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CH7: Benefits & Rewards - Coggle Diagram
CH7: Benefits & Rewards
reasons why employers offer benefits to
employees
❑ Help attract staff to join the organization
❑ Help retain existing employees
❑ Increase the morale of employees which will lead to higher productivity
statutorily required benefits
The Employees Social Security Act 1969
Time-off payments
The employee Provident Fund Act
Maternity Protection
various methods of rewarding employees
Financial Rewards
❑ Salary increases
❑ Bonus and profit-sharing
❑ Rewards for salespeople (commissions)
Non-Financial Rewards
❑ Performance awards
❑ Letters of appreciation
❑ Sponsorship to seminars, conferences and overseas tours
❑ Rewards for long service
common non-statutory benefits
Subsidies & services
Financial Services
Retirement benefits
Insurance
Allowances
Health care
Educational fee assistance
Time-off payments
Types of benefit
Statutory
Optional
Non-Financial
Financial
statutory benefits
sick leave
annual leave
paid maternity leave
paid public retirement benefits
(Employees Provident Fuholidays, nd contributions)
financial compensation in case of occupational accident
or disease
TRENDS IN BENEFITS
PACKAGES
Align benefits to strategic objectives
Criteria benefits scheme
Awareness and desirability of benefits
Issues related to benefits