Employee Benefits and Services.pdf

Employee Benefits and Services.pdf

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  EMPLOYEE BENEFITS AND SERVICES
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  “The purpose ofcompensation is to attract, motivate and to maintain employees.”
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  e.g. Incentives &Profit Sharing (Pay for Performance) Compensation Management (Wages and Salaries) Direct Compensation Security, Safety & Health (Legally mandated benefits) Benefits and Services (“Fringe” benefits and “Perks”) Indirect Compensation Employee Benefits and Services
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  Something in additionto the payment like car fuel, free parking, clothing, and educational supports. Perks (Services) Something extra (such as vacation time) that is given by an employer to workers in addition to their regular pay. Fringe Benefits Employee Benefits and Services
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  In general, indirectand non-cash (or sometimes in cash) compensation paid by an employer to employees in addition to their regular pay. Benefits tends to be necessities for many people. Some benefits are mandated by law (such as SSS, Pag-IBIG, and PhilHealth), others vary from firm to firm or industry to industry. Employee Benefits
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  Employee Services ManagementAssociation, employee services encompasses "recreation programs, community services, recognition programs, event planning, childcare/eldercare services, convenience services, and travel offerings.“ Employee services can include anything an employer deems necessary to provide as a perk for employees. No real limit exists as to what can be included as an employee service. Employee services are more of a convenience than a true benefit. Employee Services
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  The main objectiveis to attract (recruit) and to retain employees. To improve morale To meet health and safety needs To attract good employees To reduce turnover To maintain a competitive position To enhance the organization’s image Objectives of Benefits Program
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  Social Security System(SSS) Contributions Government Service Insurance System GSIS Contribution to National Health Insurance Program (NHIP) Contribution to Home Development and Mutual Fund (HDMF/Pag-IBIG) The 13thService Incentive Leave Month Pay Meal and Rest Periods Mandatory Government Benefits and Contributions
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  Occupational Diseases Work-Related Injuries Compensabilityof Illness or Injury
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  Loss of IncomeBenefit Medical Services Career Allowance Rehabilitation Services/KaGabay Program Death Benefits Funeral Benefits Benefits under ECP
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  Minimum Wage (RepublicAct 6727) Night Shift Differential Overtime Pay Rest Days Holidays 13th Month Pay (Presidential Decree No. 851) Retirement Benefits (Section 1. Article 287 of Presidential Decree No. 422) Separation Pay (Article 283 and 284 of the Labor Code of the Philippines) Services Charges Disability Benefits Mid-year Bonus (14th month pay) (RA No. 6758, as amended by Congress Joint Resolution No. 1, s. 1994 and No. 4, s. 2009) Benefits Under the Philippine Labor Code
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  Maternity Leave Paternity Leave SoloParents Leave (Solo Parents Welfare, Republic Act No. 8972 Leave due to Domestic Violence Leave due to Gynecological Disorders for Women Employees Leaves
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  Flexible Work Schedules WellnessProgram Child Care Services Product/Services Discounts Common Types of Employee Services
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  Benefits have positiveeffects on the attraction and retention of employees (Balkin & Werner, 2023) Related Studies/Researches There is an empirical relationship between proportion of female board members and better employee benefits. Female board members are stakeholder friendly and are more likely to establish policies that support employees’ welfare (Mia, 2022) Discretionary benefits can have strategic importance is through their effects on individual employee performance (Balkin & Werner, 2023)
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  Increasing employee compensationmotivates employees to perform better, however, it does not stimulate the part-time to improve thier performance (Kim & Jang, 2020) Related Studies/Researches Compensation affects on employee satisfaction and employee performance (Darma and Supriyanto, 2017)
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  REFERENCES Balkin, D. B.,& Werner, S. (2023). Theorizing the relationship between discretionary employee benefits and individual performance. Human Resource Management Review, 33(1), 100901. Darma, P. S., & Supriyanto, A. S. (2017). The effect of compensation on satisfaction and employee performance. Management and Economics Journal (MEC-J), 1(1). https://www.slideshare.net/geomarbalajo/employee-benefits-and-services-philippines Kim, H. S., & Jang, S. S. (2020). The effect of increasing employee compensation on firm performance: Evidence from the restaurant industry. International Journal of Hospitality Management, 88, 102513. Mia, M. A. (2022). Do women on boards affect employee benefits? Evidence from the global microfinance industry. Economics Letters, 210, 110194.
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  For Your Attention THANKYOU Hopefully, what I say can be useful for all of you.