1) If you were establishing your own business, what benefits would

you be legally required to pay? Which benefits would you choose

to offer and why?
Meaning of benefits:
Benefits are any perks offered to employees in addition to salary. Employee
benefits are an indirect means of compensating workers, but they can be quite
important in fostering economic security and stability within the work force. Many
small-business owners mistakenly believe they cannot afford to offer benefits.
Benefits can be quite valuable. They are a critical piece of an employee
compensation package. Offer the right benefit, and your business may just jumpstart its growth. "Give employees the benefits they value, and they'll be more
satisfied, miss fewer workdays, be less likely to quit, and have higher commitment
to meeting the company's goals,"

Importance of benefits:
A well designed compensation and benefits plan helps to attract, motivate and
retain talent in the firm. In todays competitive environment, the workload is
higher and the expectations of the employers from the employee are also more.
Employee benefit program refers to a very important tool of management which
brings out positive culture change in the organization among the employees. This
may directly improve and enhance the profitability and productivity.
The benefits that are legally required to pay are:

Employees state insurance act

Bonus act
Employee family pension scheme
Health care benefit
Employees provident fund
Gratuity act
Unemployment insurance

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The benefit I would choose to offer are:Retirement benefits:

Offering retirement benefits is a great way to enhance the benefits piece of our
compensation package. Employees are encouraged to save for retirement through
plans set-up at work because it's easy to do. It is important for small business
owners in particular, offering a retirement plan as an employee benefit allows usto
take advantage of the plan for ourself.
Bonus act:
Employee bonus schemes are generally a positive strategy and can provide real
motivation. They can also serve to increase employees' identification with a
company and align them with its operational objectives giving them a vested
interest. Bonuses work like investments, wherein rewarding a bonus to an
employee will usually increase the employees work input and simply encourage
them to work better in the future. When an employee is rewarded a bonus for
doing good work, it will obviously encourage him/her to continue doing quality
work
Health care benefits:
Healthcare benefits play a big part in employee satisfaction and retention.
Employers need to look at their benefits offerings differently through a new
holistic lens in order to maximize their effectiveness as a retention tool for their
unique workforce while meeting other business objectives. If we want to give your
employees the best we can, health benefits are the solution. Not only will they
receive very real benefits from them, but our company will benefit as a whole also.
Employees state insurance act:
The act is a part of social security legislation as a means of the eradication of evils
of society, such as want, disease, dirt, ignorance and indigence. The act confers
benefits on employees against illness, maternity problems and other diseases
caused by accidents due to ignorance. It is a compulsory state insurance secured
by financial contribution by both the employers and the employees.

In any workplace, employees are no doubt the fundamental backbone that holds
any workplace, business, or corporation together. Employees perform the essential
tasks that make sure that the companys long term vision and goals are
successfully and efficiently implemented. While no business will run successfully
without proper management, it is important that those employed enjoy coming to
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work and maintain a positive attitude while in the work place, while being
productive and completing tasks with efficiency. Keeping this in mind, it is vital to
ensure that employees are satisfied with the position that they hold, the benefits
they received, and most importantly, strive for more. Motivation is what gives
people a reason to perform or behave in a certain way with the desire or
willingness to gain something. It is an absolute necessity to keep employees
motivated in the workplace and encouraging them to perform above expectations.

2) You have been asked to deliver a talk at a local management

college on Benefits for Women Employees. Prepare an outline of your
talk, which should incorporate current industry practices.

Benefits provided to the women employees:Women constitute around half of the total world population. So is in India also.
They are therefore regarded as the better half of the society. From the beginning
of time, women have worked at home, as well as outside of the home, to
contribute to the greater economic well-being of family. In traditional societies,
they were confined to the four walls of houses performing household activities. In
modern societies they have come out of the four walls to participate in all sorts of
activities. A woman is entitled to live in dignity and in freedom from want and from
fear.
However far equality in the workplace has come, it can still be difficult for women
to balance a successful career with raising a family. There are some employee
benefits that particularly benefit women and help them juggle their career and
home life a little better.
Maternity Leave:
Maternity leave is not technically an employee benefit as every woman is entitled
to a certain amount by law but some employers are much more generous than
others. However, some employers will pay full pay for a certain amount of time,
with some offering up to a year which can make a huge difference to a new
mother. Pregnant women will be able to ask for a lesser work load and working
position adjustments, and will also be protected by the law from working over-time
or at night during the period when they are pregnant for over seven months, or
feeding their less than one-year-old babies.
The objective of maternity benefits is to protect the dignity of Motherhood by
providing the complete & health care to the women & her child when she is not
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able to perform her duty due to her health condition. There is need for maternity
benefits so that a woman is to be able to give quality time to her child without
having to worry about whether she will lose her job and her source of income.
Childcare Costs:
Childcare can be very expensive and is always an issue for working mothers who
obviously want the best for their children while they work. Childcare benefits vary
from company to company and can range from on-site nurseries to childcare
vouchers. Childcare vouchers are often offered on a salary sacrifice basis but these
offer significant savings for both the employer and employee and can reduce the
burden of paying for expensive care.
Celebrating womanhood:
Be it the International Womans Day or traditional festivals like karwachauth.
Organization rejoices all these celebrations with great enthusiasm. For eg: Airtel
Flexible Time:
They believe flexibility is becoming an increasingly important employee benefit. It
allows employees to opt for flexible work timings, flexibility to work from home on
certain days of the week, work from a remote location, or work part time for
specified periods. While this policy is open to all employees, the policy has
benefited many women employees, particularly during pregnancy & those with
young children or aged parents.
Workplace Wellness:
Healthy colleagues are engaged and productive. So it's no surprise that to grow a
successful business organization need a healthy workforce. That's why organization
encourages and support women in having healthier lifestyles. Special focus is given
to women during late working hours and parking at work. The policy has been
designed in a fashion to give benefit to women where they can without a doubt go
the extra mile at work and feel protected and safe at the same time.
Health camps for women: Frequent discussions are conducted with industry
experts, and prominent doctors and women-achievers on health and lifestyle
issues that affect daily lives of women.
Empowering women:- Women empowerment is empowering the women to take
their own decisions for their personal dependent. Empowering women is to make
them independent in all aspects from mind, thought, rights, decisions, etc by
leaving all the social and family limitations. It is to bring equality in the society for
both male and female in all areas. Women empowerment is very necessary to
make the bright future of the family, society and country. Women need fresh and
more capable environment so that they can take their own right decisions in every
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area whether for themselves, family, society or country. In order to make the
country fully developed country, women empowerment is an essential tool to get
the goal of development.
Women in leadership roles:
Most businesses see great value in promoting women to positions of leadership.
The idea of women Chief Executive is becoming increasingly common, largely
because it makes a level of business sense, for both individual businesses and the
economy. Research indicates that woman demonstrate a higher proficiency than
their male colleagues and more developed skills required to lead in a matrix work
environment. The skills found to be more prevalent in executive level women were
empathy, conflict management, influence, self awareness.
As a woman, we will often find our self torn between wanting a fulfilling career and
needing to care for our family. Luckily, employers are now much more aware of
the need to help women balance their lives. Choosing an employer with a generous
maternity package is a good start if we are planning to start a family and we may
also want to consider private medical insurance. Companies now need to consider
any requests for flexible working and picking an employer that has a good
reputation in this field can really make a difference.
Gender inequalities in time use are still large and persistent in all countries. When
paid and unpaid work are combined, women in developing countries work more
than men, with less time for education, leisure, political participation and self-care.
Despite some improvements over the last 50 years, in virtually every country, men
spend more time on leisure each day while women spend more time doing unpaid
housework

Womens economic equality is good for business. Companies greatly benefit from
increasing leadership opportunities for women, which is shown to increase
organizational effectiveness. It is estimated that companies with three or more
women in senior management functions score higher in all dimensions of
organizational effectiveness
Blue-collar workers traditionally evoke images of trades and manufacturing
employees. White-collar employees hold positions of professional and managerial
importance. Women in business, while represented in both, create a third category
called pink-collar workers. Pink-collar workers are commonly associated with
clerical, sales, and service positions. These pink-collar jobs are characterized by
low pay and low status. In each of these roles, women participate and create a
presence.

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As women gained more access to education and professional programs, their

presence began to be felt in professional and managerial fields.
As life expectancy increases, working women are often faced with a situation called
"the sandwich generation." Caring for children and aging parents, female workers
also bring to the workplace the issue of elder care. Similar in many ways
economically and socially to child care, elder care is expensive and often requires
specialized medical attendants
As a result of conflicting family roles and responsibilities, women embrace the idea
of flexible scheduling. Flexible scheduling allows women to set their own hours
within limits set by corporate policy or practice.
Societies need to understand and eliminate the main cause of the ill practices
against women which are patriarchal and male dominated system of the society. It
needs to be open-minded and change the old mind set against women together
with the constitutional and other legal provisions.

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