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✨ Don't miss out! Register for our Employee Appreciation Webinar scheduled for 29th February.🎖️
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Glossary of Human Resources Management and Employee Benefit Terms
Specific examples, their estimated costs, and how they can be a magnet for attracting and retaining top talent.
1. Financial Wellness: Life insurance (term life): Varies based on coverage amount and age
2. Personal Benefits: Pet insurance: $15 - $60 per month per pet
3. Work-Life Balance: Flexible work arrangements (remote work, compressed workweeks): ** No direct cost to employee but may require investment in technology for remote work setup.
Voluntary employee benefits are a category of perks or advantages offered by employers that employees can choose to opt into and often pay for (partially or fully) through payroll deductions. They are distinct from core benefits like health insurance or retirement plans, which are typically mandatory for eligible employees.
Voluntary employee benefits can be broadly categorized into the following groups:
Specific examples, their estimated costs, and how they can be a magnet for attracting and retaining top talent.
1. Financial Wellness: Life insurance (term life): Varies based on coverage amount and age
2. Personal Benefits: Pet insurance: $15 - $60 per month per pet
3. Work-Life Balance: Flexible work arrangements (remote work, compressed workweeks): ** No direct cost to employee but may require investment in technology for remote work setup.
There are several compelling reasons for employers to offer voluntary employee benefits:
Voluntary benefits play a significant role in attracting and retaining talent in today's competitive job market. Here's how:
These are short surveys that can be sent frequently to check what your employees think about an issue quickly. The survey comprises fewer questions (not more than 10) to get the information quickly. These can be administered at regular intervals (monthly/weekly/quarterly).
Having periodic, hour-long meetings for an informal chat with every team member is an excellent way to get a true sense of what’s happening with them. Since it is a safe and private conversation, it helps you get better details about an issue.
eNPS (employee Net Promoter score) is one of the simplest yet effective ways to assess your employee's opinion of your company. It includes one intriguing question that gauges loyalty. An example of eNPS questions include: How likely are you to recommend our company to others? Employees respond to the eNPS survey on a scale of 1-10, where 10 denotes they are ‘highly likely’ to recommend the company and 1 signifies they are ‘highly unlikely’ to recommend it.
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