Employee benefits are perks and bonuses given by a company to employees who, either by virtue of their employment or performance, have warranted the reception of such benefits. Companies that have good benefits and compensation packages are more likely to attract employees. The reason behind this that an employee is more likely to feel happy and fulfilled in their workplace if they feel that their company is taking care of them.
The Employment Act of Singapore already guarantees certain benefits to all employees. These benefits include an annual vacation, sick leaves, maternity leaves, healthcare benefits as well as childcare benefits among others. But there are companies that offer more than just these benefits, and those are the ones that employees work hard to get into due to fierce competition.
Why is it important to give benefits to employees?
The backbone of any company is its employees. Without committed and loyal employees, large organizations would stop functioning and industries would grind to a halt. Companies that recognize this tend to give greater importance to their employees, and this, in turn, makes the employees work harder. An employee who feels that their contributions are being taken into account and whose needs are also important to the company, develops a sense of loyalty that also improves their overall importance.
Irrespective of why a company chooses to give extra benefits to its employees, anyone would prefer to work at a place where their needs and wants are met. Such mutual reciprocation of professional courtesy ultimately creates harmonious environments conducive to an organization's overall growth.
Which companies in Singapore provide good employee benefits?
A company that takes care of its employees is a happy company. Just look at some of these places in Singapore that offer great employee benefits:
Carousell: Named in 2017 as one of the best tech companies in for employees to work in, in Singapore, their work environment speaks volumes about how much they care about their employees. Employees are allowed to bring dogs to work. They have a lounge an even a gaming area where they can play table tennis or on the PlayStation during work hours. There is a barista who is always available to serve coffee to employees during work hours and every Friday, a catered lunch, sponsored by the company, provides employees with the chance to come together and bond over food. They have plenty of other benefits outside these as well, and their success shows that good employee benefits can attract good employees.
The Smart Local: When talking about good employee benefits in Singapore, The Smart Local is bound to come up thanks to their innovative nap area that lets employees catch some sleep if they get too tired. They also have a dedicated area where employees can prepare their meals, but the bunk beds at work show they know the importance of sleep for functioning. Long-time employees also get additional benefits, like working from home, or changing their job description, giving employees incentive to stick with the company for the long-term.
Shopee: An ecommerce company that provides sleeping pods so their employees can rest, massages from professionals twice a month to alleviate tension and even foosball, air hockey and a pool table. Employees can have free breakfast served by the company every Monday and they can also use the company's dinner catering service to pre-order food through their Intranet. The idea behind these benefits is to inspire employees to be more productive by being in an environment where they are comfortable.
What are some practical tips companies can use when deciding on employee benefits?
Employees will be spending a major portion of their daily lives at work so it is important to make them feel comfortable and at home for that duration. Although the transition is slow, more and more companies are becoming aware of how employees work better when offered with good employee benefits. These are some practical tips to keep in mind when deciding on employee benefits:
Work-Life Balance: Employees can work better when they give their full attention at work. Companies that are sympathetic during trying times, those that provide assistance in the form of meals, and those that promote life and hobbies outside work both create employees that are dedicated and extremely capable.
Healthcare Benefits: Modern day Singapore is a time when everyone hustles. Less and less people pay attention to their health and because they spend so much time at work, their decreasing health can show a decrease in performance. Companies with healthcare packages have employees that are looked after so they can better focus on work.
Flexibility at Work: No one likes to be stuck at the desk all day, and companies that allow their employees the freedom to access an entertainment or recreation zone have employees who outperform those who only work at the desk. The brain cannot work continuously and recognizing this leads to benefits where the brain can recharge before getting back to work.
There are many other factors that you could consider when selecting employee benefits, but these are the primary areas you would need to consider for a happy, harmonious workplace environment.