Tick Mark These 5 Things to Qualify as A Great Employer
A company is a legal entity and it depends on its managers and directors to operate and engage with the world. Hence, the directors, managers, and employees are legally representing the company’s interest while discharging their duties and have a fiduciary relationship with the company and its shareholders.
While employees and directors are responsible for the welfare of the company, the company is also responsible for the welfare of its employees. Great employers frequently attract and employ talent, enjoying better growth and market value.
- Employee Welfare Schemes that Include their Family
Balancing family-life and work-life are essential for every person. Many employers implement family-friendly provisions to help employees meet the expectations of life along with work. Family support for employment goes a long way in deciding how long the employees stay with an organisation.
Benefits like flexible working hours, maternity/paternity leaves/support, health insurance (group health insurance & group personal accident insurance), help great employers retain and attract talent.
- Rewards and Remuneration
The success of a business depends a lot on the little efforts your employees make every day that makes the big difference. But if they do not feel the acknowledgement, they’ll be less willing to give in that extra effort for your organisation. You can notice an increase in engagement through recognition programs to give your employees the incentive they need.
Employers can set goals and on completion, offer monetary incentives and exclusive rewards to exceptional employees. This strategy also keeps up the competitive spirit among the employees.
- Legal Liability
Managers and directors of large organisations carry significant risk with their decisions. It is not uncommon for them to face law-suits and accusations of misconduct or of causing losses to customers and shareholders with their decisions. A great employer not only deals with such cases fairly but also protects those taking risks on behalf of the organisation.
However, financial liabilities arising out of such lawsuits and settlements could be exorbitant. That is why, while firms should protect their officers legally, they should also use insurance to cover the financial costs and the cost of damage control in such cases. Directors and officers (D&O) liability insurance is the plan which covers such liabilities arising on directors and officers of a company.
Even small and medium enterprises (SMEs) should avail of D&O insurance cover to protect their owners, promoters and directors and officers from financial liabilities.
One of the reasons recognition programs fail is due to lack of motivation to succeed. Organisations don’t adequately explain their plan and the goals set to their employees. Your employees need to be aware of the possible rewards, what they need to do to achieve the awards, and how the program ties into your workplace culture.
The employer should set regular reminders and boost the morale of every employee.
Overall, your goal should be able to foster a culture of recognition, where employees know their hard work will get noticed and rewarded. The implementation of this strategy can lead to more engaged, more loyal and more productive employees.
- Corporate Governance
The primary purpose of corporate governance is to implement a checks and balances system that minimises conflicts of interest. Disputes typically arise when two involved parties have opposing opinions on the way the business should run. Since a board of directors is usually a mix of internal and external members, corporate governance is a non-biased way to approach conflict.
Corporate governance includes action plans, performance measurement, disclosure practices, executive compensation decisions, dividend policies, procedures for reconciling conflicts of interest and explicit or implicit contracts between the company and stakeholders. Employers should take the responsibility to make awareness about the rules and regulations according to corporate governance.
It has received increased awareness because of several recent high-profile scandals involving the alleged misuse of corporate power and even criminal activities by corporate officers. Therefore, laws and regulations have been passed to pay special attention to the components of corporate governance.
Multiple steps to provide a safe, motivational and engaging workplace can work wonders for organisations. Contingency support for employees and representatives of the firm, whether personal or professional, helps build the credibility and a strong bond between employer and employee.
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