What are the factors you consider while hunting for a job? Qualifications, salary, traveling time? Another essential factor is the employee benefits that the company offers. Several companies provide additional perks to their employees over and above their salary. The blog explores what are employee benefits and the different types of benefits offered to provide you with the perks you should not miss out on in your next job search.
Employee Benefits: Definition
Employee benefits are non-wage or indirect compensation given to employees in addition to their basic wage or salary. These benefits include a variety of workplace, healthcare, financial, and lifestyle perks. Though most of these benefits are offered to full-time employees, employers do offer some of these benefits to part-time employees as well. The perks offered differ from company to company depending on the intent of the employer to spend on employee benefit expenses. For example, not all jobs in Pune will have the same perks, as the benefits are dependent on the company, employers, and employee positions.
These benefits are important to consider, but for other aspects of the job search and how to prepare for the overall process, you can refer to an online job preparation course.
Types of Employee Benefits
If you are wondering what kind of perks exist for an employee, here is a list with major categories of benefits.
The benefits that directly relate to the workplace experience of the employee are counted under this category. The following are some workplace benefits that many companies offer:
1. Remote Work Option
If you wish to replace your long commute hours with productive work, you should look for companies that offer remote work options. Employees can work from home full-time or for some days in a hybrid model.
2. Paid Time Off
With paid time off, you can take a leave from work and still get paid for it. By offering paid sick leave, the employer ensures you take the required rest and do not infect the other team members. Other than sick leave, paid time off (PTO) also includes leave for holidays and volunteering.
3. Flexible Work Hours
When an employer is assured of their employee’s ability to be productive with freedom in terms of work hours, they allow them a flexible schedule. You can then work for fewer hours or choose a schedule that fits your requirements differently from a usual work schedule.
4. Skill Development Programs & Education Support
Constant evolution is part of any professional journey. Therefore, several companies offer skills development programs that help you to upskill yourself while working. To help with continuing education, the companies offer tuition assistance and student loan repayment options.
Financial Security Benefits
Economic uncertainty is a cause of worry for many. Due to this reason, to help employees combat future financial challenges, many companies offer financial security benefits to them.
5. Life insurance
It is always beneficial when your family also receives financial security. Life insurance assures that the company will provide a fund to support the dependents if the employee passes away. Additionally, if the employee sustains an injury that leaves them unable to work, short-term and long-term disability insurance is also provided.
6. Medical Insurance
Another one of the employee facilities is medical insurance. It covers regular check-ups, medicines, treatments, and procedures for many health issues.
7. Retirement Plans
Some companies offer retirement plans to help their employees have a secure future. A part of the employee’s salary goes to their retirement fund or account, and the employer contributes to it with a similar amount.
8. Financial Growth Benefits
One of the attractive company benefits to employees is financial growth benefit. They get a chance to make more money through stock ownership, stock options, and profit-sharing plans. Companies also offer bonuses to help boost the motivation to perform better.
As a working professional, you will find yourself trying to balance work and life constantly. The following benefits are offered by the employer to help you maintain that balance:
9. Childcare Centres or Subsidies
To encourage working parents to come to work, many companies offer onsite childcare centers or help the employee with childcare fees. Employees with children of a certain age who need constant care find this quite beneficial.
10. Employee Assistance Programs
Some companies provide the provision of professional help for resolving the personal problems of employees through employee assistance programs. It is helpful in cases involving relationship issues, dependent care, or any legal issues the employee has.
11. Paid/Extended Parental Leave
Job security is a worry for some new parents. Companies offer paid parental leave to encourage and support these professionals with children. It allows employees to focus on their newborn without worrying much about their work.
12. WFH Office Set-Up Assistance
If you are searching for work from home jobs, you can look for those companies that offer office set-up assistance benefits. In this, you get an allowance from the employer to buy or rent devices and technologies necessary for a remote work set-up.
Several companies offer health-related benefits other than insurance plans to promote the importance of health and well-being among their employees. Here are some health-related benefits offered:
13. Wellness Programs
Several wellness programs are part of company benefits for employees. They aim to help them with their physical, intellectual, emotional, and social well-being. These programs may include exercise routines, stress management education, wellness screenings, etc.
14. Healthcare Facilities
Access to basic healthcare facilities and a doctor onsite is a benefit some companies provide to their employees. Some companies also encourage employees to have a health savings account to invest a part of their salary to cover various health expenses.
Common Employee Benefits Examples
There are common employee benefits in India and abroad offered by companies. Here are some examples:
- Public transit cards
- Free parking spaces
- Reimbursement for travel-related expenses such as fuel and toll
- Company vehicle for easy commuting
- No dress code
- Free or at subsidized rates snacks and lunch
- Relocation benefits for recruits
- Free calling or internet plans
- Company-sponsored discounts for places such as coffee shops, gyms, etc.
- Subscriptions for professional associations
- Sponsored events for employees
Importance of Employee Benefits
Let us now discuss the importance of employee benefits for a working professional.
- Increased Job Satisfaction: The perks offered along with the salary provide a holistic professional journey to the employees, and they feel motivated to work in such a place. It increases job satisfaction among them.
- Opportunity for Growth: Employees get a growth and development opportunity with benefits like education loans and upskill program assistance.
- Builds Trust: Company benefits allow employees to feel valued and build a strong foundation for loyalty and faith in the employer.
- Gives a Sense of Security: The financial security benefits, such as insurance and retirement plans, provide you with a sense of security about the future.
- Promotes Work-Life Balance: The benefits discussed above help promote work-life balance as they reduce workplace stress and improve the well-being of employees, allowing them to become more productive.
Now, as a job seeker, you know why these benefits are vital to look at while searching for the right job. If unclear about the benefits offered, you ask about them in your interview and get clarity.
Company benefits to employees are a way for employers to attract talent and enhance productivity in their workplace. For employees, it holds importance because the perks ranging from insurance to time off help them maintain that much-needed work-life balance and growth opportunities.
Did you find this blog informative? Share your thoughts with us in the comments section below. To know how to begin your job search, you can refer to these top job-hunting strategies.