Employee benefits also known as fringe benefits or perks include different types of non-salary reimbursements arranged for the employees supplementary their normal wages or salaries. Examples of these benefits include: housing; group insurance, health insurance retirement benefits and daycare benefits.
The goal of employee benefits is to raise the financial security of all the employees, and to improve employee retention in the organization.
Here are 5 important policies and programs every employer should provide to their staff :
1. Adjustable work timings and/or the work from home opportunities:
If you love your staff , you must be able to give them all the flexibility you can.
2. No Pay Discrimination:
You need to create payment programs that allow the same amount of salary for the same kind of positions
3. Employee Referral Bonuses:
Your employees are the best source to obtain new hires if you devise a simple method for them to refer their friends for vacant positions, and additionally paying the employee a bonus for every new hire will increase referrals.
4. Implementation of Non Discrimination Policy:
Along with HR practices to tutor your employees and management about discrimination, you also need to teach them to avoid discrimination in any form and to report any incidents that promote discrimination.
5. Functional HR Team :
You need to make sure that each member of the HR Team knows their responsibility and that their most important priority is to listen and be supportive of each employee and to provide solutions to employee problems.
Your employees are the backbone of the organization and its ability to grow in order to achieve the organizational goals, and providing these kind of benefits for your staff proves to them that the company actually cares about the well being of their employees.
A proper employee benefit package will help in attracting the best talents and also ensures that you can retain them.