I am going to complete around 20 years of service in about 8 Companies, as per my own assessment I would like to address the questions raised by SSG as follows:
1) Organizations typically are being faced by the challenges of employee compensation. In these circumstances, employee benefits have come as a welcome respite for most companies. However the very fact that the cost of employee benefits has risen steeply, the importance of these benefits is being re-considered. It has been a debate as to how to manage the mix of benefits and compensation components. In my opinion, the importance of employee benefits can't be undermined particularly because there are so many others (tax seekers) peeking at your money. Any employee certainly appreciates being given the benefit directly over cash. The challenge for organizations is to tap in the right benefits required by the employees.
2) "Employee benefit management" provides a definite benefit to the company. There was a time when it was a differentiator. But now it has become a necessity. The factor that matters these days is how one claims to give these benefits. There are companies who include benefits as a part of CTC of the employee. These measures are not really welcome by the employee when the actual take home comes in. However the corporations who try and keep employee benefits out of compensation claims are adored as good employers. Clearly, an employee benefit management strategy becomes imperative under these conditions. If properly handled, it can motivate workforce over bigger salary components. However most important work is to identify what benefits are sought by the employees.
I would also like to share some additional thoughts. Apart from Benefits & Services, few other important factors to attract and retain talent are:
1) Goodwill of the Company
2) Environment & attitude of Employer & Superiors
3) Liking for the roles & responsibilities given
4) Social Responsibilities of the person
5) Location Factors
Sunil Patwari
General Manager (Finance)
Binani Industries
Mumbai
1) Organizations typically are being faced by the challenges of employee compensation. In these circumstances, employee benefits have come as a welcome respite for most companies. However the very fact that the cost of employee benefits has risen steeply, the importance of these benefits is being re-considered. It has been a debate as to how to manage the mix of benefits and compensation components. In my opinion, the importance of employee benefits can't be undermined particularly because there are so many others (tax seekers) peeking at your money. Any employee certainly appreciates being given the benefit directly over cash. The challenge for organizations is to tap in the right benefits required by the employees.
2) "Employee benefit management" provides a definite benefit to the company. There was a time when it was a differentiator. But now it has become a necessity. The factor that matters these days is how one claims to give these benefits. There are companies who include benefits as a part of CTC of the employee. These measures are not really welcome by the employee when the actual take home comes in. However the corporations who try and keep employee benefits out of compensation claims are adored as good employers. Clearly, an employee benefit management strategy becomes imperative under these conditions. If properly handled, it can motivate workforce over bigger salary components. However most important work is to identify what benefits are sought by the employees.
I would also like to share some additional thoughts. Apart from Benefits & Services, few other important factors to attract and retain talent are:
1) Goodwill of the Company
2) Environment & attitude of Employer & Superiors
3) Liking for the roles & responsibilities given
4) Social Responsibilities of the person
5) Location Factors
Sunil Patwari
General Manager (Finance)
Binani Industries
Mumbai
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