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INTRODUCTION

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 andstimulate them to greater effort and higher performance.

They foster loyalty and act as a security base for the employee.

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Defination OF Employee

Benefits

All forms of financial and tangible services andbenefits employees receive as a part of anemployment relationship.

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Definition of Employee

BenEfitsAny form of compensation other than directwages paid to an employee and may include:

Employers share of legally required payments,

(Statutory Benefits)

Payment for time not worked (paid vacation, paidholidays, parental leave, etc.)

Employers share of medical and medically relatedpayments

Employers share of retirement and savings planpayments

Others - employee discounts, tuition assistance,childcare

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Who is covered by the

benefit? Active Employees

Full-time and Part-time employees

Dependents of employees

Former employees

Retirees

Dependents of retirees

Others...

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Who is Covered By the

BenefitThere is more diversity in the workplace - one size fits

all benefits may no longer work.

Married or cohabitating couples,

Single head of households,

Caretakers for parents/children,

Employees that are still students, continuingeducation

And more

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What is being protected

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.

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What is Being Protected?

Medical Expense

Health Insurance

Dental Insurance

Vision Insurance

Flexible Spending Account

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Losses due to disability

Workers Compensation

Statutory Disability

Long term disability Social Security

Losses due to employees death

Life Insurance for Employee

Life Insurance for Dependents of employee Key Man Policies

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Retirement needs of Employee and Dependent

Saving Plans

Defined Contribution Plans

Loses due to unemployment

Unemployment Insurance

Reimburser for Unemployment

Others

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Why are Employee

Benefits Offered?Business reasons:

To attract and hold capable employees

To improve corporate efficiencies andproductivity

Tax advantages offered to employers

Low employee turnover

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Why are EmPloyee

benefits Offered?Social reasons

A social objective

Because of

Moral Suasion to prevent furthergovernment programs

To improve employee morale

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When do you offer

employee benefits Certain Benefits require a set number of hours

Community rating Health Insurance requireemployees to work 20 hours per week

Most Group Life or Dental programs requireemployees to work 30 hours a week.

Certain Benefits must be provided to all

employees regardless of hours worked.

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When Do you offer

EmpLoyee BenefitsThere are two types of benefits:

Protection Benefits

Protect employees against the risk of serious lossexposure.

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 makesense.

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When do you offer

employee benefits

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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When do you Offer

Employee Benefits

There may be financial or social reasons to apply awaiting period with both the Protection Benefits

and Accumulation Benefits,

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Objectives of Benefit

Programs To Improve Morale To Meet Health and Safety Needs

To Attract Good Employees

To Reduce Turnover

To Reduce Unionism

To Maintain a Competitive Position

To Enhance the Organization's Image

Self Development

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Basis for Employee Benefits

OrganizationalObjectives

Human ResourcesObjectives

EmployeeBenefit Package

GovernmentRegulations

FinancialResources

CollectiveBargaining

RecruitingCompetition

EMPLOYEES

EmployeeParticipation

EmployeeNeeds

Providing IndividualBenefits

CommunicatingBenefits

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Types of Benefits

Time-off (vacation, sickness, holidays,etc.)

Medical Payments

Retirement Paid Rest Periods (breaks)

Life Insurance

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Why Organizations Provide Benefits

Employee demand: To meet rising prices and increasedcost of living employees demand various types of benefits

Example: Variable dearness allowance, Enhanced HRA

o Trade union demands: The growth and strength of tradeunions has substantial influence on the benefits andservices a company offers

Employers preferences: Employers prefer to give benefitsto employees as it enhances employees morale and worksas an effective motivational tool provided it is within theaccepted norms and limits

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Employee Benefits Required by Law20


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Coverage of Benefits

1. Payment for time not

worked

(a) Vacation

(b) Holidays

(c) Sick leave

(d) Shifts premium

2. Employee Security

1. Severance pay

2. Lay-off

3. Guaranteed annual wage

4. Retrenchment

compensation

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5. Maternity benefit

6. Dependent benefit

3. Safety benefits

4. Health Benefits

7. Insurance benefits

(a) Life insurance

(b) Vision insurance

(c) Dental insurance

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8. Welfare and recreational

facilities

(a) Educational assistance

(b) Legal assistance

(c)Housing facilities

(d) Financial services

(e) Employee assistance

programs

9. Old age and retirement benefits

(a) Provident fund

(b) Pension

(c)Deposit linked insurance

(d) Medical benefit

(e) Gratuity

(f) Retirement counseling

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FACTS...

Only 33% of employees are believed to understand the value ofbenefits

Of these 67% of these employees undervalue benefits by over2/3s

9% of employees say they have no idea the value of their benefits

Only 21% of employees say they have access to CCVs 82% ofcompanies offer CCV

Only 27% of employees say they have healthcare benefits when57% actually do

Only 12% of employees would recommend their company. 4 yearsago it was double this

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Problems raised by benefit programs

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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HCL - Employees First

Five fold path

Support

Knowledge Recognition

Empowerment

Transformation

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Application in our

organisation 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

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OTHER COMPANIES(FMCG,AYURVEDIC, OPTICAL STORES,IT &CONSTRUCTION)

Existing :

Holiday

Financial assistance

Legal assistance

Bonus

Sick leave

Future

Cafeteria

Insurance

Educational assistance

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Google

Personal needs

12 weeks maternity leave

Pension schemes

401k retirement plan

Personal security

insurance again death inservice.

Financial assistance

loans for marriage, illness

allowances

house rent allowances: safehouse outside

transport allowances

Free shuttle

Other benefits

free onsite hair saloons

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