7 Payroll Perks That You Can Give Your Employees This Diwali

With Diwali around the corner, organizations have started planning different ways to engage and satisfy their employees. Various gift ideas, rewards, and felicitation programs are conducted to celebrate the festivity and honor the workforce. This year has been quite challenging for everyone financially. So, the best way to make their festival full of happiness and success is to offer monetary benefits and compensation. Many organizations come forward and provide payroll-related perquisites on such occasions. 

“79% of employees would like new or additional benefits to a pay increase. Similarly, 89% of younger employees aged 18-34 and 84% of employees aged 35-44 favor employee benefits to pay raises.” - Glassdoor

Mentioned below are 7 main payroll perks that you can give your employees this Diwali to make it more exciting and cheerful for them. 

Additional Paid Leaves

In the wake of the festive season, the payroll management software India has, is geared up to perform a few more functions than the normal. Apart from the regular salary calculations and reporting, there are additional paid days and time-offs given to the employees to enjoy the festival of lights to the fullest. The commands for ensuring flexibility in working hours as well as working days is something that the payroll software is fed with before the time comes. Automatic payout evaluation as per the total no. of working days and paid leaves is done using the software for smooth incorporation of this minor change. 

Encashed Diwali Bonus

This is the most common benefit that employees are entitled to gain during Diwali and other such occasions. Employees eagerly wait for Diwali and work extra hard the whole year to receive this benefit when the time comes. On the basis of employee performance (monthly or yearly), a certain amount of bonus is calculated and awarded to the employee in the form of cash or as an addition to the monthly salary. There are many interesting ways to celebrate and make the best out of Diwali, Christmas, and other festivals.

Redeemable Reward Points

Many companies give special reward points to their employees digitally that they can redeem and convert into money. On the basis of performance of the employees, points are awarded to the employees. Now, there are third-party services or internal options of redemption of these virtual points. Certain shopping centres, stores, and apps allow such virtual money to be used as real money and shop. This is a very different and exciting payroll benefit that firms have started quite recently. 

Health & Medical Insurance

Employers register their employees for different insurance schemes and special medical/health benefits as a Diwali gift. This benefit is incorporated into the payroll system so that there is no discrepancy in the payout. Employees love when their medical charges are covered or partially exempted. A particular amount is either deducted all at once or in parts every month to give such special benefits. 

Corporate Discounts

The payroll management software India also gives out the option of providing discounts to its employees, if implemented successfully. From buying food to making travels, there are multiple areas where the workforce can get this kind of discount. This information is automatically fed into the payroll system for an accurate evaluation at the time of salary release.

Stock Options

This is another rare option that employers choose when it comes to giving Diwali gifts in an organization. Offering some amount of company shares and stocks as a present to the employees for the festival is sometimes a way for employers to show value to team members. Now, employees can make use of the same to gain mo

Other Fringe Benefits

When you don’t wish to give direct money to the employees, there are other non-monetary benefits like tuition assistance, childcare reimbursement, cafeteria subsidies, below-market loans, and personal use of company-owned vehicles among others. 

Also Read: 5 Common Payroll Errors That Are Easily Avoidable

Thus, if you intend to make your employees a little more happy this Diwali, think about showering them with the aforementioned payroll perks.