Employee benefits
Download as PPTX, PDF
1 like439 views
Employee benefits provide indirect financial and non-financial compensation to employees in addition to their normal wages or salaries. Benefits help drive employee engagement and retention by providing security and incentives to stay during difficult times. There are various types of benefits including paid time off, insurance, retirement plans, and personal services. While costly for companies, benefits are an important part of an employee's total compensation package that can attract and retain talent in the long run.
Employee benefits
- 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 Workers Compensation Hospitalization , Health and Disability Insurance Wellness Programs Health saving accounts Life Insurance
- 11. Personal services EAPs Work-Life Benefits Elder Care Flexible Work Schedules Child Care Flex time
- 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 its 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.
Editor's Notes
- Accurate system-To develop a system that makes it easy for manager to provide correct benefit to correct employee. Fairness- sometimes when different kind of benefit are given to different employee, some benefit may seem unfair to some1.to take care that does not happen