A presentation on Benefits provided to employees and it's importance.

1. EMPLOYEE BENEFITS
By: Shrey Patel
Surbhi Suman
Mahek Parekh
Smriti Loomba
Gaurav Jain
Toshika Sahu

2. Definition
Indirect financial and nonfinancial
payments employees receive for
continuing their employment with the
company.
Employee benefits and benefits in
kind (also called fringe
benefits, perquisites, or perks)
include various types of non-wage
compensation provided
to employees in addition to their
normal wages or salaries.

3. Compensation
• Compensation means the
entire package that is paid to
an employee, which includes
all monetary and non monetary
emoluments
Benefits
• Rewards is one part of
Compensation
• Benefits tend to drive employee
engagement while providing a
sense of security, encouraging
workers to stay on the job,
even during tough times.

4. Commissions

5. Importance
Offering a high wage in a job
ad instead of benefits might
attract applicants at first, but
what is going to RETAIN
them after they are hired?
What would stop them from
LEAVING your company for
a competitor offering a
HIGHER WAGE?

7. Classifications
• There are many benefits and various ways to classify
them.
• We will classify them as:
Pay for
time not
worked
Insurance
benefits
Retirement
benefits
Personal
Services

8. Pay for time not worked
• This is the most costly benefit, because of the large
amount of time off that most employees receive.
Unemployment
Insurance
Vacations
And
Holidays
Sick
Leave
Parental
Leave and
FMLA
Severance
Pay

9. Retirement benefits
Social
Security
Pension
Plans
Defined Benefit Plans
Defined Contribution Plans

10. Insurance benefits
Worker’s Compensation
Hospitalization , Health and Disability Insurance
Wellness Programs
Health saving accounts
Life Insurance

11. Personal services
EAP’s
Work-Life
Benefits
Elder
Care
Flexible
Work
Schedules
Child
Care
Flex time

12. Problems..
Accurate
System
Cost to
company
Fairness
Complicated
Benefits
allowance rules

13. Conclusion
• Benefits are a very important part of employee pay
package.
• A good salary may be able to lure employee to company
but in long run it’s good benefits that keeps them there.
• It helps maintain low retention rate , which in turn helps
company grow.
• It is one of biggest factors that motivates employee.
• A very important Career Anchor.