EMPLOYEE BENEFITS By: Shrey Patel Surbhi Suman Mahek Parekh Smriti Loomba Gaurav Jain Toshika Sahu
EMPLOYEE BENEFITS
By: Shrey Patel
Surbhi Suman
Mahek Parekh
Smriti Loomba
Gaurav Jain
Toshika Sahu
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.
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.
Commissions
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?
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
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
Retirement benefits
SocialSecurity
PensionPlans
Defined Benefit PlansDefined Contribution Plans
Insurance benefits
Worker’s Compensation
Hospitalization , Health and Disability Insurance
Wellness Programs
Health saving accounts
Life Insurance
Personal services
EAP’s
Work-LifeBenefits
ElderCare
FlexibleWork
Schedules
ChildCare
Flex time
Problems..
Accurate
System
Cost to
company
FairnessComplicated
Benefits allowance rules
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.