Strategic Perks for Success: Designing Impactful Employee Benefit Programs

Key takeaways from this article - 

• Employee Benefit Programs are a very important part of any company’s framework.

•  They help to create a more inclusive, appreciative, and overall positive work environment which is essential for the success of any company.

•  Employee Benefits are of various kinds. 

• To devise an effective Employee Benefits Program the most important requirement is to have a clear objective in mind as to what the program is trying to achieve.

What is an Employee Benefit Program?

As the name suggests, an Employee Benefit Program is a program devised by companies to extend a range of benefits to their employees to keep them happy and satisfied. These benefits include a wide range of things and differ from company to company. These programs play a huge role in helping people decide whether they want to take up the job or not. Some perks that employees are offered through Employee Benefits Programs are medical insurance, life insurance, paid leaves, housing loans etc. Employee benefits are of two types - statutory and voluntary. Statutory benefits refer to those benefits that must be provided to all employees as per government mandate. Voluntary benefits differ from company to company and may or may not be provided. The nature of these benefits is also up to the employers to decide.

Did you know? India is one of the leading countries that hires English-speaking remote employees. 

How do Employee Benefit Programs contribute to the success of a company?

Who does not enjoy perks? As employees who give their all to their jobs, it is nice to feel appreciated and cared for. Employee Benefit Programs do exactly that. They are not only beneficial to employees but are also beneficial to employers. Employee Benefit Programs ensure that employees put their best feet forward, motivated by these perks and incentives. They feel happy and satisfied with their jobs and managers hence cultivating a positive and productive work environment which can make any workplace feel like home. If the employees are happy, they will do their jobs well. They will want to give back to the company that is not only providing them their source of livelihood but also all these additional benefits. 

How can employers design an Employee Benefits Program that is impactful and successful?

Managing an Employee Benefits Program can be complicated and time-consuming. It is essential that the program devised be useful and genuinely helpful to the employees. Therefore, it is important to keep certain things in mind while drafting an Employee Benefits Program. Let’s look at some of these-

1.Determine the kinds of employee benefits you want to offer.

Before offering your employees any benefits, it is important to ascertain whether your company can afford those benefits. This depends on the company's budget, the number of employees and their needs and preferences. While companies are bound to offer certain statutory benefits as mandated by the government, they get to decide which other benefits they want to or do not want to offer. Some common benefits include paid leaves, the flexibility to work-from-home, life insurance, health insurance, wellness programs, meal cards, retirement plans, education loans, housing loans, childcare assistance, tuition reimbursement, fitness allowance etc.

2.Conduct a survey.

This will help you determine what benefits the employees need and will therefore help you as an employer, cater to them accordingly. An Employee Benefits Program that is tailored to fit specific needs is far better than providing general benefits that are not actually beneficial to employees.

This will also help you understand the employee demographic. Their gender, age etc. play a major role in deciding which benefits to provide. When considering the demographics, you can determine the relevant benefits for different groups. This will help you develop a balanced Employee Benefits Program.

3.Check legal requirements.

Any program will not be given the green light if it does not comply with the required laws and regulations. It is important to ensure that it does, beforehand, to avoid bumps in the road at the time of launching it.

4.Include rewards and incentives in the program.

Rewards and incentives are a great way to ensure maximum participation and satisfaction. Rewards and incentives drive employees to work harder and are beneficial for both the employees as well as companies. Some examples of such rewards are meal cards, paid leaves, various types of reimbursements etc

5.Take employee feedback.

Lastly, the most important factor behind any successful Employee Benefits Program is employee feedback. Since the program is for them, they should be the ones happy with it. Their feedback should be taken from time to time and analysed. Necessary changes must be made accordingly to ensure that the program is bringing maximum satisfaction to the employees.

How will this contribute to the company’s success?

Employee Benefit Programs can be a key reason why employees take up certain jobs/ stay in certain organisations. Often, this is one of the first things they look at while switching jobs. If the company offers a satisfactory Employee Benefits Program, it will motivate employees to work harder, leading to an increase in productivity & engagement. This will also lead to an increase in the employee retention rate.Designing an impactful Employee Benefits Program is not just about making a set of rules. It is about inclusivity, satisfaction and fostering a positive workplace culture which is extremely important.