Employee benefits are optional, non-wage compensation provided to employees in addition to their normal wages or salaries. Most professionals consider employee benefits to be beneficial to a business’ long-term success. The purpose of employee benefits is to increase the economic security of staff members, and in doing so, improve worker retention across the organization.
Importance of employee benefits –
Business often has to spend substantial amounts of capital in providing employee benefits. Health insurance, wellness benefits, paid leave and more can cost a pretty penny. There is much importance to these benefits. Some are as follows –
- Increase encouragements;
- Attaining job satisfaction,
- Development of a working environment;
- Attracting skilled worker;
- An increase in efficiency and productivity;
- Reduce financial loss;
- Reduce industrial;
- Developing social integrity;
- Reduce labor turnover;
- Development of industrial image.
