Author: Narayan Bhargava, MD, and Chairman of Calibehr
Approximately 44.36 percent people are employed for wages or salary in India. Every year a large percentage of this workforce look to switch in search of better opportunity. According to a recent office worker survey commissioned by UiPath 70% of office goers in India are feeling increased pressure at work due to their colleagues resigning, this percentage saw a steep rise post-pandemic making this year’s data the highest in any region.
To battle such uncertainty with employees and exercise retaining strategies, companies should come up with fringe benefits. Fringe benefits implies to the indirect and non-cash compensation for employees over their salary.
There is no requirement of any study or survey to establish that employees love benefits as a token of appreciation and recognition for their toiling. As per data, close to 80% workers prefer new or additional benefits over a pay raise.
It has also been observed that job satisfaction is directly linked with employee benefits and organisations that are indifferent towards it lead to a decrease in commitment and lack of motivation thereby causing fall in efficiency that finally hampers the productivity of the organisation.
In fact trends suggest that many working professionals apply for organisations depending on the benefits and perks offered by the company. In line with the approach ‘employees are a company’s most valuable asset’, there is a long list of benefits that can be ascertained for employees.
The first and most important benefit that should be made mandatory for employees is the health cover. While most organisations offer health insurance to their employees, there are still few that don’t. Also, it is easier to retain staffers for companies that offer health coverage whereas attrition rates are quite high for companies that don’t, also hiring at non-executive levels become rather difficult for such organisations.
Healthcare coverage is imperative, majorly because healthcare procedures cost exorbitantly, so having coverage provides a sense of security as well as relief to employees. In addition to this, regular health check-up camps should also be organised by companies as it helps in reduction of financial burden for employees.
Companies should also ensure Career Acceleration Program (CAP) from time to time wherein potential employees can be identified and selected by management after passing stringent assessment criteria. They should then be sent through developmental and engagement program followed by review process. And finally, they should be awarded with promotions and monetary rewards.
Another unconventional benefit that should be offered to employees is ‘sponsoring skills development training/programme’, this holds a lot of significance because it is crucial for employee’s own development, in a longer run such facilities benefit the organisation in return because it ensures employee satisfaction and his upskilling.
The other benefits should include, retirement plans, childcare discounts, disability insurance and last but not least annual travel bonus along with leaves.
When it comes to remunerations, there is a long list of options available —from increase of inhand Salary, healthcare coverage, work/life balance assistance and benefits for the family, data has shown that companies that provide benefits and perks stand out from their peers, also data ascertains that such benefits are very important to attract and retain workers.