Indirect salary of the staff is covered by employee benefits. This may include health care, stock options or a variety of items for the staff. Although two jobs can provide the same compensation, benefits are drastically different in terms of benefits and thus one provides a better financial offer than the other. Opt for Medical Benefits for Employees.
There are country-specific employee benefits. The few States, for example, provide medical care with a big advantage, and France has restaurant coupons for several workers every day.
Compensation and benefits go hand in hand, the first covering the wages of your staff. See our full Compensation and Benefits Guide for a detailed article on this key aspect of human resources management.
What are the Four Primary Forms of Compensation for Employees?
Most benefits have historically been covered by one of the four main categories of benefits, namely:
- Medical insurance
- Insurance for Life
- Pension schemes
- Insurance for disability
However other kinds of employee benefits are now also available. We’re going to take a look below.
All HR practitioners should know employee benefits forms
HR tech Benify has 4 types of employee benefits in its 2019 Employee Satisfaction Index:
- Workplace rewards
- Health benefits
- Financial protection benefits
- Advantages of lifestyle
It involves working hours, improvement of skills, food and drink and clubs for staff, games and gifts.
Hours of Service & Time Off
For example, think about flextime here. Flextime helps the workers to determine their working hours and/or the venue from which they would like to work. Other examples include additional breaks and reimbursement of paternity leave, one of the other benefits that workers enjoy most.
Creation of Competences
Rapid technological advances and the more regular shift in employment make the creation of skills more relevant as well. However, skill enhancement is not only important to (younger workers, it is also important for businesses to stay competitive.
Health and Drinks
The French meal vouchers have already been listed in many companies. Free lunches, fruit and coffee are other advantages that fall into this group. At every company each day, we enjoy a free lunch, which the team appreciates very much. Free lunch and berries, even as a bonus, are an excellent way of encouraging good eating habits.
Clubs, games and presents for workers
In the category of knitting clubs, running parties, (video) game nights, secret Santas and presents for the anniversary, you name it there are tonnes of possibilities.
Think here about wellbeing, well-being and health.
Well-being and fitness
More and more businesses have health services for workers. There are countless options and examples of wellness services for workers ranging from basic gym membership to complete strategies that provide physical, emotional and financial well-being.
Health benefits are also available in various types and sizes. Please include physiotherapy and chiropractic sessions, for example, but fertility and psychological support can also be included.
When we look at the benefits that people find significant, two things instantly stand out. The first and perhaps most apparent is that pension funds become more important as the generation gets older. This is significant as graduates who only joined the workforce are unlikely to dwell on retirement within over 40 years.
Secondly, skills growth is worth noting. Unfortunately, for younger generations – because they will be more influenced by technological changes – the development of new skills is more important than Baby Boomers.
Every employee, regardless of their age, has something that is significant, and that tops nearly every list, working hours and leave. All these are the advantages of medical treatments for employees. Opt for Health Benefits for Employees.