Essential Employee Benefits
Create value for your company and employees
Employee benefits are non-salary forms of compensation that form an integral part of an employee's compensation package. Implemented properly, employee benefits can create incredible value for both your company and your employees.
Companies with great employee benefits more competitive. Recruitment is easier. Employees feel appreciated, increasingly team spirit. Retention improves, increasing productivity and creating a solid foundation for growth.
Employees genuinely value their benefits - which increases the value of their compensation package, reduces stress, improves wellness, and helps them plan for the future.
Let's take a look at a few essential of employee benefits.
Employee discount programs are a simple and effective way to increase your employees' purchasing power without increasing their salaries. Employees get unlimited access to free and deeply discounted items at hundreds of shops, restaurants, and activities. And it's not all fun and games. The best employee discount programs feature education and wellness programs. The value to employees can be incredible: MMK 50,000 to 200,000 per month.
Employee insurance policies give your employees' and their families peace of mind, knowing that they'll be protected and cared for in case an accident or emergency occurs. Insurance can include medical insurance (general, dental and optical), disability insurance and life insurance. Premiums can range from MMK 3,000 to 300,000 per month - so do your research and find an insurance policy that meets your employees' needs without a lot of expensive extras.
Salary advance allows employees' to get paid a percentage of their earned salary before pay day. It allows employees to reduce stress, avoid late fees and stay out of debt. And salary advance has benefits for your company too - employees with financial worries are less productive, have poor relationships with their colleagues, and are more likely to leave your company.
Savings & Retirement Plans
Savings and retirement places help your employees' save for an educational course, new car or home, dream holiday and comfortable retirement in their old age. But saving isn't natural for most people - which is why it's important to create systems and incentives that help your employees. Direct deposits and dedicated savings accounts are proven tools to increase savings. And a partial employer matching contribution creates a strong incentive.
Drop us a comment below. Let us know which of the employee benefits listed above is most popular with your employees. Or share a favourite employee benefit that's not (yet) on our list.
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