BZUPAGES.COM
Presented to:
Sir Ahmed Tisman Pasha
Presented by: Muzamil Mehboob Roll No: BS-IT-5TH-49
Department of Information Technology Institute of Computing
Bahauddin Zakariya University(Multan)
BZUPAGES.COM
Topic
Flexible benefits &
Developing a benefit Package
BZUPAGES.COM
Employee benefits In general, indirect and non-cash
compensation paid to an employee. Some benefits are mandated by law (such as social security, unemployment compensation, and workers compensation),
Vary from firm to firm or industry to industry (such as health insurance, life insurance, medical plan, paid vacation, pension, gratuity).
BZUPAGES.COM
BZUPAGES.COM
Flexible benefits A benefit plane that allows each employee
to put together a benefit package individually tailored to his or her own needs and situations.
BZUPAGES.COM
Developing Benefit Package
Types of benefits plans Modular plans Core _ Plus Plans Flexible spending plans
BZUPAGES.COM
Modular plans Plans make employees choose among pre-
designed benefit packages.Each modular package is aimed at a specific demographic (e.g. singles, families, older or younger members) and provides services most attractive to that target group.
BZUPAGES.COM
Unlike traditional benefit plans, where all members of the bargaining unit are covered for all benefits regardless of health status, once the employee has made a flex plan choice, it usually cannot be changed without the employee having to undergo a medical review to obtain "evidence of insurability".
BZUPAGES.COM
Core _ Plus Plans
A common core-plus model would be very basic, providing some coverage for drugs and vision care, though not likely any dental care coverage.
Employees then would have to purchase additional or improved benefits through payroll deduction.
BZUPAGES.COM
For example, for an additional $70 per pay, the employee could increase the dollar amount for vision care coverage (e.g. from $100/2 years to $250/2 years) and buy some dental coverage.
BZUPAGES.COM
the reward system is a collection of brain structures which attempts to regulate and control behavior by inducing pleasurable effect
BZUPAGES.COM
The Reward Process Satisfaction with a reward is a function of both how much
is received and how much the individual feels should be received. (Equity theory)
An individual’s feelings of satisfaction are influenced by comparisons of what happens to others.
Satisfaction is influenced by how satisfied employees are with both intrinsic and extrinsic rewards.
People differ in the reward they desire and in the relative importance different rewards have for them
Some extrinsic rewards are satisfying because they lead to other rewards.
Rewards must be valued and must be related to a specific level of job performance
BZUPAGES.COM
The Reward Process
Motivation to exert effort
Performance:Individual
Experience
Ability & Skill
PerformanceEvaluation Satisfaction
ExtrinsicRewards
IntrinsicRewards
Feedback
BZUPAGES.COM
General Model of Organizational Reward Systems
Organization’s Reward Norms• Profit maximization• Equity• Equality• Need
Distribution Criteria• Results• Behavior• Other factors
Types of Rewards• Financial/material(extrinsic)• Social (extrinsic)• Psychic (intrinsic)
Desired Outcomes • Attract• Motivate• Develop• Satisfy• Retain
BZUPAGES.COM
How To Make Team-Based Pay Work Prepare employees with interpersonal skills
training. Don’t introduce team-pay until teams are
running smoothly. Blend individual and team incentives. Start by rewarding teamwork behaviors and
then evolve to incentives for team results. Make sure each team member has a clear line
of sight to key team results.
BZUPAGES.COM
Non-Traditional Rewards Cafeteria benefits Time off (banked) Skill-based pay
BZUPAGES.COM
Employee recognition programs`
Recommendation: The System Office should put in place methods to systematically recognize good work. These methods should become a normal part of our work lives.
BZUPAGES.COM
Objectives:
Recognize individual and group achievements Give good work visibility in creative ways Act as a mechanism for staff engagement Establish and foster cultural values of
improvement & growth Reaffirm cultural values of community &
cooperation, as we provide recognition to individual contribution and innovation
BZUPAGES.COM
Benefits of a System Office Employee Recognition Program Conveys to employees that they are valued
and appreciated Increases employee morale & job
satisfaction Improves employee retention &
performance Contributes to directly System’s Strategic
Plan and will support System Office mission & values
BZUPAGES.COM
ConclusionNeed to have a common understanding of organizational valuesOrganizational values need to be incorporated into employee recognition cultureEmployees value spontaneous, day to day recognition mostAn effective program can take a significant period of time to implementEmployee recognition will support System Office success
BZUPAGES.COM
Questions?
Thank You!
BZUPAGES.COM