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Employee Benefits and Competitive Advantage

By SiliconIndia   |   Tuesday, May 29, 2012
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Employee Benefits and Competitive Advantage

Bangalore: Embracing the importance of employee benefit proved to be a great determining factor in an organizations sustainable competitive future. The, "Benefit Edge" awards the employers a systematic approach for deciding employee strategies.
In today's competitive market retaining a good employee seems to be a tough call. Majority of the workers are now on lookout for better prospects and tend to switch to other organization if they spot a better opportunity. In such scenario, "Employee Benefit Program" serves as a great tool to attract and retain talent.

According to a report "Commitment to the Future: 10 Years of The Principal 10 Best Companies," by Harvard Business Review Analytic Services, shows that,"Investments in employees save the company money in the long-run." Three-quarters of interviewed firms believed employee benefits programs had a considerable impact on retention and recruitment.

"The exemplary benefit programs" also resulted in stronger employee morale, greater competitive advantage, and nearly spotless safety records. Some of the current key trends in this aspect are added wellness program, providing financial consultants etc.The report also states that these kinds of programs also lead to stronger employee morale, greater competitive advantage, and nearly spotless safety records.

The companies should craft their employee engagement programs in such a way that it not only attracts best talents from the market, but also gives their existing employees a solid reason to stick to their organization.

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