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BY Jules Dalmacio Articles
In today’s competitive job market, attracting and retaining talented employees is challenging especially for a country where there are companies that provide employees with only the bare minimum. Beyond offering competitive salaries, employers need to understand the significance of added benefits in cultivating a motivated and engaged workforce. In this guide, we will be shedding light on different added benefits and how they can contribute to employee satisfaction, productivity, and loyalty.
Compensation is an employee right, but who’s to say that benefits aren’t? Benefits encompass a range of offerings that contribute to an employee’s overall well-being. In the Philippines, this includes Pag-IBIG, PhilHealth, and SSS. Regardless of pay range, every employee should be given these benefits whether they are above minimum wage or even if they are in informal economies. Aside from these, employees also should have one day off for every week of work as well as 5 days of leave accumulated for every year of service as mandated by law.
Base benefits, while helpful, only add a padding of security for employee but are not necessarily enough for employees to be comfortable. More competitive companies provide employee benefits that are improvements of government mandated ones. For example, aside from PhilHealth, desirable companies also provide health cards and insurances. A lot of offices give 15 days of paid vacation and sick leave per year.
There are plenty of employee benefits that fly under the radar but actually make or break if an employee will sign up or stay with a company. These so called “passive” benefits come mainly in the form of work setups that also act as benefits for employees. Remote work is one example of this; employee who prefer remote work also enjoy more personal time beyond work as well as save time and money from commuting or lodging. Other passive benefits are flexible work arrangements like flexi-schedules as well as productivity based work that afford employees the ability to manage their time and energy better.
While salary is an imperative of any employer-employee relationship, companies will find that providing financial benefits to employees can help them better retain talent. Some companies provide employee the opportunity to invest in company share to grow their money. A good way to also retain top talents is to offer savings and retirement plans to employees. Providing financial assistance programs also helps employees feel valued especially when they are in times of crises.
An area that some bigger companies may lack is the ability to provide opportunities for growth. However, growing in the company does not only mean getting promoted. Some understated growth benefits include providing free enrichment and training programs. These benefits feel more valuable to employees if they come with recognition as well as recognized certifications.
More personalized benefits come in the form of outright improving the quality of life for employees. This can go in both ways; by improving their home life as well as their work life. Programs that afford employees home conveniences like telecom and rice allowance, transport allowance, clothing and gadget subsidy help greatly improve an employee’s quality of life. However, there are also benefits that you can implement in the office like providing better systems that help them focus on core competencies instead of repetitive task; one example is providing a payroll system to HR that helps remove the tedium from HR tasks so that the team can focus more on employee wellness. Not only that, but a comprehensive employee self service(ESS) benefits all employees with ease of use for things like filing leaves, tracking tardiness, and viewing pay slips.
Employee benefits form the foundation of a successful employer-employee relationship in the Philippines. By recognizing the significance of these benefits and tailoring them to meet the unique needs and values of employees, companies can attract, retain, and engage top talent. Investing in employee benefits not only contributes to individual employee well-being but also drives organizational success and growth.
Add a new benefit to your company today; try Salarium’s one-click payroll and easy-to-use ESS and see how HR and employee quality of work-life can be improved. Sign up for a free trial today.