Benefits to be Expected from you Employer

by Vanshika Kumari Financial Writer

Additional Benefits You Can Expect From Your Employer

Human resource is the best asset for any organization. This is the reason why companies focus on employee satisfaction. A better salary package motivates employees to work more efficiently and effectively. Offering competitive salary packages is a recipe to keep employees satisfied. Whether you are a fresher looking for the first job or an experienced professional looking for a job change, you can expect additional benefits offered by employers in addition to your salary.

Even non-monetary benefits can make a big difference to your compensation. This article covers five additional benefits offered by employers:

Insurance: A life insurance plan is a commonly offered monetary benefit to keep employees covered for both death and hospitalization benefits. This is a good plan that gives monetary assistance to employees to bear medical expenses. Employers deal with many life insurance companies like LIC Housing Finance which provides one of the best life insurance in India. You can also avail LIC Home Loan from LIC Housing Finance which is also one of the best financial product. If you are an earning member of the family, this plan keeps your dependents financially covered. It is a fixed amount and covered at three times yearly cost to company of an employee. If your annual CTC is above Rs 5 lakh, you have a life cover of Rs 15 lakh. A few companies offer a higher cover if they operate from metro cities.
Bank loans or NBFC loans: If you are an employee of a bluechip company, you will be picked up by prime lenders. Employees working in big corporations are considered more potential compared to employees working in small and medium-sized companies. It is because of job security and consistency. The interest rate offered by lenders will vary based on the brand of your employers. The same goes with loans from non-banking financial companies.
Residential facilities: You cannot expect a housing facility from every employer, but still a few companies offer this facility. Some old companies and public sector units (PSUs) provide housing facilities for employees working in prime areas. This facility is generally offered to government employees working in the highest cadre. Private companies also offer this facility, but not commonly seen. Employees who avail this facility can expect healthcare and education facilities within the residential premises. If you quit the job or retire from the service, you will be asked to vacant the property.
In-house training: Professionally-managed companies conduct in-house training programmes regularly for employees. A well-planned training session can provide the most sought-after insights required for an employee to hone both technical and non-technical skills. Check whether or not your future employer has this facility. In-house training sessions are gaining importance in today’s corporate world to help employees deliver the best and contribute significantly to the in-house efficiency of their employers. Some companies even organise training sessions from external sources if required.

Other benefits that can be offered in addition to salary include an income protection plan, a pension plan, employee assistance programmes (EAPs), bonus, flexible working hours etc. An income protection plan is like an insurance policy. The plan gives up to 80% of salary if you are unable to work for six months due to injury and major health issues. Conducting periodic EAPs can assist employees balance stress professionally and personally, thereby increasing their productivity. A well-structured award and reward HR programme can strengthen the relation between employers and employees. Through offering additional benefits, employers can not only hire but also retain the talented workforce. The cost of employee turnover may be lowered.