Employee Welfare Programs
Employee welfare programs are benefits that help employees in different sectors of their lives, whether physical, mental or both, to aid them in their needs. Employee welfare programs vary from services to amenities and products. Ultimately, it is up to you to choose what kind of programs to provide for your workers. Some employee welfare includes health and dental insurance, provisions, stipends, and many more.
Now that we have a short description of what are employee welfare programs. Let us delve into the types of welfare programs that any employee can acquire.
Statutory
Derived from the name, statutory are benefits that came from the law. The government provides these benefits to provide at least the minimum for their citizens.
Voluntary
This type is the focus of the article. Voluntary employee welfare programs are programs provided for companies without the mandatory need stated by law.
Within voluntary works are subtypes of welfare programs. Some subtypes are worker’s health services, conveniences, worker’s education, transport, etc. It is best to research what benefits are more needed of your employees so resources will not be wasted and your workers will appreciate your company more.
Why is employee welfare important?
To Alleviate Living Standards
Not everyone has the capacity to live a comfortable life. These employee welfare programs ease the burden for your workers so they can live life better.
Increased Productivity
Not only do employees benefit from programs such as this. Having great employee welfare can result in better worker performance since this reduces their stress and increases their morale, a vital thing to keep a good workforce.
Decreased Turnover
Furthermore, good morale mitigates any lingering mentality that any worker should leave the company, saving your business and employees the headache of finding new staff that can be compatible with company culture.
Decreased Expenditure
Hiring new staff can be costly. The costs can range to the thousands to replace only one employee. Therefore, keeping your workforce happy with great employee welfare programs is a great way to achieve employee retention.
Brand Recognition
In the time of work awareness, people are starting to realize that there need to be better benefits for people today. Therefore gaining a great reputation as a company that provides excellent welfare programs will create a trickle-down effect of potential new employees trying to work for you. Moreover, customers are more willing to use your services and products since they know that you treat your staff humanely.
For reference, here are five companies leading to providing the best for their employees.
With the vast services that Google provide, they need excellent employee benefit to entice top talent globally. From their outstanding compensation to free lunches, welfare programs such as this make their employees incredibly happy and refrain the staff from finding other companies. Furthermore, they provide classes and seminars with known lecturers for their employees to receive a top-quality education.
As the company known for its canned soups, Campbell’s benefits present a narrative that they deeply care for their employees. Examples of their benefits include life and disability insurance, $1,000 annual health savings account funding, and commuter and mental benefits. They are willing to give this much since they know the workforce is their backbone, to the point that even part-time employees are eligible for some of the benefits the company provides.
A company that specializes in work management at a software level. Workers in Asana are entitled to a lot of benefits. First, the company provides a flexible work schedule, perfect for individuals whose focus varies from the time of day or for people who care for their family members amidst their workload. Furthermore, the company has health, dental, vision, and mental health benefits for their employees to be at their 100%. Lastly, Asana gives employees the privilege of having a lot of PTO for their physical and mental health to balance their workload.
Employee welfare programs are a staple if you want your workers to stay in your company and provide their best performance for you. Furthermore, it provides a myriad of benefits not only to the staff but also to your company since they are the backbone of the business. The companies listed here are only some that lead in employee welfare programs, but they give a glimpse of how they have retained the top talents in their markets.
Known for its gigantic streaming platform, Netflix provides its employees with lots of welfare programs for their staff. New parents are entitled to 4 – 8 months’ leave to care for their child. Furthermore, one of the most famous benefits Netflix provides is the “personal top of market.” This benefit provides their employees with the top rate in their field.
A cloud-based software company, Salesforce provides myriad benefits to make its employees happy. They have flexible work schedules and family medical leave. The company even has a lot of health benefits; some of these benefits include dental, life, mental health, vision, disability, and more.
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