Unlocking the secret to a highly motivated and engaged workforce is every employer’s dream. In today’s competitive job market, attracting and keeping talented employees is no easy task. Offering competitive salaries alone is not enough. To truly cultivate a motivated and engaged workforce, employers must understand the importance of providing additional benefits. In this guide, we will explore the impact of these added benefits on employee satisfaction, productivity, and loyalty. Get ready to uncover the key to unlocking a thriving workforce like never before.
Base Benefits
Compensation is a basic right for employees, but the same can be said for benefits.
Benefits encompass a wide range of offerings that contribute to an employee’s overall well-being. In the Philippines, these include Pag-IBIG, PhilHealth, and SSS.
Regardless of their pay range, every employee should be entitled to these benefits, whether they earn above the minimum wage or work in informal economies.
Additionally, employees should have one day off for every week of work and accumulate five days of leave for every year of service, as mandated by law.
Improved Base Benefits
While base benefits provide some level of security for employees, they may not always be sufficient to ensure their comfort. More competitive companies offer perks that go beyond government mandates.
For example, in addition to PhilHealth, desirable companies provide health cards and insurance coverage. Many organizations also grant 15 days of paid vacation and sick leave per year.
Passive Benefits
There are numerous employee perks that often go unnoticed but can be crucial in determining whether an employee joins or remains with a company. These so-called “passive” benefits primarily revolve around work setups that serve as additional perks for employees.
Remote work is a prime example, as it allows employees to enjoy more personal time outside of work and eliminates commuting or lodging expenses.
Other passive benefits include flexible work arrangements, such as flexi-schedules, and productivity-based work that empowers employees to better manage their time and energy.
Financial Benefits
While salary is undoubtedly important in any employer-employee relationship, companies will find that providing a financial privilege to employees can significantly improve talent retention.
Some companies offer employees the opportunity to invest in company shares to grow their wealth.
Another effective strategy is to provide savings and retirement plans. Financial assistance programs also help employees feel valued, particularly during times of crisis.
Growth Benefits
One area where larger companies may fall short is providing opportunities for growth. However, professional growth does not solely mean promotions.
Underrated growth benefits include offering free enrichment and training programs. They become even more valuable to employees when accompanied by recognition and certifications that are widely recognized.
Quality of Life Benefits
Personalized perks can greatly enhance an employee’s quality of life, both at home and at work.
Programs that provide employees with home conveniences, such as telecom and rice allowances, transport allowances, and subsidies for clothing and gadgets, can significantly improve their overall well-being.
By introducing efficient workplace systems, like a payroll system for the HR department, employees can concentrate on their key skills rather than repetitive tasks. This helps reduce monotony and enables the team to prioritize employee well-being.
Additionally, a comprehensive employee self-service (ESS) platform enhances all employees by simplifying processes like leave requests, tracking remaining leave credits, and accessing pay slips.
Conclusion
Employee benefits are the cornerstone of a successful employer-employee relationship in the Philippines.
By acknowledging the importance of these benefits and tailoring them to meet employees’ unique needs and values, companies can attract, retain, and engage top talent. Investing in employee benefits not only contributes to individual well-being but also drives organizational success and growth.
To improve your company’s employee quality of work-life, consider adding a new benefit today. SprintHR offers a user-friendly ESS platform that helps employees handle HR tasks.