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Why traditional employee benefits schemes no longer work

Why traditional employee benefits schemes no longer work

A clear cut dividend is market between certain established benefits provided to employees and ‘newer’ benefits. Some people think that non-traditional benefits are correlated more strongly with perceived organisational support (PSO) among staff members.

Companies cannot be dependent on traditional employee benefits schemes to attract and retain talent.A growing diverse workforce needs flexibility,creativity and a change from time to time from it’s employer’s rewards and recognition programme.

Promotion of diversity in the modern workplace has and it’s branches requires a lot of maintenance.With the introduction to new cultures and folkways,ours own has begun to adapt to them in certain ways building a bridge between the old and the young. And with many women starting a family later in life, the gender imbalance is shrinking (even if the pay gap remains frustratingly wide).

A diversification of this kind opens a lot of oppurtunities at on etime and proposes a few challenges with it as well.The one that tops the chart is the issue with the uniformity in employee benefits.Cinderella’s shoe only fit to her foot,the step sisters had to cut their offs to fit into it.A statement “one-size-fits-al” worked in the yesteryears but that in not a reality now.

Traditional Employee benefits includes standard offerings of a compensation package like-Health insurance,Transportation reimbursement , Retirement accounts – 401(K) plan, Paid vacation days ,Profit sharing- Bonuses but this new breed of employees require for more than this.

Younger colleagues are less likely to have a marked contrast between work and play. They expect employers to help them keep up external interests and stay fit and healthy. They’re more likely to value subsidised gym memberships, gig tickets, on-site yoga classes or wellbeing seminars – activities and staff perks that leave older colleagues scratching their heads.

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