Glossary of Human Resources Management and Employee Benefit Terms
Lifestyle benefits refer to the perks, advantages, and incentives that individuals enjoy as part of their overall lifestyle, often provided by employers or organizations. These benefits are designed to enhance the well-being, satisfaction, and quality of life of individuals in various aspects. They go beyond traditional monetary compensation and aim to create a positive work-life balance, promote physical and mental well-being, and offer opportunities for personal and professional growth.
Non-traditional perks provided to employees that enhance their quality of life, including wellness programs, flexible schedules, and work-life balance initiatives.
Lifestyle benefits are non-financial perks that enhance employees' overall well-being and quality of life. Some common types include:
Lifestyle benefits play a crucial role in attracting and retaining top talent:
Lifestyle benefits contribute to employee satisfaction and retention in several ways:
Examples of wellness programs under lifestyle benefits can be:
Some lifestyle benefits extend beyond the workplace, offering advantages even when employees are not working. Examples include:
These are short surveys that can be sent frequently to check what your employees think about an issue quickly. The survey comprises fewer questions (not more than 10) to get the information quickly. These can be administered at regular intervals (monthly/weekly/quarterly).
Having periodic, hour-long meetings for an informal chat with every team member is an excellent way to get a true sense of what’s happening with them. Since it is a safe and private conversation, it helps you get better details about an issue.
eNPS (employee Net Promoter score) is one of the simplest yet effective ways to assess your employee's opinion of your company. It includes one intriguing question that gauges loyalty. An example of eNPS questions include: How likely are you to recommend our company to others? Employees respond to the eNPS survey on a scale of 1-10, where 10 denotes they are ‘highly likely’ to recommend the company and 1 signifies they are ‘highly unlikely’ to recommend it.
Some companies offer customizable benefits programs, allowing employees to choose from a range of options based on their individual preferences and needs. This can include:
By offering customizable lifestyle benefits, companies empower their employees to take charge of their well-being, work-life balance, and professional development, fostering a sense of ownership and satisfaction within the workforce.
This approach can lead to increased engagement, improved retention, and a more motivated and productive work environment.