Human Resources in a Business is the backbone of Business Growth and Productivity. Human resources of any Business must be judiciously managed as their inclination and warfare play significant roles in Business Operations. The effectiveness of other Resources in any Business largely depends on Human Resources, therefore, Human Resources Welfare has to be prioritised.
One way of stimulating the effectiveness of Employees in a Business is by making available Employee Benefits Schemes. Employee Benefits refer to both Financial and Non-Financial boom that Employees enjoy in the Business World. The availability of Financial and Non-Financial advantages in an Organisation is important to both the Employees and the Business Organisation on a larger part. Employee Benefits can vary depending on the Company, Industry Region, and size of the Business.
The common Employee Benefit Schemes that can be adopted include:
Health Insurance
Health Insurance is one of the important Employee Benefits. It provides payment for treatment, Hospital visits, Hospital stays, Prescription Drugs, and any sort of Medical expenses. This kind of Program will help Businesses retain Employees and increase their Welfare, also they will be encouraged to work effectively and the Business will experience higher Productivity as the Health of the Employees is consciously dealt with.
Paid Time Off (PTO) and Overtime Payment.
Paid Time Off is very important as it improves Employee Work-Life and makes it more enjoyable. It provides paying off Working Time in the Business such as Sick Days, Parental Leave, and Vacation Days. Some Companies have scheduled Vacation Days for their Workers without cutting their Pay and this helps to improve Employees Lifestyle. Overtime hours should also be paid for as this will encourage Employees when the need for overtime arises.
Disability Insurance.
Disability Insurance is one of the Employee Benefits that provide Financial protection for Employees when they are unable to work due to illness or injury. This Benefit makes it possible for Employees to remain solvent when they sustain injury which deprives them of the ability to work.
Retirement Plans
Retirement Plans are Employee Benefits that provide Year-after-Service Incentives. This kind of Programme ensures the Financial Stability of Employees even when they are no longer working. Retirement Plans are very important as they help to retain Workers and help to secure an aging period financially.
IMPORTANCE OF PRIORITISING EMPLOYEE BENEFIT PROGRAMMES
Employee Benefits Programmes are very important to both Employees and the Organisation as a whole in the following ways.
Employee Motivation and Retention
The availability of Employee Benefit Schemes in a Business Organisation plays a significant role in motivating Employees to work harder and effectively and also retain Employees. When Employees are retained, Business Growth and Sustainability are inevitable and this enhances the competitive advantage of an Organisation.
Higher Productivity.
Employee Benefits enhance the effective utilisation of Resources which will increase Productivity as Employees’ well-being is taken as a priority. Employees are encouraged to work harder without the fear of injury or Medical Expenses when Benefits like Health Insurance and Disability Insurance are available. Paid-Off Time like Vacation Days allows Employees to recharge and stay productive.
Continuity in Business Operation
Offering Employee Benefits can help to attract and retain top Talent in the Business World. Workers are likely to stay with Organisations that prioritise their well-being and this helps to sustain a consistent and stable Workforce. Keeping Employees happy, healthy, and engaged helps to increase profit and performance.
Improve Employee’s Standard of Living
Employees’s Welfare is improved when they are offered Health Insurance, Life Insurance, Paid Time Off, and Retirement Plans. Employee Benefits help to improve Employees’ Standard of Living even when they are aged of Work
A Business that wishes to have increased Profit, Business Growth, and consistent Operation should prefer Employees’ well-being by providing different Employee Benefits Schemes.
