Strategic Planning for Employee Benefits

Fringe benefits

Fringe benefit is the concept of supplementing an employee’s wage or salary, private health care system and other non-monetary rewards to retain the staff for long run. The examples of fringe benefits are such as medical insurance, use of company car, housing allowance, educational assistance, vacation pay, stock option, below market lone, childcare reimbursement, paid maternity and paternity leaves, sick pay and employees discount for some particular leisure (Schopman, Kalshoven and Boon, 2017). These are the major examples, through which the employee aims at retaining the experienced staff for the benefits of the company in long run.

Characteristics of talented, happy and supported workforce

There are several characterises of talented, happy and supported workforce where the staff member are collaborative and communicative with each other for better performance. Feeling valued at the workplace and appropriate workplace culture is the major characteristics where the employees are treated fairly and they feel valued in the organisational workplace (Sharma and Jaiswal, 2018). The organisational culture is effective with proper salary structure, recognition of the employees and management transparency, which in turn helps to improve trust and loyalty among the staff to perform better and create supported workforce.

Factors for developing talented, happy and supported workforce

The monetary incentives and non-monetary rewards are the major factors that contribute positively in the organisational context to develop supported and happy workforce. The employer must provide appropriate salary packages and other benefits such as yearly bonus, performance related incentives, paid holidays and laves, paid maternity and paternity leaves to the employees to encourage them for better performance (Ashcraft, 2016). On the other hand, the non-monetary benefits such as insurance converge, health and safety at workplace, transparency in management system, proper recognition, fair treatment and communication are effective to motivate the employees and influence them to perform efficiently.

Comparing the factors with fringe benefits

The factors of developing happy and supported workforce and the strategic planning of fringe benefits are similar, where the employer provides monetary and non-monetary rewards to each of the staff for maximising their values at the workplace. In this regard, the factors such as incentives and performance related pay, organisational culture, paid holiday leaves, maternity and paternity leaves, insurance for the staff and other monetary benefits, safety of the staff are effective to maximise the practice of fringe benefits for the employees.

Evaluating motivational theories

The Herzberg’s motivational theories have two factors, one is hygienic and other is motivational factor, in the recent years, the corporate firms focus on two factors to motivate the employees. Under the motivational factors that are achievement and recognition of the staff, scope for personal and professional growth and organisational culture which are effective to motivate the staff in long run (Clemens, Kahn and Meer, 2018). On the other hand, the hygienic factors include working condition, co-worker relation, organisational policies, wages and salaries and supervision quality which also influence the workforce for develop partnership working practice and work efficiently in long run.

Conclusion

Providing fringe benefits and incorporating the motivational factors at the workplace are effective for maximising the employee’s performance by ensuring happy, talented and supported workforce.

Reference List

Ashcraft, K.L., 2016. Fringe benefits? Revisi (ti) ng the relationship between feminism and Critical Management Studies. The Routledge companion to critical management studies, pp.93-106.

Clemens, J., Kahn, L.B. and Meer, J., 2018. The minimum wage, fringe benefits, and worker welfare (No. w24635). National Bureau of Economic Research.

Schopman, L.M., Kalshoven, K. and Boon, C., 2017. When health care workers perceive high-commitment HRM will they be motivated to continue working in health care? It may depend on their supervisor and intrinsic motivation. The International Journal of Human Resource Management, 28(4), pp.657-677.

Sharma, K. and Jaiswal, N., 2018. A Study on Employees Attitude towards Fringe Benefits. International Journal of Engineering and Management Research (IJEMR), 8(2), pp.176-180.