There are several parameters that one can use to judge the success of an organization. However, the primary factor would inevitably be the impact that an employer is likely to have on the lives of his employees. Finding the right balance of benefits has several advantages from increasing productivity, improving employee engagement, and reducing employee retention costs to boosting employee loyalty and morale.
What are Employee Benefits?
Employee benefits are non-wage compensation that a company provides to its employees. These are items that the employee would have to pay for, if not offered by the company.
What are Employee Perks?
Employee perks, like benefits, are non-wage compensation that a company offers its employees.
How do they work?
Perk programs enable employees to spend their budgets on experiences and items they want, based on their specific personal needs.
For example, a person can use their monthly budget of perks for their OTT subscriptions, car and health insurance, and membership to wellness programs to support their active lifestyle. On the other hand, another individual might use his perk money for a Smart Watch, Prime Video for his kids, etc.
How to design the right between benefits and perks package that addresses unique employee needs?
With high diversity in the Indian workforce which has 4 different generations in it, at times it might become impossible for the employer to create a balanced benefits and perks package that caters to the needs of these different generations.
The form of benefits that might attract most baby boomers is those that certify a financially stable retirement lifestyle. It can consist of health and life insurance, retirement benefits, etc. Gen X might be more inclined in the direction of employee benefits that offer a higher balance of work life, upskilling opportunities, vacations, retirement, and healthcare plans. Since the bulk of working millennials might be in their 20s and 30s, they're searching out benefits including student loan benefit assistance, monetary benefits, parental leave, hybrid work environment, etc. which are some of the primary problems that they face at this age.
Gen Z is probably to choose employee benefits that offer a great balance of the conventional benefits at the same time as accommodating more modern problems that appear to have emerged nowadays such as hybrid work environment, vacations, etc.
The concept of “one size fits all” has come to a dead end in recent times. Organizations with unique benefit packages catering to all needs usually attract more employees in the modern world.
Difference Between Employee Perks & Benefits
The main difference between employee benefits and workplace perks is basically that, employee benefits are essential for sustaining a healthy, happy life, and includes expenses that the employee would eventually have had to cover themselves if their company didn’t pitch in for them. Perks, on the other hand, are “nice-to-have”. That is why benefits have such an important impact during recruitment, where perks are usually the cherry on the cake.
The right benefits include the following elements -
Financial well-being is essential to a sense of security of having adequate money and resources to meet your daily requirements. Employee benefits can satisfy economic well-being through a balanced offer of employee discounts and other salary sacrifice schemes.
Emotional well-being means how we feel and how well we’re keeping up with our day-to-day life. Offering employees benefits such as an Employee Assistance Programme and meditation apps to help with meditation and mindfulness may help employees find a balance between work and leisure and maintain their overall emotional well-being.
Health and Physical Well-Being
Physical well-being plays a vital role in ensuring good health and a balanced state of body and mind. Benefits including free or discounted gym memberships, and free wellness or workouts workout sessions at home help to boost the overall well-being of employees and allow for a more active and dedicated workforce.
Most Important Employee Benefits and Perks
When searching for benefits for your employees, remember those benefits fill the basics for a person’s basic needs. Improving your company’s benefit services not only makes your employees satisfied, but it additionally makes the hiring procedure easier.
Having fitness benefits that cover a massive part of the price and do not take a large percent of your staff’s income will alleviate a whole lot of pressure.
Retirement benefits provide the worker the opportunity to prepare for their future after they retire from the workforce. Having retirement benefits that offer numerous alternatives wherein the employee can boost their financial savings will appeal to a much broader variety of employees.
Life insurance gives your employees peace of mind if something should happen to them and they may be not capable of providing for their families.
Paid Time Off (PTO)
Paid time off offers employees a chance to have an extra balanced work life. It additionally offers employees the permission to take time far from work to recharge or take care of others if needed.
Some of the best employee benefits and perks for employers to offer are-
1. Student mortgages can help open doorways for employees which in turn would mean that they can have the means for better education.
2. Career improvement presents employees with the possibility for persevering skills improvement via mentorships or route work.
3. Wellness packages may be varied, inclusive of presenting a hotline number to call for the crisis, counseling services for improved mental fitness, or exercise packages that look out for an employee’s bodily fitness.
4. Employee recognition programs deliver acknowledgment for a task nicely done. This can consist of bonuses for attaining goals, gift cards for top performance, etc. It makes the employee feel appreciated and also motivates them to do exceptionally well.
5. Child-care is a big burden on working parents. Providing a way for low-cost childcare eases the financial cost the parents have to bear.
6. Team activities or shared volunteer offerings help to relieve the pressure of the day. It also increases performance in the departments and offers the employee a better feeling of belonging.
7. Flexible scheduling permits employees to work when it is convenient for them. This offers extra control over an employee’s work/life balance.
8. Remote work gives employees the possibility to work from home or the option to work from any region around the globe which makes employing the right people for the task more manageable as well.
In current times, the traditional idea of 'one size fits all has been changed via means of more specialized benefits that cater to the wishes of each generation.
Employees want to be consulted and supplied with a set of benefits that fit their requirements.
In the case of benefits, Batik gives health insurance, life insurance, mental fitness coverage benefits, and so forth. When it comes to perks, Batik offers travel, upskilling, employee discounts, well-being perks, fitness perks, and so forth.
Ultimately, the best manner to acquire, keep and create a devoted workforce is through offering core generation-specific benefits with the choice to select the rest based on personal preferences.
Batik is an employee benefits marketplace. We have constructed this on a venture to assist employers in increasing the benefits provided to employees. Batik permits employers to access benefits throughout numerous categories which include finance, insurance, gift cards, health, fitness, and so forth at special costs that fit the wishes of every generation. Employers can offer benefits with simply one click and assist their workforce's well-being be it baby boomers, millennials, or Gen Z, with zero administrative burdens. In simple words, Batik is like an amazon marketplace.
Let Batik do the heavy lifting and provide flexible upskilling and reskilling benefits to your employees that not only prepare them for all varieties of workplace challenges but additionally assist you, as an employer, in creating an interactive and satisfying work environment.