In the present times, companies should tailor the benefits package that meets the needs of their employees and keeps them happy. However, it's critical to determine whether the benefits are compelling enough to draw and retain talents.
Finding the ideal combination of benefits can raise productivity, promote employee engagement, lower the cost of employee retention, boost morale among employees, and increase levels of loyalty. So, read on to explore how to build a competitive employee benefits package.
A benefits package for employees doesn't always have to break the bank. You can preserve your company's financial goals and keep your employees happy at the same time with a budget-friendly package. Therefore, a well-tailored employee benefits package is likely to save you money in terms of better productivity and employee retention.
Here are a few tips to design your budget-friendly benefits package for your employees through Batik:-
Focus On Healthcare & Insurance
Health-related emergencies can be overwhelming and a lack of adequate financial support will only add to the burden. Unsurprisingly, every employee's biggest concern is whether the company provides comprehensive health care and insurance
Although most large companies often offer insurance and health benefits, many mid-sized companies fail to offer them.
There are several reasons why healthcare benefits should be offered by the employers, such as –
1. A secured healthcare plan boosts the morale of the employees by ensuring financial security in the face of medical emergencies.
2. Most insurance plans are customizable to the specific needs of the employees.
3. The stressful work lifestyle has led to a multifold increase in medical ailments of the working generation. Thus, medical insurance has become necessary for covering employees' rising medical expenses.
4. Insurance benefits cover the medical costs of employees from their joining date and enable them to receive cash-free treatment from a wide range of healthcare centers.
A robust healthcare plan is an essential element in creating a competitive employee benefits package. Batik’s flexible healthcare and insurance benefit plans provide your employees daily hospital cash, individual insurance, group insurance, telemedicine, family coverage, and much more to help them take care of their well-being in times of illness.
Equal Importance of Financial Wellness Benefits
Financial wellness programs act as an antidote to the increasing financial stress that employees feel in the present day. Especially after the pandemic, most employees have realized the importance of financial wellness benefits. A survey found over 75% of the employees have reported issues of financial stress.
Thus, in the face of such uncertain times, financial wellness benefits should indeed be integrated into the employee benefits package. It can go a long way in allowing the organization to build deeper engagement and boost the loyalty of its employees.
Employers can now ensure their workforce’s financial security with Instant pre-approved cash loans in just 10 mins. Batik integrates directly with your HRMS account in a click so your employees can apply for instant cash loans anytime, anywhere without getting stuck in the long verification process. Batik’s instant cash loans cater to unique needs and require minimal documentation so your employees receive loans right into their bank accounts.
Inclusion of Upskilling Benefits
Employees value their growth as professionals and expect the organization they work for to reciprocate this appreciation. However, constant work pressure leaves little time for the employees to upskill themselves. Thus, they look up to the organization to provide them with upskilling opportunities in the course of employment.
The lack of adequate upskilling opportunities ends up affecting the morale and productivity of employees. Furthermore, having upskilling in your employee benefits package has several advantages like-
1. Increased adaptability to new technological developments.
2. Cost-effective alternative to hiring a new employee.
3. Open communication and boosted engagement between employees and management.
In the face of rising hiring costs and increasing competition, Batik’s comprehensive upskilling benefits are one of the best ways to ensure the satisfaction and retention of an organization’s workforce.
Fitness Benefits Are In Demand
While working, fitness isn’t the first thing on an employee’s mind. However, a health study by Max Bupa found that 38% of the employees in Indian metro cities work in jobs that require them to sit for long hours.
A holistic fitness benefits package helps ensure that the employee is physically and mentally fit. Some fitness perks that can be offered are yoga classes, gym memberships, online healthcare programs, etc.
Batik's customizable fitness packages from Cultfit take away workplace stress and promote a healthy lifestyle that helps your employees give their best at work. Through batik, your employees get the flexibility to choose the fitness plans that cater to their needs all at exclusive prices
Wow your employees with Gift cards
Giving gift cards to your employees can be a quick and inexpensive way of showing appreciation for their efforts. A study by Incentive Research Foundation found that 44% of employees consider gift cards as the best rewards to receive, while 27% agree that gift cards are good rewards to receive.
With over 200+ brands at exclusive discounts, Batik’s platform is the perfect place for your employees to pick the employee discounts that they need when they need them. Batik makes the entire journey seamless so your employees can simply choose and redeem gift cards at their convenience.
To sum it up
With its rising popularity, most companies have started to offer flexible employee benefits packages. This makes it all the more important to build a competitive employee benefits package to ensure that your company stands out from the crowd. Batik gives you access to a range of benefit categories at exclusive prices and it is the perfect platform for companies to build a competitive employee benefits package.
Batik is on a mission to offer employers every conceivable perk & benefit to their employees. It is a streamlined and simplified platform that reduces the workload of every HR team.