By Rohan Shah Miqdaad Shruti. Compensation Management Benefits & Services Miki
Why Benefits and Services?The simple reason to give B & S is to motivate employees to stick to the organization and not to work effectively.This are only give to members of the company. Miki
Types Of Benefits.1] Employee SecurityPhysical and job security to the employee should also be provided with a view to promoting security to the employee and his family members. The benefit of confirmation of the employee on the job creates a sense of job security2] Lay-off Compensation:In case of lay-off, employees are entitled to lay-off compensation at the rate to 50% of the total of the basic wage and dearness allowance for the period of their lay-off except for weekly holidays. Lay-off compensation can normally be paid up to 45 days in a year. Miki
Safety and HealthcleanlinessDisposal of waste and effluentsVentilation and temperatureDust and fumeArtificial humidificationOver-crowdingLightingDrinking waterLatrine urinalsFencing of machineryLifting machinesChains ropes and lifting tackles,Protection of eyesPrecautions against dangerous fumes Miki
Retirement Benefits.Retirement benefits are funds set aside to provide people with an income or pension when they end their careers.Retirement plans fit into two general categories:In defined benefit plans (sometimes called pension plans), the benefit amount is pre-determined based on salary and the years of service. In these plans, the employer bears the risk of the investment.In defined contribution plans (such as a 401k plan), employer or employee contributions are specified, but the benefit amount is usually tied to investment returns, which are not guaranteed. Miki
Health Insurance & AccountsA health spending account or flexible spending account may be offered by the employer to help offset the cost of medical care not covered by health insurance. Qualifying expenses usually include co-payments for doctor's visits, prescription costs or over-the-counter medication. These programs may be a reimbursement model, where employees submit qualifying receipts for reimbursement, or the employee may receive a debit card that can only be used for medical expenses. shru
Paid Time OffPaid time off (also referred to as PTO) is earned by employees while they work. The three common types of paid time off are holidays, sick leave, and vacation leave.Most employees earn vacation, sick leave, and paid holidays as separate benefits. About 10 percent of Minnesota employers offer consolidated PTO.This combines sick leave and vacation into one account for the employee to use as needed. shru
Other Benefits given to the employees are:1] Sponsoring family holidays.2] Provision of transportation .3]Housing.4] Membership in clubs.5] Sponsorship of Events.6] Layoff compensation. shru
Future of Fringe Benefits.Seeing the need to retain people , companies will have to plan benefits like:Freedom to develop new business with company funds.Stock Options to employees at all level.Freedom to work form home if possible.Internal Investment plans.Advance Training and development.Opportunity of job for employees child in future.
Guidelines for effective implementation of benefits & services.1]Find out the needs of your workers.2]Provide an open forum to discuss feedback from employees. 3]Align the benefit programs to protect the financial interests of the employees.4]Measure the return on investment for the bottom-line.