In the current competitive job market, providing employee satisfaction is cardinal, Recruiters have an uphill task with respect to resource management. Talent retention is becoming more and more challenging. Lucrative compensation packages are no longer limited to large corporations and most sought-after roles.
It has become a norm across the board. This trend has forced companies to look beyond salary to keep employees engaged. It has led to the aggressive adoption of employee benefits. Such benefits help companies lower attrition rates, keep their key talent motivated, improve productivity, and enhance employee satisfaction.
Employee benefits program for new generation
Implementing a solid employee benefits program for the current generation of the workforce is rather tricky. Traditionally, jobs were considered essential to earn a livelihood and survive. Providing only common benefits like health insurance and retirement plans may not work today. This is because the motivation for the new generation is different. They want to work to fund their lifestyle. Hence, they value allowances for food, fuel, travel, and so on.
The onus falls on young HR leaders to devise benefits that appeal to the workforce. Employee flexi benefits platform like Zaggle SAVE is helping them in this task.
Let’s see how you can implement a well-planned employee benefits program.
Know Your Workforce
The first step of designing an employee benefits program is to determine the diversity at your workplace. It is important to realize that people from different backgrounds and belief systems work for different reasons. You need to consider all of these factors to build a benefits plan that will be accepted by all.
Conducting a survey can go a long way in understanding the preferences, and expectations of your diverse workforce. Through these surveys, you can understand your employee demographics like age and health status. Analyzing the results of these surveys will give you a broad idea of what kind of benefits you need to have as a part of the program.
Investing in an employee flexi benefits platform will help you execute this step seamlessly.
Essential Benefits to Consider
As a senior HR leader, once you begin hiring GenZ workforce, you will have to relearn everything you know about the employee benefits program. The new breed of employees wants to maximize the money they can take home. They don’t want to save so much for the future that they are hardly left with anything for the present.
The HR leaders can partner with an employee flexi benefits platform like Zaggle SAVE to offer a customized benefits program. That means employees can pick the allowances they want. For example, meal card is a popular choice among the young workforce as it gives them the freedom to spend on food without having to worry about their account balance. Other benefits that companies can leverage with Zaggle Save are given below:
| Allowances* | Monthly | Annually | Tax Savings/Annum | ||
| Slab-1 (5%) | Slab-2 (20%) | Slab-3 (30%) | |||
| Meal Card | 3,500 | 42,000 | 2,100 | 8,400 | 12,600 |
| Fuel Card | 2400 | 28,800 | 1,440 | 5,760 | 8,640 |
| Gift Card | 5,000 | 250 | 1,000 | 1,500 | |
| Telecom | 1,000 | 12,000 | 600 | 2,400 | 3,600 |
| Attire/Uniform | 1,000 | 12,000 | 600 | 2,400 | 3,600 |
| Books & Periodicals | 1,000 | 12,000 | 600 | 2,400 | 3,600 |
| Total Allowance | 8,900 | 1,11,800 | |||
| Total Tax Saved | 5,590 | 22,360 | 33,540 | ||
Creating a Holistic Blueprint: Why it Matters as an HR Leader
Employee benefits program gives HR leaders the necessary tools to ensure that they can keep their employees satisfied. It is essentially why HR leaders often go the extra mile in devising the near-perfect program. Below we listed some of the benefits that make creating an all-encompassing program worth their while.
- A benefits plan allows employers to take some weight off their shoulders through tax-free allowance. For example, benefits like health insurance, wellness retreats, and mental health support go a long way.
- When employees are satisfied with the benefits that the company has to offer, they turn their focus to enhancing their productivity and being more engaged at work.
- A comprehensive employee flexi benefits platform adds great value in attracting and retaining key talent. It will help companies stand out from their competitors.
- Both employers and employees see cost savings with a benefits program. For employees, they get tax-free money to spend on key things like education and health. Employers, on the other hand, can avoid the expensive hiring process by retaining the existing workforce.
- Employee benefits programs facilitate a positive and motivated vibe across the company. With a higher employee satisfaction rate, the reputation of your organization soars.
Join hands with the right employee flexi benefits platform
When working with GenZ, you will have to keep your employee benefits plans open to customization. There can be no limitations to what you can offer. Else, you will end up with a bunch of unhappy employees. This is where Zaggle SAVE comes in as a saviour.
Zaggle SAVE is a new-age employee flexi benefits platform that offers all the benefits your employees need in one single card. It eliminates the hassle of carrying multiple cards for different benefits. It allows employers to add tax-free benefits digitally in the form of food coupons, fuel cards, and travel vouchers.
