Companies today are doing all it takes to keep employees happy by offering them a slew of benefits and thus retaining key talent. Does cash benefits in itself, make up for employee happiness in Philippines? Together, we find out.
What makes a job satisfying experience? For many employees, the definition of a “great career” involves a high wage only. However, other forms of compensation, cultural aspects, new challenges, training and advancement opportunities may mean more to the ambitious employee.
The ABS-CBN news channel, ANC, has produced a list of benefits Filipino organisations offer to their employees to help them achieve financial independence while also keeping them happy at work. Some of the top benefits the best employers in Philippines offer to employees include:
- Educational Packages
Established companies in Philippines value employee contributions by offering them educational packages for immediate family members and financial support.
A recent Jobstreet.com survey indicated that learning and development is one of the primary factors, employees consider when choosing a company to work for. By allowing employees to take some days off to get additional certifications, the companies showcase scope for human capital development.
- Travel Packages
Employers allow deserving employees to move about the country and outside of it. These travel packages may include perks, discounted airline tickets, all expense paid-trips or unlimited standby travel.
By allowing employees the privilege to travel, companies help them recharge and renew their commitment to work. The travel also enables employees to see the world in a different perspective, while teaching them lessons to tackle challenges and achieve success in new ways.
- Bonuses and Profit Sharing
Offering bonuses is a way of acknowledging employee’s dedication, commitment and hard work to boost confidence, morale and enhance productivity. Surprisingly though only 68% of the companies surveyed by the People Management Association of Philippines (PMAP) offer a 13-month bonus while, 20% of the respondents say they provide 14-month bonus.
A few Filipino corporations also give their employees 15- month (10%) and 16-month bonuses (2%). The PMAP survey also revealed that one in every five Filipino organisations provides profit sharing to employees.
- Home Improvement and Grocery Reimbursements
Top MNCs in Philippines give their employees the opportunity to improve their homes while getting paid to do so. As a result, it gives dignity to employees and inspires them to improve their productivity during work hours. Some of the best Filipino companies also offer grocery reimbursements, which completes the list of financial benefits offered to employees.
See: Filipino Professionals Enjoy Working and Living in the GCC: Survey Reveals
- Career Management Programs
Along with financial rewards, leading enterprises provide career management programs that help employees improve their current job performance. These programs are systems that encourage employees to get involved in planning and other managerial responsibilities. These management programs open a window of opportunities for career growth and internal promotion.
- Sports Activities
Some Filipino employers help maintain work-life balance of employees through sport activities as this equates to reduced healthcare costs. Also these activities serve as team-building exercise to strengthen employee-management bond. Further, participation in sports helps reduce stress levels, improves employee concentration and problem-solving skills, which further contributes to increased productivity in the workplace.
Companies with outstanding benefits package recognise the need to stay healthy and fit, which is why leading Filipino organisations are starting to offer wellness programs to their employees. Some of these benefits come in the form of gym reimbursements, while others in the form of a built-in fitness activity. Such facilities do not just promote healthy lifestyle among employees, but also make for a happy and productive workforce.
- Social Functions
Apart from employee annual gatherings, top employers in the country organise social functions such as company picnics, Halloween, and Christmas parties and other family oriented events for employees, such that they can spend quality time with their families. Involving families into occasions do increase employee engagement and boost morale.
- Leave Conversions
Leave conversions allow employees the benefit of converting their unused sick leave and vacation leaves into cash or to pay for their needs such as health insurance or retirement. Currently, about 48% of Filipino companies offer leave conversion benefits, according to PMAP findings.
- Meal Allowance and Subsidised Benefits
Some companies offer subsidised benefits to employees and meal allowances. According to PMAP findings, 88% of companies offer meal allowance for their rank and file employees, while 62% provide the same to managers and people in sales and field work. On the contrary, 75 in 100 provide rice subsidies while only 60% of the companies surveyed provide clothing subsidies.
- Mandatory Benefits
As mandated by law, companies are required to provide certain benefits that include 60-78 days of maternity leave for new moms depending on the type of delivery and 7-day paternity leave for new dads. Single parents are also given the prerogative of taking the leave of absence for seven days per year for each child.
With employee benefits adding up and becoming more creative, it is easy to forget that they are just perks and not mandatory at times. It is important to bear in mind that choosing the right company will lead you to successful career path and also give you the much needed financial independence, which everyone seeks.
Also read: Filipino employees less satisfied with their jobs: Survey reveals
Image credit: businessnewsdaily.com
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