Employee benefits are an essential part of every organization’s HR strategy. It is one of the many factors employees consider before joining any organization. But, much more importantly, it plays a huge role in employee retention. Simply put, it determines who works for your organization and for how long.
Picture this scenario: Gideon is a top-performing employee at an investment bank. He’s never late to work, handles deliverables excellently, and is the “perfect employee.” On a Tuesday afternoon, during an investment strategy call, Gideon was sharing his screen during a presentation when an email popped up on the screen. The pop-up read, “Congratulations, you’ve been hired!” This immediately threw everyone off balance, and you know what happened after that, right?
If you’re reading this article, you may have met a Gideon at one point in your career or quite often. It’s no news that there has been a recent surge in employees changing jobs. Human resources officers must understand that much more than a better paycheck, a competitive employee benefits package is something they look out for. So if you’ve been looking for a way to improve your employee benefits, we at Earnipay have just the perfect solution. You’d find out more in this article. Read on!
What are Employee Benefits?
Employee benefits are any other form of compensation that employees get asides from their salaries. They are indirect compensation, primarily as services, policies, or programs. Nowadays, employees are more interested in the perks they enjoy working in a particular organization, much more than a massive paycheck.
This should not come as a surprise. Employee benefits go a step further from seeing employees as mere hands doing the work but instead making them feel valued and appreciated for the work they do. While you’re here, you can check out some benefits employers should provide.
Although these benefits vary from organization to organization, depending primarily on budget and location, some standard perks include the following;
- Health insurance
- Stock options
- Retirement and pensions plans
- Paid time off
Why are employee benefits important?
Benefits are one of the significant drivers of employee satisfaction worldwide. In recent times, there has been a growing preference on the part of employees for an excellent benefits package, much more than large salaries. According to a recent Glassdoor survey, four out of five workers now say they would choose new perks or benefit over a pay rise.
An organization’s employee benefits offering plays a significant role in aiding its talent acquisition and retention efforts. With the increasing inflation in Nigeria and other parts of the world, employee benefits are a great way to save up costs on necessities.
Look at this scenario; Tola works at a real estate company with a monthly salary of #500,000 with no benefits. In contrast, Dayo works at a law firm and earns #200,000 with comprehensive life insurance, stock options, medical coverage, and pension. Although Tola makes more than Dayo, the reality is that Tola is likely to incur more expenses than Dayo, whose benefits cover almost everything.
Improving your employee benefits package is a long investment with long-term benefits for your business. This would ensure the following;
Talent Attraction and Retention
With the increasing competition for the best talents in the labor market, employee perks are one sure way to have the edge over big companies that offer more in terms of salaries. In addition, 56.4% of job seekers evaluated benefits as being moderately or extremely important, according to research from Jobvite.
The effect of benefits doesn’t just stop at that, as it also plays an essential role in employee retention. According to a study by MetLife, 59% of workers satisfied with their benefits thought it was a sufficient reason to remain at the company. Therefore with the suitable employee perks offerings, you’d get the best hands on your team for a long time.
Much more than getting the work done, the wellness of employees should be a top priority for every organization. Considering your budgets and employees’ needs, a well-tailored benefit package could be a great way to achieve this.
Some of these benefits direct towards improving physical well-being by providing perks like gym membership and insurance benefits. Others are aimed at financial wellness by providing access to products like the Earnipay’s on-demand pay.
Loyal and motivated team
Every employee wants to feel appreciated and valued for the work they do. Benefits are a way to show your employees that they are assets to your organization, which would leave them motivated and more productive. When they feel more appreciated, they are willing to work and go the extra mile toward achieving the organization’s goal.
Where does Earnipay Come in?
As a leading HR solutions provider, Earnipay has revolutionized how human resources operation works, and employees’ benefit is no exception.
At Earnipay, we understand that improving employee wellness is the center of every organization’s compensation and benefits package. For this reason, we are committed to helping organizations provide financial well-being tools for their employees. Some of our products include;
- Learn: The starting point for financial wellness starts with having the proper knowledge. With Learn, employees can instantly access courses in personal finance, investing, budgeting, retirement planning, and many more for free.
- Autopay: Autopay offers a unique way for Earnipay enrolled users to schedule how they receive their earnings- whether weekly or daily automatically.
- On-demand pay: Help your employees avoid payday loans with On-demand pay. With this product, employees can quickly request and receive payment up to the days they’ve worked and get paid on time.
Enhancing your company’s benefits is a long-term investment that has several advantages. By utilizing Earnipay’s products, HR Managers can be sure to document increased productivity, attract and retain top talent, and distinguish their company as being employee-focused. So if you’re ready to come on board, do not hesitate to reach out today.