Ask Your HR These Extremely Important Questions About Your Benefits Plan
Simon Sinek, the author of the bestselling book, Start With Why, has said: “Customers will never love your company until your employees love it.” The statement makes one think, what exactly makes the employees love the company? Compensation, culture, processes, perks, leave policy, health cover, incentives, and so on. If we bundle all indirect and non-cash compensation together, it falls under the umbrella of employee benefits.
While these benefits are usually highlighted in the employee handbook, there are a few points that you need to know about your benefits plan. In case you are unsure about any of them, feel free to connect with HR, as this is some of the most valuable information that you must have:
1. What are the coverage and conditions in my health insurance policy/medi-claim policy provided to me by my employer?
We are well aware of the perils of the pandemic and how it could affect our health. In such times, you should be all the more aware of the health insurance benefits that the company is providing you. You should check for coverages like COVID-19 cover, discounts on health checkups, critical illnesses, hospitalization expenses, domiciliary treatment, and so on. Onsurity is a platform that provides group health insurance, discounted checkups, discounted medicines for companies at extremely low rates.
2. Does my employer take care of life insurance?
Life insurance is another significant investment that you should make. It is crucial to secure your family’s financial well-being. It is even better if your employer provides this benefit. If there is no provision for life insurance, do suggest to your HR to include it. Onsurity provides group term life insurance solutions with coverages that could just be right for you.
3. Are there any benefits for profit sharing and stock options?
Many companies provide stock options to their employees after they have reached a certain position in the company. It is a great incentive and increases the retention rate of highly skilled employees. Some companies also provide the profit-sharing option to senior employees. A share of the company’s pre-tax profit is distributed among these employees. It motivates them to keep working for the company and drive higher profits and results for the company.
4. How many leaves do I have? Can I encash the unused leaves at the end of the year?
Most employees look at the leave policy of the company and associate it with the culture of the company. Hence, the employees need to know the leave policy, how many casual, optional, and sick leaves are available. Apart from that, one should also find out if paternity and maternity leaves are given. A lot of companies also have different policies for leave encasement. You should also clear that out in advance with HR.
5. Will I be given any kind of loan assistance for my study loan or car loan?
Loan assistance is mainly provided to employees who recently graduated and have student loans. This builds loyalty for the company among the young employees and increases the retention manifold. Subsidies for car loans might also be given to employees in a few companies.
6. What are the mental health and wellness programs?
Mental health and overall fitness have surfaced as a priority in the past two years after the pandemic hit. According to a recent survey, 36% of employees in India are suffering from mental health issues, and only 15% of the overall workforce in India is covered under corporate health and wellness programs. This paints a very gruesome picture of Indian employers on the health and wellness front. Onsurity, as a platform, provides fitness tracking and healthcare benefits to employees.
7. Do I get to work remotely? Do I have flexible timings?
In the post COVID world, this is one of the most important questions. A robust remote working policy and flexible timings play a huge role in deciding to take up a job. Millennials, in general, like to work with flexible timings, and hence this is one of the most important questions to ask HR. This factor decides whether you will be happy in your job or not.
These were a few benefits that you should make sure that your employer provides. Some of these, like insurance and health benefits, are essential in today’s scenario. Here’s hoping you ask just the right questions and make sure you get all the necessary employee benefits.
