Here we will see more about the HSBC Employee Benefits.
Human beings work to earn a living and provide for their families. But for middle-class families with limited resources, disasters like death, injury, or property damage may be fatal and wipe out their savings. Especially if that injury is sustained in service to an employer. It, therefore, becomes an employer’s duty to secure an employee’s loyalty and satisfaction by providing him the means to deal with these unforeseen and sudden disasters.
Employee benefits and pensions started becoming widespread in the wake of the great depression and constituted the main part of welfare states around the world. Now, in the 21st century, with the cost of living and medical facilities increasing, employees, especially highly skilled ones, are attracted to corporations that provide sizeable benefits. These may come in the form of pensions, working hours, or health insurance.
HSBC: Functionality
Established in 1865 in Hong Kong, HSBC or the Hong Kong and Shanghai Banking Corporation is amongst the oldest banks in the world, with assets running into trillions of dollars. Now in the form of a holding company, it operates banks all over the world. In addition to this, it acts as an investor for businesses, a wealth management firm, and a service provider to wealthy individuals. All these subsidiaries, products, and businesses require people with varying degrees and proficiencies of skills.
Why does HSBC offer its employees benefits?
The functioning of a bank takes up many man-hours of hard work, nitty-gritty technical knowledge, and managerial skills. The proper execution and management of all these aspects is stressful work, even for highly qualifies individuals. The company, therefore, hopes to achieve a work-life balance for their employees to prevent counter-productiveness and encourage a healthy working experience. It is proven that people who feel secure and happy in their jobs perform the best. Employees get a sense of community and belonging to the company. They feel part of something greater than themselves hence putting their all for the company. This also helps HSBC attract the best young talent in the world by fostering a welcoming, friendly image because, as we all know, the good press doesn’t hurt.
What benefits does HSBC offer?
In the 21st century, employees are attracted to the quality of life rather than subsistence or standard of living, as was the case in the past. Employee Benefits generally tend to include some kind of pension, insurance, and allowance. The inclusion of these benefits is one of the hallmarks of the organized, professional sector. Companies provide these benefits to retain the best talent and get the best out of them. Here we are going to see the HSBC Employee Benefits.HSBC benefits include 4 main elements-
Fixed Pay:
All major corporations pay their employees a fixed sum, with their bonuses being variable. This fixed salary might be paid weekly, monthly, or annually. Professionals working at HSBC are paid in accordance with their designation and experience. A company like HSBC employs more than 200000 employees, world-wide each performing hundreds of projects and jobs. Fixed Pay ranges from $30000 to $300000 with the average pay being about $90000.
Annual Leave:
HSBC employees can also choose to take sabbaticals of 3 to 6 months wherein he/she would be paid for the first month. Employees who have continuously worked at HSBC for 5 years and have fulfilled certain criteria may avail of this benefit. This leave can give some lifetime professionals a new lease on life and allow them to rediscover themselves and the meaning of life. Employees return from their sabbaticals feeling rejuvenated and reborn as different people. HSBC employees may also take maternity, paternity, and adoption leaves when the time comes.
Insurance and other benefits
Employees are also provided with a score of insurance policies and benefits according to their designation. These include healthcare, dental, childcare allowance, personality development, and much more. These benefits provide a sense of security to an employee as he/she no longer worries about the well-being of the family.
Bonuses
HSBC rewards its employees with bonuses based on performance. These bonuses may vary according to designation and work, with the average employee bonus being about $10000 per year. The banking corporation also has Employee Share Plans which provide employees with stock options.
The impact of Covid-19
HSBC has advocated for a flexible working environment and promotes work from home due to the coronavirus pandemic. HSBC also recognizes the impact of the pandemic on the work-life balance of its employees and has hence encouraged them to adopt flexible working hours and methods.
Overall Verdict:
The employee benefits of HSBC have been judged satisfactory by most employees on most websites. Their benefits packages vary from employee to executive and are considered to be pretty decent. Often overlooked in employee benefits is work culture and employee experience, which has also been rated decently. HSBC has often been in the news for its commitment to mental health and LGBTQ rights in the workplace. Overall, the fact that HSBC can retain its swathes of professional employees is a testament to its moderately successful employee benefits package.
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