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Management is concerned with attracting and keeping employees, whose performance meets at least minimum levels of acceptability and at keeping absenteeism and turnover to tolerable levels
The provision of benefits and services can be and are important in maintain the employees and reducing the turnover and absenteeism low.
The purpose of such benefits is to retain people in the organization and stimulate them to greater effort and higher performance.
They foster loyalty and act as a security base for the employee.
Employers share of legally required payments, (Statutory Benefits) Payment for time not worked (paid vacation, paid holidays, parental leave, etc.) Employers share of medical and medically related payments Employers share of retirement and savings plan payments Others - employee discounts, tuition assistance, childcare
Active Employees
Dependents of retirees
Others...
And more
Employees are concerned with job security, family time, paying bills during times of income loss, adequate health insurance, making ends meet, saving for college, adequate childcare, and adequate elder care.
Medical Expense
Workers Compensation
Statutory Disability Long term disability Social Security Life Insurance for Employee Life Insurance for Dependents of employee
Saving Plans Defined Contribution Plans Unemployment Insurance Reimburser for Unemployment
Others
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To attract and hold capable employees To improve corporate efficiencies and productivity Tax advantages offered to employers Low employee turnover
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A social objective Because of Moral Suasion to prevent further government programs To improve employee morale
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Community rating Health Insurance require employees to work 20 hours per week
Most Group Life or Dental programs require employees to work 30 hours a week.
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Protection Benefits
Protect employees against the risk of serious loss exposure. Consist of medial expense benefits, life insurance, short and long term disability benefits. The need for immediate protection is great and the reasons for a probationary period no longer make sense.
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Accumulation Benefits
Consist of pension plans, bonuses, profit sharing, tuition assistance programs. These benefits are used as rewards for service length and loyalty.
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There may be financial or social reasons to apply a waiting period with both the Protection Benefits and Accumulation Benefits,
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To Meet Health and Safety Needs To Attract Good Employees To Reduce Turnover To Reduce Unionism
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EMPLOYEES
Communicating Benefits
Types of Benefits
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Time-off (vacation, sickness, holidays, etc.) Medical Payments Retirement Paid Rest Periods (breaks) Life Insurance
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Employee demand: To meet rising prices and increased cost of living employees demand various types of benefits Example: Variable dearness allowance, Enhanced HRA
Trade union demands: The growth and strength of trade unions has substantial influence on the benefits and services a company offers
Employers preferences: Employers prefer to give benefits to employees as it enhances employees morale and works as an effective motivational tool provided it is within the accepted norms and limits
Coverage of Benefits
1.
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2. Employee Security
1.
2. 3.
Severance pay
Lay-off Guaranteed annual wage
(a) Vacation (b) Holidays (c) Sick leave (d) Shifts premium
4.
Retrenchment
compensation
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7. Insurance benefits (a) Life insurance (b) Vision insurance (c) Dental insurance
4. Health Benefits
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FACTS...
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Charge of Paternalism = When too many benefits & services are offered to employees , a feeling develops that employers are playing the role of parents and workers are looked upon as children. Excessive Expenditure = Its a very costly affair and involves a great deal of paper work
Maintenance of least productive worker = With increase in benefits and services employees ,particularly when they are not very productive ,tend to stick to their jobs and are not interested in changing them.
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AROMA AGROTECH PVT.LTD (ANSHULs company) Health care benefits Life Insurance
Sick leaves
Vacation Holidays Cafeteria Provident Fund Marriage Bonus Disabilities Notice before termination of employement
OTHER COMPANIES
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Future
Cafeteria
Insurance Educational assistance
Google
Financial assistance