Types of Benefits for Employees are also crucial in attracting the candidates while applying for a job over and above the salary, as everybody likes to have something apart from the compensation they are getting for the work done by them. All the candidates look for the various benefits available, both monetary as well as non-monetary, while applying for a job. Companies these days are offering various different kinds of benefits to attract the talent from market by offering them different and more appealing things in terms of additional benefits rather than just the salary packages being offered in the jobs.
At sometimes, these additional benefits can be a very critical aspect at which the candidates focus while they apply for the job, or in other words, it can be said that additional benefits are the key of bounding the employees with the organization for long-run because these days it is being observed that these additional benefits are playing more crucial part for retaining the employees rather than just the salary packages being offered to the employees. Workforce these days is Okay to compromise with the salary package to some extent if they are getting good and attractive additional benefits.
Types of benefits for employees
Majorly, benefits can be widely categorized into two categories as:
- Monetary Benefits
- Non-Monetary Benefits
Monetary Benefits:
Monetary benefits can be the rewards being given to the employees as direct money or in money form. To exemplify, it may include the bonus and incentive, paid leaves etc. Following can be the benefits which can be considered under monetary benefits:
1. Leave Encashments:
All the employees get some leaves while they join the company, to which we categorize as casual leaves, sick leaves and privileged leaves etc. They can consume these leave at times as and when they require. Leave encashment facility benefits by offering that the employees can get paid for the remaining no. of leaves at the end of the year, while on the other hand it encourages them to save more no. of leaves by the end which can result in more cash receivable for them.
2. Paid Overtime:
Employees should get paid for each and every second they spend over and above their working hours in the organization. Against this notion, paid overtime facility benefits the employees to get paid for the extra time they devote on their work after or before their working hours. They get paid in a specific ratio if they work extra in workdays, weekends or during public holidays.
3. Emergency Fund:
Company pays funds in the form of loans and advances to the employees in time of emergency, when they are in financial crisis. This could be a huge help for them through which they can aid their needs and get rid of the financial burden with the help of company, which they can pay back in form of easy installments as per their convenience and without any interest.
4. Monetary Bonus:
Bonus can be in the form of incentives against excellent performance of the employees. Employees should get paid for the extra efforts and the achievements that they do in their work. Bonus and incentives can be paid on periodic basis be it monthly, quarterly or annually.
5. Timely Increments:
Increments and promotions are done by every company after specific intervals but just getting increments isn’t enough, what is more important is to get the increments timely. Company provides timely increments to their employees’ basis their performance as per the given targets. TWS provided increments to the deserving employees for even 5 to 6 times in a year.
6. Competitive Salaries:
In today’s era of competition, companies are offering more and more salary packages to the talented candidates in order to attract and close the vacant positions as soon as possible. Providing counter offers in this dog-eat-dog market is also a form of monetary benefit that fascinates the candidates.
7. Special Allowances:
Other special allowances like- Medical benefits, Health or Life Insurance, House Rent Allowance (HRA), Leave Travel Allowance (LTA) etc. also form a part of monetary benefits which are provided in terms of a specific ratio to the employees inclusive or exclusive their CTC breakup as per the company policies.
Non-Monetary Benefits:
Non-monetary benefits are those which are not in direct money form but it aids as an additional benefit for rewarding people differently from the regular and commonly used monetary compensation or benefit packages.
1. Work from home:
Work from home is a very crucial factor which the candidates considers while applying for a job. Since the pandemic situation is a bit better now, companies are re-opening and inviting the candidates back to start working from office. In such scenario, providing permanent or partial work from home to the employees can definitely add-in for attracting the talent to apply to our company. TWS also provides 2 days’ work from home to its employees which they can consume in case of need.
2. Work life balance:
Majorly, a huge chunk of employees these days prioritize work-life balance more rather than a bulky salary package. Everybody needs their personal space along with a job where they can be at peace mentally. Company provides a proper equilibrium where a person can equally weigh their work as well as their personal life.
3. Flexible work environment:
A flexible work environment is something which is highly in demand and a point of attraction for the candidates while applying for a job. As everybody these days want an environment with very less or minimal pressure and one which is flexible enough so that they can work freely.
4. Weekends off:
Candidates always prefer jobs with 5 days working. TWS provides such benefit to their employees, where all then weekends are off for the night shift employees while, for day shift all the alternate Saturdays are off.
5. Hi-tech infrastructure:
One of the additional benefits is to provide high-tech infrastructure to the employees which may include the work space in which they work or the equipments that they use. Company provides high tech and up-to-date gadgets to their employees so as to facilitate them for better and efficient performance.
6. Other curricular activities:
Employees should be given a chance to explore their potential outside their work genre and engage with the team so as to build a positive bond within the team. TWS organizes annual trips for the employees, various fun activities and monthly sports meet for engaging the employees in various other activities rather than their regular work.
7. Company accomodation:
Company provides accommodation for the stay of outstation or far-off employees for their convenient stay nearby the workplace. Companies charges very minimal to the employees against their stay at the company accommodation where all the facilities and required material like- Beds, Almirah, fully-equipped kitchen, AC, coolers, fans etc. is provided to the employees for their comfortable stay.
8. Business exposure:
Companies provide business exposure to the deserving candidates against which they are being offered various national and international business trips to explore their career and growth at different locations and in different work environments. TWS has also offered Canada’s Visa to one of their loyal and hardworking employee to help him in his career growth and expansion.
Final Thoughts:
At the end, it can be undoubtedly said that Additional benefits, whether they are monetary or non-monetary act very important for the candidates in other to persuade them for applying for a specific job as a result of which companies are keeping an eagle-eye in the market to see what their competitors are doing and accordingly making their policies to provide a competition and attract more such candidates.
Our company, TWS is also working continuously on creating and implementing new and more additional benefits so as to attract the best talent and facilitate the existing ones. If you are looking for any such organization which is providing all of the above mentioned benefits, then come and Join us.
