If you managed to secure that dream job you were fantasizing over, it is now time to learn what kind of employee benefits you are entitled to. In addition to salary and retirement benefits, companies are providing with a wide range of benefits that make employees feel motivated to deliver better results. These benefits not only include salary appraisals, but a wide range of other benefits also that will reduce attrition and improve employee loyalty.
Stock options: A favorite mode of payment amidst startups, stock options can make you rich overnight. They are nothing but entitlement to a part of the shares of the organization. As an important employee you might be provided with stock options for providing valuable technical know-how or information. These sorts of stock options will not form part of your singapore payslip but will be provided as an allotment of shares in electronic form.
Medical reimbursements: A popular way of ensuring the good health of employees is to provide them with medical reimbursements. Medical reimbursements ensure that employee show no lax in taking care of their health for want of money. Medical allowances are usually disclosed in the monthly payslip as deductions from the basic salary. It may also be provided as additional allowance depending on the remuneration policy of the organization.
Life cover: Companies care for their employees. They want to ensure that the family of the employee does not suffer financially or otherwise in case of any untoward incident. Hence, they ensure that the employees are provided with life cover which will fetch a handsome amount of money for the relatives or legal heirs of the employee.
Paid vacations and holidays: Perhaps, the best way of keeping employees motivated and inspired will be to send them on paid holidays and vacations. Holidays and vacations wit employees will help them refresh and rejuvenate their minds for another year or season of grueling corporate action. Deviating from the yesteryear trend of providing paid vacations only to top management employees, today almost all categories of employees receive paid vacations from their employees.
Providing concessionary goods and services: In some cases, employees themselves will become customers for the goods and services of the organization. In such circumstances, the company might decide to provide discounts or concessions for employees to make them feel valued and appreciated. In a way, it is bringing new business for the organization as well as giving employees an opportunity to savor the quality service of their own company.
Employee benefits have long bypassed the traditional forms of incentives and appraisals. The recent trend is to provide employees with non-monetary benefits that will reward them better experiences and thrills. From paid vacations to medical reimbursements, the list is endless that employers are using to help employees feel valued at workplace.