12 Employee Perks That Can Help Your Company Win in India
Companies spend a lot of money arranging the best resources and hiring top talents but often overlook the importance of having an employee perks program in place.
This directly has an impact on employee satisfaction. Often, this oversight can lead to job stress, high employee turnover, lack of productivity, and low profit.
Employees are the fuel to any organization, and when their needs are met, they perform better and stay engaged and happier in their jobs.
What can you take away from the blog?
- Concept of employee perks
- Expectation of employees regarding employee perks in India
- Key benefits of having an employee perks program in place
- 12 effective employee perks in India
- Don't forget to take action
What are Employee Perks?
Employee perks refer to additional benefits, incentives, or advantages provided by an employer to their employees, beyond the basic salary and standard benefits.
What Do Employees Expect in Perks?
A good paycheque is not the only metric for employees to stay engaged in their jobs today. Employees in the workplace seek an ideal working environment that promotes learning and development, work-life balance, positive company culture, and overall good experience.
Organizations that offer meaningful benefits and perks to fulfill these needs experience high employee retention, productivity, overall employee satisfaction, better growth, and success.
The Importance of Employee Perks in India
In India's dynamic and competitive business landscape, the significance of employee perks cannot be overstated. As companies strive to attract and retain the best talent, offering compelling perks has become a strategic necessity.
According to a survey by TimesJobs, 55% of employees in India prefer perks and benefits over salary. This statistic underscores the significance of employee perks in the Indian workplace.
Employee perks go beyond traditional compensation, serving as a powerful tool to enhance job satisfaction, foster a positive work culture, and ultimately, drive organizational success.
From work-life balance initiatives to well-being programs, these enticing benefits play a pivotal role in shaping the employee experience.
It makes them indispensable towards any forward-thinking Indian company looking to stay ahead in the race for talent and productivity.
12 Effective Employee Perks for Indian Companies
As companies seek innovative ways to create a competitive edge, the strategic implementation of effective employee perks has emerged as a game-changer.
By tailoring perks to align with the unique needs and expectations of the Indian workforce, companies can foster a thriving work environment, drive employee satisfaction, and unleash untapped potential within their teams.
Here are some of the most effective employee perks that companies in India can provide.
1. Employee Discount Platform
One of the most popular perks among employees is the 'Employee Discount Platform'. These platforms provide employees with exclusive deals and discounts on a wide range of products and services, like dining, shopping, travel and wellness.
As per Convince and Convert's statistics, approximately 93% of shoppers utilize discount codes annually. By accumulating everyday savings, your employees' financial well-being can experience considerable enhancements over the course of a year.
So, in short, employee discount platforms are a great way to help employees save money and enjoy a better quality of life.
How to offer:
Two notable Employee Discount Platforms in India are Vantage Perks and Advantage Club.
While Advantage Club extends corporate employee benefits to wellness, dining, education, gyms, entertainment etc, Vantage Perks offers a wide range of deals and discounts for employees to choose from.
Vantage Perks goes beyond traditional employee discount programs by offering a comprehensive and personalized experience that caters to the diverse needs and preferences of your workforce.
- Our user-friendly interface ensures easy navigation and redemption, providing employees with a seamless experience.
- In addition, Vantage Perks equips your HR team with robust analytics and reporting tools, enabling efficient benefit management and insights into employee engagement.
So, elevate your employee benefits strategy with such platforms and unlock a world of savings, convenience, and camaraderie
2. Flexible Work Arrangements
Flexible work arrangements lets employees work from anywhere and anytime. This perk is highly popular and recommended by business owners and management.
Based on a recent study conducted by Atlassian, 55% of knowledge workers currently have the option to decide whether they work from home or the office on any given day. Additionally, 51% of them can choose to reside in a location different from where their office is situated.
Owing to this rapidly evolving work landscape, tech giants such as TCS and Infosys have embraced progressive approaches, introducing flexible work policies that empower their employees to work remotely or tailor their work hours.
How to offer:
Many project management and communication tools like Slack, Trello, and Zoom can help facilitate flexible work arrangements.
3. Transportation Benefits
Many companies in India provide transportation facilities or travel allowances to their employees. This perk can be particularly valuable in cities with heavy traffic, such as Bangalore or Mumbai.
How to offer:
Companies can tie up with local transportation services or use services like Shuttl and MoveInSync to provide transportation benefits.
4. Meal Benefits
Some companies offer free or subsidized meals in their cafeterias. Others may provide meal vouchers or allowances.
For example, companies like Google and Microsoft offer free meals to their employees in India.
How to offer:
Meal benefits can be provided through meal vouchers or tie-ups with local catering services. Companies like Sodexo and Zeta offer meal benefit solutions.
5. Health Insurance
Health benefits are offered by 58% of companies, making them the most common perk.
Health care coverage is usually the most expensive benefit/perk, but it's also the most sought after. Companies can tie up with health insurance providers to offer comprehensive health insurance packages to their employees.
How to offer:
There are many health insurance providers in India. Some of the popular ones include Star Health, Apollo Munich, and Max Bupa. You can also consider platforms like Loop Health that provide comprehensive employee health benefits.
6. Learning and Development Opportunities
Empowering employees with learning and development opportunities is not just a perk but a strategic investment in their professional growth and the long-term success of the company.
Companies can offer sponsorship for further education or provide in-house training programs. For instance, Infosys has its Global Education Center in Mysore for training its employees.
How to offer:
Online learning platforms like Coursera, Udemy, One Hour Learning offer a wide range of courses that can be used for employee development.
One Hour Learning is an Indian platform that provides a variety of courses tailored to the Indian context.
7. Festival Bonuses
Many Indian companies offer bonuses during major festivals like Diwali. This perk is culturally significant and highly appreciated by employees.
Among public sector firms, 63 percent of employers surveyed intend to grant their employees a festival bonus equivalent to one month's basic salary, while an additional 37 percent plan to provide a fixed lump sum amount as the festival bonus.
How to offer:
Festival bonuses can be managed internally by the HR and Accounts departments.Usually, companies determine a fixed amount considering the person's basic salary and company policy and distribute it during the festive season.
8. Employee Recognition Programs
These programs reward employees for their hard work and dedication, boosting morale and motivation. Companies can implement various recognition programs, such as 'Employee of the Month', 'Spot Awards', etc.
How to offer:
Employee recognition platforms like Vantage Rewards and Empuls can help manage and streamline your recognition programs.
9. Paid Parental Leave
Paid parental leave is a significant perk that can attract and retain talent. In India, the law requires companies to provide 26 weeks of paid maternity leave.
However, many progressive companies are going beyond this minimum requirement and offering generous paternity leave policies as well.
For example, Zomato, a leading food delivery company in India, offers 26 weeks of paid parental leave to both mothers and fathers. This policy not only supports new parents but also promotes gender equality in the workplace.
How to offer:
Paid parental leave is typically a policy decision made by the HR department. Companies like Flipkart and Zomato are great examples of organizations that have implemented generous parental leave policies.
10. Wellness Program
Wellness programs can promote healthy behaviors, reduce stress, and improve overall employee well-being. These programs could include gym memberships, yoga classes, mental health resources, and more.
How to offer:
There are many online innovative platforms that offer ingenius wellness solutions for all. These platforms can be customized as per your requirements and also offers many options.
For instance, Vantage Fit is a corporate wellness platform that offers a holistic health and wellness solution to engage, motivate and reward employees.
It provides features like step tracking, calorie tracking, wellness challenges, health risk assessments, and more. Another notable platform is Visit, an AI-driven platform that helps diagnose symptoms, manage lifestyle, chronic conditions, and consult specialists.
It allows users to track their fitness activity, log their meals, manage chronic care, and get personalized recommendations based on their habits.
11. Employee Assistance Programs (EAP)
Employee Assistance Programs are work-based intervention programs designed to identify and assist employees in resolving personal problems that may be adversely affecting their performance at work.
EAPs address concerns pertaining to marital, financial or emotional problems; family issues; or substance or alcohol abuse. They also offer a wide variety of services covering mental health, work-life balance, and even legal issues.
How to offer:
There are several providers of EAP services in India. Some of them include EAP-India, Manastha, MantraCare, Truworth Wellness, and BetterLYF.
12. Employee Stock Options (ESOPs)
ESOPs are a type of equity compensation granted by companies to their employees. The granting of stock options is a way of linking compensation to company performance.
They give employees the rights to buy a specified number of a company's shares at a predetermined price. ESOPs can be a powerful tool in attracting and retaining the best talent, especially in startup companies.
How to offer:
Many Indian startups and established companies offer ESOPs to their employees. For instance, companies like Nykaa, Zomato, PolicyBazaar, Paytm, Flipkart, Byju's, and Byju's have been known to offer generous ESOPs to their employees. The specifics of offering ESOPs can vary based on the company's policies and should be managed by the HR and Legal departments.
Wrapping up:
The dynamics of work culture have changed massively, especially over the last decade. As discussed, employees now are more inclined towards organizations that help them create a work-life balance, provide career development opportunities, and overall positive environment.
Therefore, providing the right employee perks which take care of these employee needs gives you an edge over your competitors. As Doug Conant said it rightfully, "To win in the marketplace, you must first win in the workplace."
Take Action Today with Vantage Circle
Are you ready to take your employee perks to the next level? Vantage Circle offers comprehensive solutions for employee perks and recognition. With Vantage Rewards, you can easily set up and manage various recognition programs, such as 'Employee of the Month', 'Spot Awards', and more.
And with Vantage Perks, you can provide your employees with exclusive deals and discounts on a wide range of products and services. Get started today and see the difference it can make in your workplace!
Please note that the above is a suggested modification and might need further adjustments based on your company's specific needs and audience.
Frequently Asked Questions
1. What are some popular employee perks in India?
Flexible work arrangements, performance bonuses, health insurance, learning opportunities, and work-life balance benefits.
2. How do employee perks contribute to retention?
Perks enhance job satisfaction, create a positive work environment, and show care for employees, leading to higher retention rates.
3. Are family-friendly policies common in Indian companies?
Yes, family-friendly policies like maternity and paternity leave are increasingly prevalent to support work-life balance.
4. How can cultural celebrations impact employee morale?
Cultural celebrations promote inclusivity, teamwork, and a sense of belonging among employees.
5. Do perks like remote work options affect productivity?
Yes, remote work options can improve productivity by providing a flexible and comfortable working environment.
This article is written by Anjan Pathak, the CTO and Co-founder of Vantage Circle. Anjan is a technology leader with over two decades of experience building and deploying cross-channel web applications. Apart from being a technology leader, Anjan is an energetic and fitness enthusiast who encourages a healthy lifestyle in all his employees. For any related queries, contact editor@vantagecircle.com.
