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 firms 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

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

Why Organizations Provide Benefits?

1. Employee Demand

2. Employers Preferences

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

Types of Benefits

1. Mandatory benefits

2. Compensation for time not worked

3. Voluntary benefits

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 contd
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?

AMAN(Dubai Islamic Insurance and Reinsurance Co.)

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 ,Travel insurance and Group Family Takaful.

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

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 , LG Electronics , Seiko Epson and Olivetti in the region.

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

K.M TRADING
Established in 1984
Has 2700 employees Consists of Hypermarket , 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.A.E

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.M

Based on Recommendations
Communication skills Minimum Experience

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