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BENEFITS (INTRODUCING FLEXIBLE BENEFITS (Define business need, Seek views,…
BENEFITS
TYPES OF EMPLOYEE BENEFITS
Medical Insurance
Disability Insurance
Short-term disability
Long-term disability
Life Insurance
Retirement Benefits
defined benefit plans
defined contribution plans
Domestic Partner Benefits
Paid Time Off
Fringe Benefits
DEFINITION OF FLEXIBLE BENEFIT
give employees a choice of type/scale of benefits offered by their employers.
TYPES OF FLEXIBLE BENEFIT PLANS
Core Plus Plans
Modular Plans
Cafeteria Plans
Flex Fund
DEFINITION OF EMPLOYEE BENEFITS
Also known as fringe benefits
non-financial form of compensation offered in addition to cash salary to enrich workers’ lives.
REASONS FOR INTRODUCING FLEXIBLE BENEFITS
meet the diverse needs of employees & increase the perceived value of the package to them
enable employers to get better value for money from their benefits expenditure
control costs by providing employees with a fund to spend rather than promising a particular level of benefits
aid recruitment and retention
help to harmonize terms and conditions in a merger
INTRODUCING FLEXIBLE BENEFITS
Define business need
Seek views
Decide objectives and essential elements
Set up project team
Decide who is going to carry out the development work
Design scheme
Communicate details of the scheme
Pilot test
Introduce scheme
Evaluate scheme
CHALLENGES FACED WHEN INTRODUCING FLEXIBLE BENEFITS
Time to implement
Administration
Communication
Employee satisfaction
PARTIES INVOLVED
Employees
Human Resource
Management
Line Manager/Supervisor