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Employee Benefits. Definition Benefits and Motivation Reasons for granting benefits Types Management. Employee Benefits. Definition: Rewards given to employees or group of employees for maintaining membership in the organization. Purpose: Attract employee Retain employee
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EmployeeBenefits Definition Benefits and Motivation Reasons for granting benefits Types Management
Employee Benefits Definition: Rewards given to employees or group of employees for maintaining membership in the organization. Purpose: Attract employee Retain employee Improve performance Benefits and services constitute another means for keeping employees happy and contented. The objective is employee security and retention
Employee Benefits Reasons for granting: To keep organization competitive Motivate employee performance To keep unions out Comply with legal requirement. Keep turnover cost low. Other various reasons Employee adjustment to inflation Protection from days without income Providing an investment of good will Providing for post employment security Developing organizational identity Making spending decision for workers Providing for family welfare Providing for child care assistance
Employee Benefits Types: Legally required benefits SSS ; GSIS Employee’s compensation 13th Month pay Paid vacation, sick leaves and holiday pay Pag-ibig fund benefit Phil-health benefit Paternity benefit Voluntary benefit Group life insurance Health insurance Pension plans Employee Services. Educational program Pre-retirement program Company sponsored social and recreational events Counseling services Credit union Free uniform Housing and moving expenses Food services Company paid transportation and parking
Employee Benefits Management: Make decision on which benefit strategy to adapt. Leader strategy Follower strategy Barely legal strategy Determine desires of employee Communicate benefit to employee Monitor cost benefit
Employee Benefits Flexible Benefits Plans: Advantages Employee are able to get the types of benefits that are most appealing to them. Company’s investment in benefits is optimized. Employees become more aware of the benefits offered by the company. Company can recruit and hire more easily because of the attraction of flexi benefit plan. Disadvantages Higher administrative cost Employee may choose inappropriate benefit package Chosen benefit may be costly to maintain.
Thank you GOD BLESS US ALL!! Assignment: (Optional) Incentive plans Group Work : Present incentive plans for executives and rank and file employees of your organization
