Gone were the days, when the employee benefits were counted amongst the perks. As per the current framework, it is considered standard; the current dynamic framework has persuaded many employers to have benefit programs for recruiting and retaining a workforce that is robust. In fact, these benefits are considered as an important determinant by many job seekers in determining the potential employer. There are many studies that have proved that the employees many times sacrifice some percentage of their salary in exchange for these benefits. Here we are discussing why every employer should have an employee benefit program and how integral it is for employees and for the business house as well.
For an engaged and motivated workforce
One of the many reasons that employee benefits program is integral is because it keeps the employees happy and engaged in their work. These benefits programs reflect that even the organisation is taking major steps to invest in their well being and happiness. These benefits can vary from healthcare to retirement plans, from stock options to bonuses on excellent performance and much more. This works as the source of encouragement for employees and they are happier and dedicated in their work.
To attract new talent
If you need to extend your business, you need a new and talented workforce to incorporate that. Also for making these talented people a part of your company, you need to set yourself apart from the competitors. To entice this talent, you need to offer them something beyond the salary and good environment. This is where a dynamic employee benefits program helps you. From beneficial financial programs to benefits in basic health, you need to provide them with something that will bind them. For this, you can do research and see what your competitors are offering and what else you can offer to your employees or new recruits in their benefit. You can then use that tactic to advertise your indigenous employee benefits program.
This will minimise the turnover as well
The absence of employee benefit programs is one of the major reasons for employee turnover. As we are conducting the business in a framework, where more and more people are tending to be self-employed or freelancer, it is hard to retain a talented workforce. But a distinctive and compelling benefit program for an employee might affect this and even counteract the employee turnover.
As per the new norms of the prevailing framework, you have to offer the value to your employees as well in terms of benefits packages. You have to let them know that they are the assets of the company and the growth is not targeted to just organisational but for their prosperous future as well.
Gone were the days, when employees work hard on the conditions of employers. With so many job opportunities and prospects to earn a good living, employees are turning many top-notch business houses as well because of no additional benefits. Therefore Employee benefit programs have not just another add-on but the need of the hour as well to survive well in this competitive framework.