Benefits are one of the greatest tools in an organizations’ arsenal to retain and attract topmost talent. They work in tangent with the organization to create an environment of commitment and development for the employee.
The relationship between employers and employees is an exchange of services. As such, mutual respect for an employee’s contribution coincides with their strong commitment and alignment with the company’s goals. In other words, there is less chance they will seek opportunities elsewhere.
Due to increased competition for top-performing talent in the Caribbean, the benefits an employer offers can be the deciding factor in attracting and retaining the right-fit candidates for that organization.
Here are some basic benefits offered by organizations in Trinidad and Tobago.
Mandatory benefits include:
- Provide employees time off to vote
- Paid Jury Leave
- Comply with Minimum Wage requirements
- Pay statutory deductions (NIS and PAYE)
- Contribute to Workmen’s compensation plans
- Paid Vacation leave
- Paid Sick leave
- Paid Maternity benefit
Non-mandatory benefits include:
- Health plans
- Dental or vision plans
- Life insurance plans
- Paternity Leave
- Study Leave
- Retirement plan including company contribution/matching
- Wellbeing program that offers incentives for both individuals and families
- Profit-sharing
- Gym reimbursement
- Tuition or student loan contribution
- Salary increase
- Bonus
- Paid Parking
- Meal Allowance
- Flexible working hours, including options such as work from home
- Childcare
- Employee Assistance Programmes
Employers should consider developing goals and measurements to assess the benefits programs to amend as necessary. External trends and benchmarking data also help to evaluate the effectiveness of the benefits plan as well as a recurring needs assessment of the workforce and their dynamics.
If you have any questions on Employee Benefits for your business, feel free to contact our HR advisor, Joanna Debydeen at info@aegistt.com or +1 868 625 6473
