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3 Things to Keep in Mind While Designing an Attractive Employee Benefit Program

Team AckoJan 17, 2024

If someone would ask you about what differentiates your company from the rest – you would probably answer the culture, compensation package, culture, and facilities. But with the changing times and work from home being the new emerging norm, is this enough to attract the younger pool of talented employees?

Gone are the days where employees would stay with one company for a prolonged period. With technological disruption and globalization, there is an advent of newer opportunities. Also, more and more employees are quitting companies due to a lack of collaborative and inclusive work culture.

Hence, organizations find attracting and retaining the right talent difficult.

A high retention rate may impact organizations' overall growth plans and vision. Hence, it is essential to offer a robust benefits package to encourage employees to stay for a long time. It does not just display that you are working in their best interests and value their work; but also enables you to build a tight-knit team of talented professionals to succeed.

Contents

The Need for Employee Benefits Program
Why Millennials Matter?
5 Benefits of Curating an Employee Benefits Program
Curating Employee Benefits for Your Organization? 3 Things to Keep in Mind
How Are Progressive Employers Incorporating Modern Employee Requirements?
Why ACKO Health?
- How will it help your organization?
- How will it help your employees?

The Need for Employee Benefits Program

While it is pivotal to offer benefits like a lucrative compensation package, ergonomically enabled workplace, free food, perks - what will differentiate you from your competitors is the employee-friendly benefits.

Period leaves introduced by Zomato, Ola’s dogs’ day out initiative, Google’s sleep pads, fully-equipped gyms, and indoor facilities are a few of the innovative employee benefit examples that gained tremendous media attention in recent times.

These benefits should not just propel employees' professional growth but their personal development as well. After all, who would want to miss the opportunity to work with an organization that places employee's growth at the center?

Why Millennials Matter?

The millennials cohort is loosely defined. However, in America, those born between 1981 and 1996 are called millennials.

India is a land of more than 400 mn millennials, which is more than 30% of India's population. As per the PWC report, millennials already form 50% of the workforce in India. This number can increase to a whopping 75% by 2025 in India.

This newer generation's career ambitions, technology know-how, and attitudes will reimagine the workforce in the years to come.

Millennials with the right skills will be most sought after, command high reward packages, and influence the workplace. Hence, attracting and retaining the best of this talent is critical for the success of your organization.

It is pivotal to design meaningful employee benefits programs for better productivity, better retention rate, and reduced costs in the long run.

5 Benefits of Curating an Employee Benefits Program

Create a sense of value: Evoke trust and loyalty within the employees. As per the article by VantageCircle, Millennials that are happy with their workplace are 59 times more likely to endorse their company to their friends/family.
Increase productivity: Foster the physical and emotional development, which will further have a cascading positive effect on productivity and retention rate.
Encourage employees: Motivated employees are bound to contribute more to the organizations' vision and growth plans.
Stay in sync with the changing needs: In the post-Covid world, employees’ health care needs would starkly vary from the pre-Covid world. Hence, it is essential to realign your current healthcare benefits with the changing needs and demands.
Reduce costs: Happy employees are least likely to quit your company, which will result in a lower attrition rate. Again, healthy employees would be less susceptible to falling ill and have a low absenteeism rate – all of which will help you to boost your bottom-line number.

Curating Employee Benefits for Your Organization? 3 Things to Keep in Mind

1. The Nature of Employees

The nature and requirements of a workforce have gone through a paradigm shift in recent years. Today's employees are innovative, smarter, tech-savvy, and solution-focused. The testimony to the same is the gargantuan number of tech start-ups emerging from every nook and cranny.

Examples of such innovative projects turned into unicorns include a food delivery start-up that does not own a single restaurant and a cab service aggregator that does not buy cars.

This generation gets uncomfortable with inflexible corporate culture and a lack of transparency. They want to be heard and appreciate constructive feedback. They place their ambitions and career progression at the forefront. Hence, it is essential to offer benefits that will help them feel valued and empowered.

Organizations need to curate creative employee benefits packages to help employees learn, grow and reach great heights. The beginning of this activity starts with researching the current industry trends and best practices adopted by other players, identifying who your employees are, and understanding their goals and aspirations.

For example, as per another study by ManpowerGroup Research, 79% of millennials increasingly appreciate flexibility in the work schedule and workplace. They wish to control their calendar and set their targets as per their work.

2. The Need for Work-life Balance

Many companies are becoming cognizant of the importance of balanced work-life balance policies. An imbalanced work-life scenario can be detrimental to a person's mental health. Chronic stress, frustration, and piling anger can easily meddle with how a person reacts to everyday situations.

At work, productivity can drop, which will affect the output tremendously. Hence, a people-friendly employee benefits program will help the employees manage stress more efficiently.

For example, as per the same study by ManpowerGroup Research, 86% of millennials love to take time off to rejuvenate or spend time with family and appreciate getting such breaks periodically without much difficulty.

3. Health Care Programs

2020 pandemic made people more health-conscious. It reinforced the importance of fitness, a healthy diet, proper sleep, exercise, and mental well-being. It also re-emphasized the importance of insurance for employees and the benefits associated with it.

Hence, it is pivotal to harness technology to monitor health and predict a possible health issue to keep a valued employee on board for a long time.

For example, young talent leverage technology for their daily activities. They would prefer using a tech-enabled healthcare program that offers all-inclusive healthcare solutions such as scheduling online appointments with doctors, specialists, and nutritionists. It is also crucial to provide a user-friendly interface to monitor their daily activities, food, and sleep.

How Are Progressive Employers Incorporating Modern Employee Requirements?

Progressive employers are acting fast by including solutions that align with the new needs of their employees. They are gradually transitioning from being company-centric to becoming a people-first organization.

Many organizations now offer stress management solutions, a fully equipped gymnasium, customized diet and nutrition plans, realistic weight-loss programs, office creche, and financial programs for medical emergencies by partnering with health platforms.

Why ACKO Health?

ACKO Health, a group insurance policy by ACKO, is a one-stop solution to keep a tab on the overall health of your employee. It is useful, robust, and super easy to operate. ACKO’s employee health scheme provides a comprehensive healthcare benefit that will enhance your employee benefits program.

How will it help your organization?

Build trust and loyalty among your employees.
Reduce costs with high productivity and high retention rates.
Paperless processes and flexible payment plans that suit your organization.
Options for employers to customize the healthcare plan.

How will it help your employees?

A wide network of hospitals, diagnostic labs, and doctors and high-quality service.
Virtual consultations with doctors and specialists and preventive health care management for your employees.
One-click access to monitor overall health – food, daily activities, and sleep.
Other benefits - ambulance facility, hospitalization assistance, quarantine support, Covid care package, and many more.

Group health insurance offered by ACKO is a win-win proposition for both employers and employees. To summarise, employers can boost the Return on Investment of the company, whereas employees can focus on their physical and mental wellbeing.

Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet; and is subject to changes. Please go through the applicable policy wordings for updated ACKO-centric content and before making any insurance-related decisions.

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