Performance Appraisal Is Essential For Companies .

2715 words - 11 pages

IntroductionBenefits may be defined as all the financial rewards that are not paid directly in cash but rather in kind to the employee, for example, life insurance, medical benefits, etc. In today's world, it is essential for companies to provide their employees with benefit policies. By providing an attractive benefits scheme, the company will be able to retain all its employees especially the efficient ones. Developing an attractive benefit program should be done very carefully so that it may go hand in hand with the company's values. It is also important that the program benefit the employee as well as the employer. "The right combination of benefits can assist an organization in reaching its strategic business objectives and provide HR managers with an improved focus and sense of perspective on their organizations benefit programs. Sometimes, many conventional benefit programs bear little relationship to the strategic business objectives of the organization." Developing a poor benefits program could result in neither improving employee motivation nor being cost effective. Many organizations promote equal pay for equal work and pay for performance philosophies. But sometimes conflicts arise between the benefit policies and these philosophies, for example, employees families are provided with extra coverage under health and medical benefits, employees are provided with company cars based on status rather than performance.Guidelines for an effective benefit programA company should recognize the need for developing an effective benefits policy as well as its advantages and disadvantages. By doing so it will be able to attract the most efficient staff. Nowadays companies have extremely competitive benefit schemes and so companies should keep the competition factor in mind while setting up its scheme. But this does not mean that the company should go overboard and develop a benefit scheme that will cost it a fortune. The company should provide at least the fundamental benefits in its program such as health care, disability insurance, etc. If a company fails to do so, it may end up losing its employees to more competitive firms. The company should also gather information from its employees while setting up its benefits policy. It may be possible that the employees may prefer free parking to dental plans, etc. This will furthermore help the company in setting up an effective program. Thus it is important to consult employees while setting up the benefits scheme.It is important that the HR manager ascertain that the benefit scheme fits the organizations business objectives.The HR manager needs to determine the following while determining a winning benefit scheme:How much is the company willing to spend on cash and non-cash compensations?What is the total cost the company is prepared to pay for a benefit program?What are the benefits to be included in the program, why are they needed and do the employees need them?What is the purpose of the benefits?...

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