The offers that a company gives to attract the talents of employees in an organization are known as employee incentives. Mostly incentives make the employees happy and make them work for a long time in a company. The employees are motivated with the help of incentives. This is the reason that is the practice of employee incentives singapore.
The employee benefits are mostly related to work health finance and lifestyle. It is very necessary to have employee incentives singapore to get a good performance from the employee. This can also reduce the employer cost in case of recruitment. It motivates a positive company culture of employee satisfaction.
Hence, employee benefits are attractive which retain the best talent in the company. In this article, you are going to know about what are the incentives given by the employer in Singapore.
Most common incentives given to employees
There are different types of benefits and incentives that a company offers to the employee. Most of them are based on the working period of an employee. Most of the organizations have incentives such as paid leaves, medical leaves, bonuses, transportation reimbursement, retirement incentives, housing incentives, etc.
The incentives that are not much necessary but attract a lot of employees are gym membership, work from home option, medical insurance, maternity leave, company share incentive, children’s education incentives, club memberships, etc. All these incentives help the employees to go for it most of them choose this kind of incentive because they don’t need to spend the extra amount of their salary buying all the services.
Laws by the government
For the employees, besides a decent salary, they need all these incentives to work relentlessly for the organization. For the management, it is important to reward the staff on a time to time basis which proves that the management is appreciating their dedication towards the work.
According to the law of Singapore, it is mandatory to provide salary and bonus extra, extra payment for overtime, leave on public holidays, annual leaves, sick leave, health insurance, maternity, child care leave, retrenchment, Central provident fund contribution, employee education, and employee training are statutory to be provided by the organization to an employee.
Other than this a company may provide employee recreation programs which can work equivalent to the employee incentive. Sometimes some companies also allowed entertainment incentives for the employees. It depends on the funding and budgeting of the company where there locate the incentives for the employees but they cannot compromise on the laws that are set for employee incentives.