With most of the millennials already in the workforce and Generation Z slowly increasing its footprint in the corporate world, Employee Perks and Benefits matter more than you think. A simple fat paycheck won’t meet the standards in attracting fresh new talents. Corporates and organizations need to look beyond a paycheck and bring on the table perks and benefits for today’s young and dynamic employees.
Offering perks benefits have become a standard for most companies across the world. They play a big role in talent acquisition and employee retention in the corporate world.
In a survey conducted by the American Institute of CPA, it was found that 80% of employees would keep a job with benefits rather than offered more pay and no benefits.
Why is it so? Here are some reasons:
A good paycheque is not the only metric for employees to stay engaged in their jobs today. Employees, especially millennials and Gen Z take a special interest in the overall package of benefits offered by the company. They have certain expectations from the company that they are associated with which employers can fulfill through meaningful perks and privileges.
Employee benefits boost employer branding. The additional benefits offered by a company are a reflection of the company culture for anyone outside of the company. A company is often known and judged for the benefits they offer.
A great perks and benefits package is a solid selling point during hiring and recruitment. Just like employees are competing against each other to get into a good company, companies too are competing with other companies to attract the best talents. In this war of talent, a company that offers a better package will always have an edge over others.
Employee benefits and perks are a great way of recognizing employees. Every employee seeks recognition and appreciation in the workplace. One of the ways to cultivate a culture of appreciation in the workplace is by introducing new and useless benefits for employees. It presents a caring image of the company.
4 Types of Employee Benefits Every Employer Must Offer:
1. Benefits at Work:
Benefits cover the indirect pay of the employees. Employees spend a major portion of their day in the workplace or working. There are certain benefits that have now become essential to keep people happy and motivated during working hours.
Overtime pay, days off, food and beverages, clubs and committees, upskilling and reskilling classes make up an essential part of benefits at work.
2. Financial and Medical Security
This category of benefits is one of the most sought after employee benefits among employees of all age groups. The onset of the Covid-19 pandemic has been yet another factor in reemphasizing the importance of financial and health security.
The stress over finances and rising health care costs have grown bigger over the past few years. Office workers are always on the lookout for ways to achieve financial security. In this case, when employers offer some relief in the form of financial wellness benefits it becomes an attractive proposition for employees. It adds to employee satisfaction and also boosts retention rates.
3. Shopping and Lifestyles Benefits:
One of the newer, cost-effective, and popular types of employee benefits is Shopping and Lifestyle benefits. Companies can tie-up with brands, companies, and e-commerce sites to offer discounts and special pricing on products that employees can purchase.
One of the easiest ways to offer this benefit is by tying up with an external vendor like Vantage Circle. Vantage Circle Employee discount program VantagePerks offers exclusive deals, discounts, and cashback offer to employees of corporations that are associated with them. They have associations with hundreds of top brands like Amazon, Flipkart, Myntra, HP, Lenovo, etc on categories like dining, travel, electronics, real estate, and more.
4. Wellness Benefits:
The health of your people is largely dependent on the work environment and culture of your company. Employees dedicated a big chunk of their waking hours to the job that they are in. To take care of the health and wellbeing of employees and promote wellness is the responsibility of an employer. Owing to this, wellness Benefits are soon becoming must-haves in modern workplaces.
“Looking for a comprehensive employee benefits solution? See for yourself how Vantage Circle employee benefits platform improves your employees’ financial well-being and save money at no cost to you or your employees.”
Employee health and wellness programs, Gym membership, Mental health awareness programs, mediation sessions, yoga classes are some of the common wellness benefits that are gaining popularity lately.
When it comes to employee benefits, there is no one silver bullet or “benefit” that can be used to satisfy all needs. Organizations need to incorporate a complete employee benefits package from free snacks to medical coverage. With the various review sites now at the forefront for all job seekers, nothing gets hidden and the organizations that can offer a complete employee experience wins the race for top talents. Is your organization the ultimate go-to for employee benefits?