Fringe Benefits
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FRINGE BENEFITS
WHAT IS FRINGE BENEFIT Any privilege, service, facility or amenity, directly or indirectly provided to employee by an employer Any reimbursement for any purpose . Any free or concessional ticket for private journeys of employees and family members Not directly connected with the employees productive effort, performance, service or sacrifice
TERMINOLOGIES Welfare measures, Social charges, Social security measures, Supplements, Sub-wages, Employee benefits etc In addition workers commonly receive such benefits as holiday with pay, low cost meals, low-rent housing etc
SALIENT FEATURES Raise the standard of living of the employees Refers to items for which a direct monetary value to the employee can be ascertained. Eg. Provident fund, pension, medical facilities, recreation etc These are statutory or voluntary
OBJECTIVES To recruit and retain the employees To improve motivation and morale of employees by satisfying some unsatisfied needs To improve work environment & Industrial relations To ensure health, safety and welfare of the employees To develop a sense of belonginess and loyalty among workers To satisfy demand of trade unions To improve the public image of the organisation
CLASSIFICATION OF FRINGE BENEFITS
FRINGE BENEFITS IN INDIA Payment for time not worked Employee security Employee Safety Health benefits Voluntary arrangements Welfare and recreational facilities Old age and retirement benefits
EXTRA TIME FOR TIME WORKED: Premium pay Incentive bonus Festival Bonus Old age insurance Profit sharing Unemployment compensation Food cost subsidy Housing subsidy
FOR EMPLOYMENT SECURITY :
Insurance
Leave travel pay,
Overtime pay,
Level for negotiation,
Maternity
Grievances
Lay-off, retiring rooms,
Jobs to the sons/daughters of the employees
FOR PERSONNEL IDENTIFICATION, PARTICIPATION & STIMULATION Anniversary awards, Attendance bonus, Canteen, Cooperative credit societies, Educational facilities Income tax aid, Recreational programs, Stress counseling, Safety measures etc.
FOR HEALTH PROTECTION Accident insurance, Disability insurance, Hospitalization, Life insurance, Medical care, Sick benefits, Sick leave, etc.
FOR OLD AGE AND RETIREMENT Pension, Gratuity, Provident fund, Old age assistance, counseling, Medical benefits for retired employees, Traveling concession to retired employees,
CASE STUDY
Case Study: Cashing in on opportunities
Asda at a glance!!
Asda Stores is a British supermarket chain that retails food, clothing, toys and general merchandise.
Founded as Associated Dairies and Farm Stores in 1949 in Leeds.
Asda became the second largest store chain in the UK after Tesco, having overtaken Sainsbury’s in 2003.
Company has 370 stores in the UK.
Asda currently employs approximately 165,000 employees, 62% of whom work part-time. Its workforce comprises 41% male and 59% female staff.
Online Sales & Marketing:
The Asda Online Sales and Marketing Plan is a low risk, low start-up cost business opportunity that is open to employees
It allows you to build their business through retailing products and to develop a team, that builds business network.
Operational philosophy: Employee involvement is a big part of Asda Stores’ For reward manager Jayne Tory, Online schemes are a hugely important part of the total reward package at Asda, which is owned by US retail giant Wal-Mart. “Where I think we are industry-leading and ahead of the pack is in the things that are not necessarily about pay,” she says. “It is key to have a platform to make staff feel they are contributing to the business. We are always looking at what other ways we can really engage our colleagues to help achieve our goals, not with an extra 10 pence in their pay packet, but by saying ‘thank you’.”
But the job of rewarding all Asda’s workforce is not easy. With 165,000 staff – referred to by the company as “colleagues” – based in locations stretching from the south coast of England to Scotland and Northern Ireland, Asda has a very diverse workforce. Within that fact lies the challenge of knowing the make-up of a typical store, which can range from huge Asda Wal-Mart Supercentres to standard Asda stores, to smaller stores and Asda Living (non-food) stores.
Moving away from a cumbersome plan that involved employees being awarded points to save up for prizes, the new scheme enables managers and staff to reward their colleagues for a job well done.
“Now, cards with scratch-off reveal panels are in stores across the whole business. So either a colleague or a manager, who wants to recognise something a colleague has done, can obtain one of these cards and give it to the person in a huddle, so it is a group recognition. It might be a DVD, a CD, a bunch of flowers, a box of chocolates, or even permission to go home an hour earlier. It is an immediate ‘thank you’.”
Pension Defined contribution pension – one trust-based plan and one contract-based scheme
Healthcare Voluntary healthcare and dental cash plan Private medical insurance for senior managers. Health screening for some senior managers
Voluntary benefits Selection of discounted products, ranging from days out to retail vouchers Bikes-for-work and childcare vouchers 10% employee discount scheme in Asda stores
Flexible working Various flexible working schemes, including time off for a child’s first day at school, the birth of a grandchild, and career breaks
Queries!!!!
How to reach out to all employees to gain access to benefits??
Due to excess fringe benefits provided, the Company is unable to cope up in achieving targets??
WHAT IS FRINGE BENEFIT Any privilege, service, facility or amenity, directly or indirectly provided to employee by an employer Any reimbursement for any purpose . Any free or concessional ticket for private journeys of employees and family members Not directly connected with the employees productive effort, performance, service or sacrifice
TERMINOLOGIES Welfare measures, Social charges, Social security measures, Supplements, Sub-wages, Employee benefits etc In addition workers commonly receive such benefits as holiday with pay, low cost meals, low-rent housing etc
SALIENT FEATURES Raise the standard of living of the employees Refers to items for which a direct monetary value to the employee can be ascertained. Eg. Provident fund, pension, medical facilities, recreation etc These are statutory or voluntary
OBJECTIVES To recruit and retain the employees To improve motivation and morale of employees by satisfying some unsatisfied needs To improve work environment & Industrial relations To ensure health, safety and welfare of the employees To develop a sense of belonginess and loyalty among workers To satisfy demand of trade unions To improve the public image of the organisation
CLASSIFICATION OF FRINGE BENEFITS
FRINGE BENEFITS IN INDIA Payment for time not worked Employee security Employee Safety Health benefits Voluntary arrangements Welfare and recreational facilities Old age and retirement benefits
EXTRA TIME FOR TIME WORKED: Premium pay Incentive bonus Festival Bonus Old age insurance Profit sharing Unemployment compensation Food cost subsidy Housing subsidy
FOR EMPLOYMENT SECURITY :
Insurance
Leave travel pay,
Overtime pay,
Level for negotiation,
Maternity
Grievances
Lay-off, retiring rooms,
Jobs to the sons/daughters of the employees
FOR PERSONNEL IDENTIFICATION, PARTICIPATION & STIMULATION Anniversary awards, Attendance bonus, Canteen, Cooperative credit societies, Educational facilities Income tax aid, Recreational programs, Stress counseling, Safety measures etc.
FOR HEALTH PROTECTION Accident insurance, Disability insurance, Hospitalization, Life insurance, Medical care, Sick benefits, Sick leave, etc.
FOR OLD AGE AND RETIREMENT Pension, Gratuity, Provident fund, Old age assistance, counseling, Medical benefits for retired employees, Traveling concession to retired employees,
CASE STUDY
Case Study: Cashing in on opportunities
Asda at a glance!!
Asda Stores is a British supermarket chain that retails food, clothing, toys and general merchandise.
Founded as Associated Dairies and Farm Stores in 1949 in Leeds.
Asda became the second largest store chain in the UK after Tesco, having overtaken Sainsbury’s in 2003.
Company has 370 stores in the UK.
Asda currently employs approximately 165,000 employees, 62% of whom work part-time. Its workforce comprises 41% male and 59% female staff.
Online Sales & Marketing:
The Asda Online Sales and Marketing Plan is a low risk, low start-up cost business opportunity that is open to employees
It allows you to build their business through retailing products and to develop a team, that builds business network.
Operational philosophy: Employee involvement is a big part of Asda Stores’ For reward manager Jayne Tory, Online schemes are a hugely important part of the total reward package at Asda, which is owned by US retail giant Wal-Mart. “Where I think we are industry-leading and ahead of the pack is in the things that are not necessarily about pay,” she says. “It is key to have a platform to make staff feel they are contributing to the business. We are always looking at what other ways we can really engage our colleagues to help achieve our goals, not with an extra 10 pence in their pay packet, but by saying ‘thank you’.”
But the job of rewarding all Asda’s workforce is not easy. With 165,000 staff – referred to by the company as “colleagues” – based in locations stretching from the south coast of England to Scotland and Northern Ireland, Asda has a very diverse workforce. Within that fact lies the challenge of knowing the make-up of a typical store, which can range from huge Asda Wal-Mart Supercentres to standard Asda stores, to smaller stores and Asda Living (non-food) stores.
Moving away from a cumbersome plan that involved employees being awarded points to save up for prizes, the new scheme enables managers and staff to reward their colleagues for a job well done.
“Now, cards with scratch-off reveal panels are in stores across the whole business. So either a colleague or a manager, who wants to recognise something a colleague has done, can obtain one of these cards and give it to the person in a huddle, so it is a group recognition. It might be a DVD, a CD, a bunch of flowers, a box of chocolates, or even permission to go home an hour earlier. It is an immediate ‘thank you’.”
Pension Defined contribution pension – one trust-based plan and one contract-based scheme
Healthcare Voluntary healthcare and dental cash plan Private medical insurance for senior managers. Health screening for some senior managers
Voluntary benefits Selection of discounted products, ranging from days out to retail vouchers Bikes-for-work and childcare vouchers 10% employee discount scheme in Asda stores
Flexible working Various flexible working schemes, including time off for a child’s first day at school, the birth of a grandchild, and career breaks
Queries!!!!
How to reach out to all employees to gain access to benefits??
Due to excess fringe benefits provided, the Company is unable to cope up in achieving targets??
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