18/11/2021
What are employee benefits?
Why employers need to offer employee benefits to their employees?
Is employee benefit crucial to retain employees?
What are the most common employee benefits to offer?
Employee benefits are additional remuneration packages, given from a company to its employees. Moreover, with benefits in hand, employees will have elevated their sense of belonging, motivation, and loyalty towards the organization.
In recent studies, shows that 52% of Malaysians are actively seeking for new job position due to unsatisfactory salaries & benefits. As such, the results indicated that employee benefits are the crucial factor in determining the growth, loyalty and career planning for the employee.
Below are the top 5 employee benefits that the employer offers in 2021.
1) Insurance/Medical Coverage – With the rising costs of healthcare in Malaysia, it makes the medical coverage, top priority benefits provided by the employers. Some says, it is a MUST HAVE benefits from employer to their employees. It helps the employees to ease the burden of the medical cost. Most big organization offer this benefits to the employee as well as their family members.
2) Offer Flexible Working Hours/Working from Home Flexibility – Due to the Covid-19 crisis, most employers have shifted their operational needs of workforce to work from home on daily basis. Some scheduled their employees accordingly depending on the needs & requirements on the tasks /responsibilities. Now, it is a common new norm for employers to adapt or give this kind of flexibility to their employees. Recent surveys by KPMG also shown that, respondents prefer flexibility as they believe it can increase work productivity and improve job satisfaction.
3) Performance & Recognition Rewards/Bonus – Based on Company’s discretion, this type of employee benefits will be rewarded to employees based on their yearly performance & financial situation of the Company. Bonuses will be given to those employees, as a rewards & recognition to the employees’ contribution & support. In addition, this type of benefits will definitely increase the loyalty and boost the employee motivation & productivity towards their job performance.
4) Career Development Planning/Training – Company who provides training to their employees, knows the development and sees the direction to meet the Company’s values & objectives. Basically, training/on-job-training, increases the employee skills & knowledge on the job. Hence, it will enhance the employee capability & produce higher results and deliverables
5) Childcare facilities - Most big organizations, offers facilities to accommodate their employees’ children. In Malaysia, most government agencies do have these facilities to their respective employees. This helps the working parents have the ease of mind, when the children are being taken care of in the same building/location.
In Conclusion, to retain and promote positive growth in an organization, employers are expected to provide attractive salary & benefits packages to their employees. This will eventually lead to meaningful employee engagement & ultimately businesses will profit through increased productivity due to a stronger determination to work.
