According to a survey by The Economic Times, 90% of the surveyed people in India responded that they look up to jobs where employers facilitate insurance plans. Employee benefits in India is of a great deal in terms of attracting good candidates and retaining them.
With the rise of people-oriented companies offering lucrative employee benefits as a hiring and retention strategy, you must provide employee benefits that your target candidates get attracted to.
1. Health insurance
Health insurance is one of the essential employee benefits in India. Many people can’t afford to pay a premium to secure their health. Hence, free-of-cost health insurance coverage is a huge benefit employers can offer to make their hiring and retention tactics effective.
2. Life insurance
It is another great employee benefit in India you can offer to hire and retain people in your company. It will take care of the financial circumstances of your employee’s families if something unfortunate happens to them. If a Google employee passes away, the spouse gets 50% of the salary for the next 10 years (Forbes). Many other companies offer similar benefits to attract people to their job opportunities.
3. Paid time off
It is one of the least offered employee benefits in India. People in companies with a traditional work culture are scared to ask for time off. Under such a work culture, employees lack productivity as they work not out of love for the company but out of fear.
Paid time off boosts employees’ productivity. It gives them the time to recharge without thinking about a pay cut. Develop a culture where employees aren’t scared to take time off.
4. Parental leave benefits
It is one of the crucial employee benefits in India candidates look for in a job. It assures them they can get time off during an exciting but exhaustive time when they become parents.
5. Disability benefits
In addition to health insurance and life insurance benefits, some private companies in India offer disability benefits. Through disability benefits, you will ensure that if your employees sustain an accident and cannot work, they still get a portion of their lost income. There are two kinds of disability benefits:
- Short-term disability benefit that lasts for a couple of months
- Long-term disability benefit ranging from six months to a couple of years
In India, companies like Essar, Godrej, Bajaj Auto and others offer accidental death and disability benefits to their employees ranging from 12.5 lakh to 2 crores based on their seniority level (The Economic Times).
6. Paid learning and development
It is one of the top employee benefits in India people expect from their employers. It helps them do their jobs effectively.
Offer professional training and mentoring opportunities, along with greater responsibilities and compensation.
7. Flexibility and remote work
Today, most companies offer their employees time flexibility and remote work opportunities as long as they prove their productivity and meet business goals. Candidates, thus, get attracted to opportunities that facilitate flexibility and remote work. It is now when you start trusting your employees’ judgement to work during the time of the day when they are more productive and where they feel more comfortable.
8. Office perks
Many companies consider mentioning office perks in job advertisements to attract candidates. Some impressive office perks you must consider offering one of the employee benefits in India include –
- Fitness and wellness programs
- A lounge space to relax and socialise
- Free food and beverages at the office
The list of above employee benefits in India are the most effective in attracting candidates and retaining employees. The range of benefits you offer contributes to employee satisfaction and happiness. They feel valued, fulfilled and do not look for other opportunities. This, in turn, leads to greater employee productivity and retention.