EMPLOYEE BENIFITS

 

EMPLOYEE BENIFITS

Introduction

Employee benefits are offered by companies or organizations by in addition to salaries. This benefits are based on employee performance, needs, efficiency, current economical situation of society , profitability and the establishment of the company. However performance based benefits are given only for employees who perform better for company targets. Organizations and companies are giving incentives and bonuses to employees who achieved targets and well performers who are drive the company to success. As per the Herberg’s two-factor theory of motivation and hygiene, the employee benefit programs are essential and adequate conditions for smooth working, the hygiene aspect affects the work motivation of employees which in turn affects their performance and productivity (Hong et al. 1995). This benefit programs are help to increase employee satisfaction and increase their commitments towards an organization or a company. The examples of employee benefits are diverse which include (but are not limited to) retirement plans, employee child and elder care, programs of hospitalization, social security, vacation, as well as paid holidays (Christoph 1996).

What are the employee benefits

• Health Insurance

• Bonuses

• Increments

• Company loan scheme

• Allowances

• Paid annual leave and paid medical leave

• Flexible working

• Free gym memberships

What are the advantages of offering benefits

• Increase productivity , morale and energy

                        This helps to rising up employees loyalty to the company and overall                                    satisfaction. So it helps to increase energy and their productivity also going                            up. It directly affect to company profitability. 

• Attract the most talented employees

                        Best employees drives the companies or organization to success. So if the                            company wants to hire best and talented employees this benefit package is                            good offer. Because talented employee is the best asset of a company.

• Minimize employee turnover

                        When a company hired a employee they have to keep them without finding                            other job opportunities in the market. So the best offer is benefits. Because                            company can save money for spend in trainings and hiring. And company                            can build up a knowledgeable team to drive the company to success. 

• Healthy workforce 

                           With the health benefits company can achieve more success because if a employee                                   getting ill they can use their dental, vision or medical insurance. So company can keep                            safe the other staff and run the company day to day routing. So the healthy worker can                            make healthy economy of a company. 

Conclusion

Employee benefits are different from one company to other companies. However this health benefits , bonuses , increments , allowances and educational benefits are helps to increase their job satisfaction. So this benefits helps to resolve employees issues in work and life balance. This is directly helps increase the morale, job satisfaction and motivation of workers. It causes for higher profitability and success of the company. So the most companies and organizations are increasing their benefit schemes annually based on employee performance.

References

• PhDr. Ľuba Tomčíková, PhD. University of Prešov in Prešov Department of management Námestie legionárov 3, 080 01 Prešov, Slovakia ISSN: 1339-4509 (Online) Journal homepage: http://www.exclusiveejournal.sk

• www.myhrtoolkit.com/blog/advantages-offering-employee-benefits Published on December 22, 2021 by Sarah Iqbal

• https://www.youtube.com/watch?v=sKJvbESIkRk&t=157s     

•  

  Eriona Shtembari

   1,*,

  Andromahi Kufo

   1 and

  Dea Haxhinasto

   2
  1

  Faculty of Economy and Business, University of New York Tirana, 1001 Tirana, Albania

  2

  Intesa Sanpaolo Bank, 1001 Tirana, Albania

  *

  Author to whom correspondence should be addressed.Adm. Sci. 2022, 12(3), 106; https://doi.org/10.3390/admsci12030106Received: 12 July 2022 / Revised: 16 August 2022 / Accepted: 17 August 2022 / Published: 24 August 2022