Benefits and facilities help to attract best talents and retain the employees as well as help in employer branding. In Nepali context, these benefits are generally linked with financial benefits.
Employee benefits are the additional perks offered to employees apart from salary. The benefits and facilities help to attract best talents and retain the employees as well as help in employer branding. In Nepali context, these benefits are generally linked with financial benefits. Banks and INGOs have charm because of the benefits they offer such as no interest-car/house loan, vehicles along with drivers and many more.
There are benefits that are statutorily defined such as minimum basic salary and allowances. It can be categorized into tangible and intangible benefits. For instance: Tangible benefits are incentives whereas intangible benefits are working environment, emotional support and more.
Types of Benefits that are being practiced and were discussed during the program are:
- Incentives based on profit
- Accidental, Medical insurance, Life Insurance
- Subsidized lunch
- Staff bus
- Education loan
- Annual Leave
- Sick Leave
- Exam Leave
- Family Leave
- Special Leave
- Child Education Allowance
- Mobile Facility
- Preventive measures such as health checkup tie up with hospital/clinic
- Kids care center
- Learning and sharing session for knowledge
- Paid Holidays
- Vaccination program
- Employee Engagement programs
- Remote working policy
- Flexible working hour
- Gratuity, Pension, Welfare, Bonus and many more.
There are various factors to note while defining benefits to the employees. The benefits should be related to employer and employee. From employer side, one needs to analyze things from sustainability level because of competitive market, union pressure, and turnover and more. For example: types of benefits and its coverage shall be considered on the base of the likelihood of employer’s commitment at various situations. From employee side, needs of the employee has to be addressed, though, it is difficult to satisfy each individual. For example, managers’ needs and driver’s needs are different, and hence should be addressed differently in benefits package.
The benefit package being provided mostly depends on the nature of the company. It can moreover be general and specific. General benefit is applicable to all employees of the organization while specific benefit is applicable only to specific employees depending on the position, quality of person and more.
As every act has its consequences, similarly, controlling employee’s expectations regarding benefits has become a big challenge for the HR professionals. Instead of providing employee benefits all at a time, it is suggested to implement benefits each year.
In conclusion, benefits can be of various types and provided depending on the nature of the company to address the needs of the employees, attract and retain them.
Topics that have been discussed are:
1. Essence of HR department in an organization 2. Enhancing Employee’s Competencies
3. Employer Branding- Effective Recruitment and Selection
4. HR is considered as a closed door affairs
5. Educating HR to line managers
6. Recruiting Brain-Redrains in Nepal
7. Analyzing HR Events happening in Nepal
8. Employee Engagement- An emerging retention concept
9. Essential of Employee’s Learning Habit
10. Ways of Appraising Employees
11. Harassment at work- Challenge of HR Personnel
12. Annual Review of HR Kurakani for betterment
13. Understanding and coping up with Employee Behavior
14. Performance Based Management System
15. Importance of Performance Planning for effective appraisal
16. Modern Tools and Technologies to Simplify HR Work
17. Ways to conduct successful Employee Orientation
18. Role of HR in employee conflict resolution
19. Importance of Employee counseling at workplace
20. Ways to screen and select the right candidates
The above write-up by Nibha Shakya is based on an ‘HR Kurakani’ discussion on the topic “Employee Benefits: Its types and Importance” on August 29, 2012 at Nimbus Holding Pvt Ltd. The participants at the discussion included representatives from INGOs, trading company, commercial banks, manufacturing company, auto, IT, consulting firms and hospitality industries. Shailendra Raj Giri, MD of Real Solutions acted as the moderator of the discussion while Nibha Shakya, HR Executive of the company was the coordinator of the program.