Five Employee Benefit Schemes to Reduce Your Employee Turnover Rate
A workplace eco-system in India is full of challenges and opportunities at the same time. These two factors affect the performance of an employer and an employee both. An employer has a choice to hire the best people available, but at the same time, he is at the risk of losing a good resource to competition. Likewise, any individual employee is given multiple opportunities to showcase his talent. He can do so by performing within the same organisation or choosing to join an organization which offers a wider window of talent growth/bonding.
The Indian banking industry has an attrition rate of 16-22% every year, which is also one of the largest employers in India. It is also one of the most important sectors in India given the scale of operations and number of banking institutions in India.
Under the twin scenario’s, it is really the employer who has to bear the attrition brunt. Employees shifting jobs is no longer a distant reality, as many Indian corporates are now facing a mammoth task of retaining the talented workforce. It’s hard to hire a good resource as many companies are eyeing strong talent. Even if an employer is lucky to hire the best talent, the job is far from over. An organisation is responsible for nurturing the talent, and therefore, opening windows to retain its workforce.
Employee retention is a wide-term and can be approached differently depending upon various factors. However, the underlined fact is-to benefit individuals. Employee benefit schemes fit into different organisation scenarios as an effective measure to incentivize employees. In other words, these schemes make any workplace better. Some of them may also help employees bond with their employer over a long time. It is rather a necessity in workplace.
Types of Employee Benefit Schemes
Group Life & PA
Group life insurance cover is a useful tool to provide life risk cover to an individual. It primarily includes a death benefit. If you think your organisation does not need a group life cover, think again. In the high-pressure corporate scenario, every employee is exposed to some level of risk from work-life stress. The personal allowance is direct financial benefit accrued to an employee subject to tax deduction under section 80C of Income Tax Act.
Group Health Insurance
A group mediclaim policy is a direct investment in your employee health. All employees are covered under a uniform risk cover. It is a great way to show you care. Group health insurance policies to cover maximum risks to the health of an individual, that too at a very affordable cost.
Group Leave Salary
Any employee of a company is entitled to leaves as per standard rules and regulations. An employer, on the other hand, is obliged to grant those leaves. A similar fact is- leave encashment availed by employees. The number of leaves lapse by an employee can be cashed and can cost the exchequer a huge bill. But an employer has a choice to cover this cost by buying a Leave Encashment facility to their employees. Some schemes also include life cover benefit in case of a death of an employee.
The retirement benefit is a reliable employee solution. An employer has an option to buy a pension scheme or superannuation policy, to provide retirement income to its employees. All the group pension plans are subject to a set condition, which is withdrawal at the time of retirement only. It offers a single benefit of retirement saving and benefit in the form of retirement pension.
There are still more employee incentive steps like team building initiatives, off-site workshops, holiday packages, and rest, which help in striking a generous work-life balance.
Group insurance coverage is a must have and a sensible workplace investment. An organisation is expected to benefit from collective insurance cover cost. An affordable premium against a collective risk is how employer and employee will benefit. An employer has flexible options to choose from. He can choose to cover only a select base of employees for a certain type of insurance cover benefit. Like an insurance cover only for field workers against personal accident risk.
Another workable option is the Group health insurance coverage. It not just enriches the employee with better access to healthcare facilities and resources but also creates an employee-friendly corporate environment. An individual employee is covered under a standard insurance cover and can avail maximum financial benefit including, pre and post hospitalization expense besides the hospitalization cost.
There are many tailor-made insurance packages available now to benefit an organisation. Depending upon the nature of work, multiple branch offices, or the number of employees to be covered, flexible group plans are available. If you are looking for group insurance online insurance advisor Secure Now could be the best stop shop for you.
Equipped with an online platform for faster process and approval of insurance, along with 24×7 customer support and claim settlement services SecureNow can be the trusted insurance advisor for all your insurance needs.
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