The expensive cost of employee replacement, the loss of productivity, and reduced attraction of top talent for your company are issues likely to result from a lack of job satisfaction of the employees. Considering these challenges, employee benefits can prove to be a smart incentive. It helps boost employee retention, reduce the need for recruitment and ensure increased savings for your organization.
How To Determine If The Right Benefits Are Offered?
One of the best ways to understand the kind of rights your employees want is to ask them directly. Nobody would know the preferences of the employee better than the employees themselves. Asking would allow you to understand their needs and find the problem areas that can be improved upon.
While salaries are offered everywhere, employment benefits are the true measure of ‘what’s in it for me?’ as it allows employees to choose the benefits they specifically need. Conducting surveys and feedback sessions for your employees once in a while is one of the best methods to collect valuable feedback and information about their needs and preferences. This would also help ensure that the employees feel valued and cared for.
What Are Some Of The Top Benefits That Can Be Offered Depending On The Budget And Company Culture?
There are several benefits that companies offer beyond the traditional ones. The primary goal is to offer benefits suited to modern-day challenges while being budget conscious at the same time. This helps ensure that relevant benefits are offered that cater to the employees’ needs and are economically viable for the company.
Some of the benefits that may be relevant in the present day include -
- Upskilling benefits,
- Wellness support,
- Financial benefits,
- Paid vacation
- Unlimited personal time off
- Personal care incentives, etc.
Beyond work, an employee also has other facets of life, including personal relationships, family, social obligations, etc. These benefits help ensure that employees can avail themselves of an opportunity to develop in all facets of personal, as well as professional life.
Making Sure That The Employees Are Aware Of The Benefits
Active communication is a must for every company’s efficient functioning. Only offering a holistic employee benefits package will be of little use if the employees don’t know about it.
A study by Randstad has shown that only 48% of employees were aware of the benefits offered by their employers.
It was also seen that only 40% of the employees stated that they were made aware of the available benefits.
The advantages of employee benefits will be negated if the employees don’t know about them in the first place. Thus, it is very important to make the employees aware of the benefits offered by the company.
So, What’s the best approach?
A user-friendly digital platform that is accessible by all employees can be the best means to provide relevant information about the company, such as employee benefits.
As work from home gains prominence, not all employees may be physically present in the office. So, it is important to carry out virtual events to help raise employee awareness. Other activities such as conducting webinars and chat forums can also help ensure that all employees are aware of the benefits they can choose from.
A right platform - Batik
Batik is an employee benefits marketplace on a mission to help employers elevate the benefits offered to employees. It allows employers to access benefits across various categories such as finance, insurance, gift cards, health, fitness, etc. at exclusive prices that suit the needs of each generation. Employers can provide benefits with just one click and support their workforce’s well-being with zero administrative burdens. In simple words, Batik is like an Amazon marketplace.
Batik will not only prepare your employees for all kinds of workplace challenges but also help you, as an employer, create an interactive and happy work environment.
Let Batik do the heavy lifting for you
Finding the right employee benefits can indeed be a daunting task due to the consequences it can have for the employees and the company. Nonetheless, it is a task that cannot be ignored due to the increasing competition and immense advantages it holds for both employees and employers.
Hence, finding the right balance and choice of employee benefits to be offered is the need of the hour.
Start Batik now! Request a demo today for addressing all your needs and your employees needs in a click of a button.