BZUPAGES.COM Presented to: Sir Ahmed Tisman Pasha Presented by: Muzamil Mehboob Roll No: BS-IT-5 TH -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).

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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 Performance Evaluation Satisfaction Extrinsic Rewards Intrinsic Rewards 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 Conclusion Need to have a common understanding of organizational values Organizational values need to be incorporated into employee recognition culture Employees value spontaneous, day to day recognition most An effective program can take a significant period of time to implement Employee recognition will support System Office success

BZUPAGES.COM Questions? Thank You!

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