Employees today chase more than just their paycheque. For many professionals, the key factor in deciding whether or not they should take a job is the benefits the job provides.
In light of this shift, many employers have enforced fluid work timings, WFH options, and other similar opportunities. Vague and overarching benefits provided by employers simply don’t work now, and can lead to a decrease in the workforce’s productivity. 32% of HR managers cited lowered employee engagement and productivity are the main challenges faced by the business.
The reason for the decrease in engagement and productivity is an increase in employee expectations. Benefit systems provided by employers have low uptake with existing programs, and the employers struggle to communicate with employees because of the lack of a centralized platform.
In addition, India’s inflation rate has increased by an average of 4% since 2015. At the same time, the essential employee benefits provided by employers cover some of these expenses, but not all. All employers may not be able to provide financial benefits to offset this inflation rate. However, there is a need for flexible benefits systems.
A better benefits program can help you retain your employees & win the talent war
1. Maintaining employee engagement, motivation, and productivity
A survey conducted by Glassdoor highlighted that over 60% of respondents considered the benefits provided with the job offer before they accepted the offer. A further 80% of respondents said that they would prefer if the employers provided additional perks over a pay raise. Studies show that better compensation packages and perks can improve employee engagement and productivity better than a pay raise.
2. Benefits improve the overall employee experience and journey.
Benefits provided by an employer can improve the overall employee experience. The benefits ensure employees are more committed to their work and prepared to work past their comfort zone. Better experience leads to increased employee engagement, which eventually results in better business outcomes.
3. They can foster loyalty and retain critical talent.
All employers aim to ensure their employees, especially those with singular talents and skill sets, continue to work with their firm. This often involves finding creative ways to enhance the employee value proposition (EVP). Flexible and competitive benefits ensure businesses can retain this talent by fostering loyalty among employees.
In light of these expectations, some employers have added creative benefits for their employees.
Creative benefits that reimagine experience at workplaces
- Google’s massage credits: Google is very popular for its high employee retention rates. Google provides its employees’ massage credits’ based on their work, which can be redeemed for a free 1-hour long massage session with an on-campus therapist.
- Facebook: Facebook provides survivor benefits for its employees. In case an employee dies during their employment at Facebook, the spouse and children of the employee receive 3x Base Salary. While terms and conditions do apply, this employee benefit is the key to maintaining reasonable retention rates.
- Twitter: Twitter provides its employees free on-campus meals. Employees can eat up to 3 free meals a day, every working day. In addition, the company also offers classes and activities like improv classes and acupuncture therapy.
Personalized benefits for employee expectations
Though employee expectations are subjective, employers can satisfy growing expectations by finding a middle ground between employee expectations and business constraints. The lack of a centralized platform may make the process difficult but not impossible. The steps given below can help set up the right employee benefit program:
- Determining the objective: The key objective behind any benefit is to increase employee retention. However, each benefit has its effect. Before deciding on the type of employee, the employer should determine what employee benefits they wish to provide: financial benefit, mental health-related benefits, educational benefits, age-based benefits, etc., and how they want to entice employee loyalty.
- Take stock of budget: The second key step is determining whether the company has the funds to provide the budget for all employees. When a new benefit is introduced, it cannot be accessible to only some part of the workforce; this creates division and demoralization.
- Asking employees: It may also be helpful to determine the needs of the employees. Questionnaires, interviews, and surveys are important steps that should not be overlooked.
- Communicate the plan: Clear communication between you and your employees is of utmost significance before the benefit is implemented. Providing employees understanding of the benefit will help encourage them to continue with the business during rollout.
- Evaluation of the program: Frequent evaluations are necessary. This will help assess whether the implementation is successful and whether or not the employee benefits have improved job satisfaction.
It is a brand new employer-employee self-serve platform — Imagine it like Amazon for Employee Benefits. It’s a three-sided marketplace where businesses can list their products & services for employers to discover relevant benefits for their workforce.
Batik Benefits is an easy-to-use benefits marketplace that reduces your administrative burden with a streamlined and simplified platform to consolidate and showcase flexible benefits in the most effective way.
This will simplify the search for different kinds of benefits that any employer would want to give to their employees. We have more than 15 categories of benefits on our marketplace.
This is definitely interesting right!
Please fill out this form to sign up for our Benefits waitlist and we’ll set you up with a quick demo. In case you want to become our benefits partner and list your products/services on our platform and get discovered by 1000+ businesses, fill out this form.