Companies in India can find resources easily given the number of individuals graduating every year. Yet, employers are facing challenges in recruiting and retaining top talent. You can owe this trend to the changing perspective of new-age employees. Competitive salaries have become the norm, and companies are now relying on employee benefits in India as a new initiative to attract talent. Offering a comprehensive salary package that aligns with the expectations of the current generation is essential for businesses. This shift has triggered a change in employee benefits in India.
What are employee benefits?
Employee benefits are additional perks and advantages that employees receive as compensation against their employment. These benefits are usually clubbed with regular salaries to design an attractive proposition for candidates. Employee benefits in India have traditionally been health insurance, paid leaves, gratuity, and retirement schemes. However, these benefits suit the workforce from the old economy, where individuals would work with the same company for the rest of their careers. New-age employees are driving a transformation, and organizations are adapting to the new expectations. It has changed the face of benefits for employees in India.
For companies, keeping their employees satisfied is essential to maximize their resource utilization for business growth. Some of the benefits of benefits for employees in India are listed below:
- Enhanced productivity: As an employer, if you take care of the needs of your employees, they will be motivated to give their best at work. It will also create a harmonious and positive culture in the workplace.
- Work satisfaction: Employees feel appreciated when their needs are met. When benefits for employees in India go beyond the typical pay, the workforce will feel happy and stay loyal to the organization.
- Better work-life balance: Employee benefits in India often include paid time-offs and flexible work timings, which give employees time to focus on their family, and make precious memories. It will reduce their stress and work fatigue.
- Increased savings: By adding food coupons and education allowance as benefits for employees in India, companies can help employees reduce their tax liability, thereby saving more.
Popular Employee Benefits in India
To make them successful, your benefits for employees in India must support their personal lifestyle and financial health. Providing a comprehensive employee benefits plan requires you to closely assess the preferences of your workforce. Some of the popular employee benefits in India are listed below.
Statutory Benefits: One of the most common and important employee benefits in India is the provident fund. It is a government-mandated retirement savings initiative that applies to every working professional. Gratuity, maternity leave, and paid leave are some of the benefits that are compulsory under the law.
Health Benefits: While health insurance policy is a go-to employee perk, companies are expanding its scope to cover the parents of employees through group insurance. Some employers also offer plans like life insurance and dental insurance.
Wellness Programs: Taking a proactive stance towards employee health, companies are offering wellness benefits for employees in India through gym memberships, yoga or meditation classes, rehabilitation services, and mental detox support.
Paid Time Off: Corporates are more open to letting their employees take regular vacations to recharge themselves to reduce work fatigue. They are doing this by offering a generous leave policy as one of their employee benefits in India.
Flexible Work Setup: Employees today are free to choose the work timings that suit them the best. Some companies are allowing their staff to work from home, which helps them in saving their time and cost spent on transit.
Food Coupons: Employers are actively offering food coupons to employees as a way to reduce their tax liability. While employees claim non-taxable food coupons, employers can claim the same as business expenses.
Transportation Benefits: Companies are paying for cab services to provide a hassle-free transportation experience. It will allow employees to come to work without the frustrations of traveling through the traffic with high fuel costs.
Offer New-Age Benefits with Zaggle Save
Employee benefits in India are fast becoming essential for enhanced employee experience driving better retention rates. The flip side of these benefits is the complexity of handling multiple schemes. Zaggle Save’s multi-wallet card is an innovative approach to employee benefits in India. Besides allowing companies to manage multiple schemes, it also gives employees the freedom to design their own benefits package. With multi-wallet cards, employees can manage their expenses, while also reducing their tax liabilities. Each card will have multiple wallets for a specific need such as:
- Meal: Purchase food from across 7 Million+ VISA/RuPay food outlets.
- Fuel: To take care of fuel purchases across all gas stations and petrol bunks.
- Leave Travel Allowance: To fund domestic journeys or vacations and help employees claim benefits
- Telecom: Help make telecom and broadband purchases like recharges, WiFi, etc.
- Books & Periodicals: Get reimbursements for buying books and periodicals.
- Gift: Special allowance to help purchase gifts for special occasions.
- Transport: Manage commute expenses from the card.
- Driver Allowance: Use the cash withdrawal feature of the card to pay for the allowance.
- Uniform Allowance: Get reimbursements for uniforms.
Learn more about the benefits of Zaggle Save here.
