wages,benefit and reward Flashcards
why provide beneft for workers?
to attract workers and retain the best performance also achive the objective
element in compensation
1.basic wages
2.benefit
3.rewards
who give influence employee to give benefit
trade union and government
what benefit need to have it on company>?
help attract staff to join the organization
help retain existing employees
increase morale of employee
statutory benefit
• Maternity leave
• Sick leave
• Annual leave
• Paid public holidays
• Contribution to Employees Provident Fund
• Contribution to the Social Security Organization or purchase of insurance policy
• Contribution to Employment Insurance System
non statutory benefit time off payment
• Marriage
• Birth of a child (paternity leave)
• Personal emergencies
• Pilgrimage
• Studies
• Death of a relative
benefit on health care
-payment of medical bills
-hospitalization benefit
-payment of optical bills
-payment of dental bills
what is cafeteria benefits?
employee may be offer food and menu which to choose.
benefit give reward to workers
help to retain best perftomance and drive behaviour to higher level.
to be effective,rewards schemes must
allow many employee to be winenrs
-be perceived as fair
-drive suitable behaviour
financial rewards
-wage increments
-bonuses
-profit-sharing schemes
-commissions
non-financial rewards
-perfroamnce awards
-letters of appreciation
-long service awards
-sponsorship to attend conferences
-awards ceremonies
-token of appreciations
