EMPLOYEE BENEFITS

BY
SHAMIN HAMEED RIGIN RAMESH ALTHAF SULAIMAN MUBEEN NASIR ABDUL SAMAD

Introduction

▪ Employee benefits are all forms of consideration given by an enterprise in exchange for service rendered by employees.

▪ They are also called fringe benefits
▪ Employee Benefits are growing in both cost and complexity. ▪ Benefits accounts for 30% of a firm’s financial compensation costs ▪ Fasting growing benefit service is healthcare

Features of Employee Benefits

▪ Benefits that the employee receives in addition to the remuneration

▪ A tool used by businesses to attract potential applicants, improve employee satisfaction, reduce turnover and maintain competition ▪ The purpose of employee benefits is to increase the economic security of staff members

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Principles of Employee Benefits ▪ The benefit should be as broad-based as possible ▪ The employee must make contribution to the organization that equals the costs borne by the employer ▪ The employee benefits should satisfy a real need ▪ They can be more efficiently used for a group than an individual .

Principles Cont'd ▪ The cost of benefit should be calculable and provision should be made for sound financing ▪ The availability of benefits must be extensively communicate to the employees ▪ The benefit program should be flexible enough to adapt to varying employee needs ▪ Employees should be educated to make use of the benefits .

Employee Demand 2. Employer’s Preferences .Why Organizations Provide Benefits? 1.

Advantages to Organisation ▪ Increase Job Satisfaction ▪ Increase output ▪ Low absenteeism ▪ Improve employee morale ▪ Motivate employees to work harder .

Cont'd ▪ Low turnover ▪ Improve public and community relations ▪ Facilitates recruitment and retention ▪ Reduce influence of present/potential unions ▪ Increase welfare of employees in connection with his personal and social needs .

Advantages to Employees ▪ Peace of mind ▪ Increases self confidence ▪ They feel a sense of protection ▪ Increase job satisfaction .

Voluntary benefits .Types of Benefits 1. Mandatory benefits 2. Compensation for time not worked 3.

Mandatory Benefits ▪ Social Security ▪ Workers Compensation ▪ Unpaid Leave ▪ Unemployment compensation ▪ Overtime Pay .

Compensation for Time not Worked ▪ Holidays ▪ Vacation ▪ Sick leave ▪ Personal Days .

Voluntary Benefits ▪ Healthcare Benefits ▪ Life Insurance ▪ Retirement Plans ▪ Employee Stock Option Plans ▪ Supplemental Unemployment Benefits ▪ Employee Services ▪ Premium Pay .

Health benefits ▪ Health organizations ▪ Capitation ▪ Defined Contribution Healthcare System ▪ Medical savings account ▪ Major Medical Benefits ▪ Utilization Review ▪ Dental and Vision Care .

Retirement Plans ▪ Defined Benefit Plans ▪ Defined Contribution plans ▪ Cash Balance Plans ▪ Disability Protection .

Employee Services ▪ Relocation ▪ Child care ▪ Educational Assistance ▪ Food Services ▪ Financial Services ▪ Legal services .

Other Voluntary Benefits ▪ Life insurance ▪ Employee Stock Option Plans ▪ Supplemental Unemployment Benefits ▪ Premium pay .

Questions ▪ What are the different types of benefits provided by the company? ▪ What type of training and orientation does a new employee receive? ▪ The number of employees working in the organization? ▪ What is the methods of recruitment and selection in the organization .

Questions cont’d ▪ How are Performance Reviews conducted? ▪ What factors are considered while promoting an employee? ▪ What do look for in a prospective Employee? ▪ What are the different challenges that you are facing in your field? .

Travel insurance and Group Family Takaful.) ▪ Established in 2002 ▪ Founding members are Dubai Islamic Bank and the investment Office ▪ There are about 143 employees ▪ Aman investment and insurance activities are conducted in accordance with Shariah guidelines ▪ Provides a range of Islamic Insurance products such as Motor insurance . .AMAN(Dubai Islamic Insurance and Reinsurance Co.

Employee benefits in Aman ▪ Medical Insurance ▪ Life insurance ▪ Travel Tickets ▪ Paid Vacations ▪ Housing Allowances ▪ Furniture Allowances .

Training at Aman ▪ Coaching and Mentoring ▪ Distance learning and video conferencing Recruitment Methods ▪ Direct Recruitment ▪ Advertising in social media and newspapers ▪ Employee Referral Programs ▪ Recruitment Agencies .

Performance Review ▪ Conducted annually ▪ Evaluates using KPI Rating ▪ Underperforming Employees are given training Selection Criteria ▪ Experience ▪ Quick Learner ▪ Attitude ▪ Communication Skills .

Challenges ▪ Handling Redundancy ▪ Continuous Development of Employees ▪ Solving conflicts Criteria for Promotion ▪ On the job performance ▪ Ability to handle enhanced Responsibilities .

. Seiko Epson and Olivetti in the region. LG Electronics .Inter-Consort Mercantile & Investment LLC ▪ Established in 1980 ▪ Part of a US$ 300 Million reputed business group ▪ Deals in Office Automation products. IT products and Consumer Electronic business ▪ Operates in MENA region and CIS region ▪ The largest trade partners for industry leaders such as Sharp Corporation .

Orientation at Interconsort ▪ Probation period of 3 months ▪ Inform employee about company policies ▪ Introduce them to the new environment Training at Interconsort ▪ On the job training ▪ Trained by supervisors or managers in concerned departments .

Performance Review ▪ Conducted on Quarterly basis Evaluations are based on :  Productivity  Initiative  Reliability/Timeliness  Resourcefulness/Creativity  Attention to Detail/Tidiness  Team Spirit  External/Internal Customer Service  Dedication  Positive Attitude  Learning Ability/New Skills .

Selection Criteria ▪ People Skills ▪ Power of Speech ▪ Theoretical Knowledge ▪ Practical Knowledge ▪ Intelligence ▪ Sincerity ▪ Determination ▪ Attention to Details ▪ Potential Growth .

Recruitment at Interconsort ▪ ▪ Personnel Requirement form is forwarded to licensed recruiting agencies Advertise through newspapers Employee Benefits ▪ ▪ Accommodation allowance Transport allowance ▪ ▪ ▪ 30 days paid holiday packages Health insurance Bonuses provided based on their peroformance .

Supermarket and Department stores ▪ Provides a wide range of products under one roof ▪ Has procurement offices in Brazil .China and Indonesia ▪ Operates in Oman and U.E .K.M TRADING ▪ Established in 1984 ▪ Has 2700 employees ▪ Consists of Hypermarket .A.

M ▪ Based on Recommendations ▪ Communication skills ▪ Minimum Experience .Training at K.M ▪ On the Job training ▪ 2 day training sessions for supervisors ▪ Training for improving software skills and communication skills Selection criteria in K.

Employee Benefits at K.M ▪ Overtime Pay ▪ Bonus ▪ Incentives ▪ Medical ▪ Ticket ▪ Leave salary .

Criteria for Promotion ▪ Merit ▪ Experience is also considered Performance Review ▪ Conducted semi annually ▪ Helpful in determining training need .