Employee Benefits – Why do they matter and how to make the most of them?
25 August 2023
One of the essential strategies employers can use to recruit and retain talent is to provide meaningful employee benefits, if possible, beyond the usual. Medical, dental, vision, retirals and paid time off are expected benefits employers generally provide.
Employee benefits enhance the value of working for a specific company and can improve your or your team members' health and quality of life. Providing a robust benefits package for your workforce is not only a wise business decision but also demonstrates your commitment to your employees' wellness and future.
The Importance of Employee Benefits
Employees that receive a good benefits package feel rewarded and appreciated for their efforts. Benefits can aid families, health, financial future and learning & development for employees, which can help recruit and retain top personnel. If they are dissatisfied with the benefits offered, 49% of your employees said they will start looking for new employment within a year. If the benefits are appealing on the other hand, 78% of employees said they are more inclined to continue in their existing positions.
Five Reasons Why Employers Should Be Concerned About Employee Benefits in India
Better Health leads to more productive workforce
Employees who have access to benefits are less likely to avoid going to the doctor and are less likely to put off a medical procedure. The narrative of sick employees who come to work because they can't afford to take time off is a concerning one. Giving your staff health benefits and ensuring they care for themselves means you'll receive more from them because they'll feel valued and inspired to work towards a common purpose. Healthy employees are happier and require fewer sick days, and it's a win-win situation for everyone. Employee wellness can ensure they give their all daily, leading to better business results.
Harmony between an employee’s professional and personal lives, often known as work-life balance, has gained importance among employees. The advantages of physical fitness, healthcare, and mental/ emotional support can improve work-life balance. Benefits of this nature can lessen employee stress and weariness while preventing burnout. As a result, workers are likely to be more effective in the workplace.
Vacation time, unrestricted or generous paid time off, flexible hours, and the flexibility to work from home are all benefits that improve work-life balance. These benefits can help reduce employee stress and fatigue and prevent burnout. Employees are likely to be more productive at work and home. Rewards and recognition programmes for employees play a major role in increasing motivation and enhancing their work performance.
Morale boosting is another example of how vital employee benefits are. Employees who receive benefits like emotional and mental care are more likely to feel valued with boosted morale and assured that their employer is concerned about their overall well-being. In response, employees will show loyalty and increased job satisfaction, making your job as an employer easier when it comes to management.
Enhance Your Company's Image
The online and offline reputation of your firm should be a primary priority. Modern consumers are willing to invest their money in a brand that shares their values. Employee dissatisfaction increases the likelihood of a public relations disaster and financial impact. From good health insurance to retirement and financial benefits, employers can offer many types of employee assistance programs to keep their staff happier and more engaged. Employee motivation benefits are usually indirect or non-cash benefits given to employees on top of their regular salary or hourly earnings. Of course, these benefits can sometimes include cash compensation, though it does have to be beyond what the employee typically earns to qualify as an employee benefit. Pluxee works with businesses to add to their existing employee benefits in a way that is good for both employees and the company. Pluxee offers a comprehensive suite of digital benefits, from meal benefits to wellness programmes, learning and development, training and more. Our solutions allow employees to engage in a way that experiences feel easy, flexible and highly personal. From ordering food to accessing health and wellbeing benefits, Pluxee helps clients empower and care for their employees, everywhere.