HRM BENEFITS

Group 8
Introduction to Human Resource Benefits

Global HRM Landscape:

◦ Globalization has transformed HR practices, requiring adaptation to manage diverse workforces across borders.

Customization and Adaptation:

◦ Tailor HRM practices to meet unique regional needs, considering cultural norms, legal frameworks, and market dynamics.

Role of International Students:

◦ Understanding HRM practices in diverse contexts prepares international students for global workforce complexities.

Chapter Scope:

◦ This chapter explores benefits, types of benefits, forms of benefits in Bangladesh, objectives, and future benefit plans.

Introduction Purpose:

◦ Equip readers, including international students, HR professionals, and HRM enthusiasts, for a global HRM exploration, focusing on Bangladesh.
Definition of Benefits
 Dave Ulrich: Benefits encompass non-monetary rewards provided by organizations to employees

 Decenzo and Robbins: Benefits are additional considerations beyond monetary compensation that enrich employees' lives.

 Gary Dessler: Benefits are indirect financial payments to employees, including insurce, vacation, pensions, and education plans.

 Ivancevich and Konopaske: Benefits comprise non-wage compensations like health insurance, paid time off, retirement plans, and perquisites to enhance
employees' well-being.

 Susan E. Jackson and Randall S. Schuler: Benefits encompass rewards and advantages beyond monetary compensation, including healthcare coverage, paid
leave, and professional development opportunities.

 Mathis and Jackson: Benefits refer to non-wage forms of compensation offered to employees, including health and wellness initiatives, retirement plans, and
work-life balance accommodations.

 Milkovich and Newman: Employee benefits encompass diverse non-monetary forms of compensation provided to employees, enhancing well-being,
incentivizing performance, and ensuring compliance with labor laws.

 D.J. Cherington: Supplement rewards, also known as employee benefits, are provided in addition to regular wages or salaries.

 A.A. Sloane: Benefits are defined as remuneration from the employer to the employee beyond wage or salary.

 Dale Yoder: Benefits are the supplementary hidden costs given to employees by employers
Types of Benefits
◦ Monetary Benefits

◦ Voluntary Benefits

◦ Retirement Benefits

◦ Time-off Benefits

◦ Healthcare Beneftis

◦ Other Fringe Benefits

Skill-Based Pay and Job-Based Pay
◦ Skilled Based Pay

Skill-based pay, also known as competency-based pay, is a compensation system that rewards employees for the acquisition and
application of specific skills or competencies.

◦ Job Based Pay

job-based pay, also referred to as position-based pay, is a compensation system where employees are remunerated based on their job roles
and responsibilities.

◦ Difference Between Skilled Based Pay vs. Job Based Pay

Forms of Benefits and Services in Bangladesh
◦ Monetary Benefits

Monetary benefits refer to direct financial compensation and allowances provided to employees. The basic salary forms the core
component of monetary benefits.

◦ Healthcare Benefits

Healthcare benefits provide employees access to medical services, insurance and other facilities.

◦ Work-Life Balance Benefits

Work-life balance benefits give employees time off from work and promote recreational activities.

◦ Retirement and Job Security Benefits

Benefits that promote long-term financial security even after retirement and during unemployment are highly valued.

◦ Other Fringe Benefits

Some other extra facilities companies provide for employee convenience and satisfaction can be classified as fringe benefits.
Objectives of Benefits for Employees and Managers
in Bangladesh
Objectives for Employees:

• Enhanced Job Satisfaction

• Financial Security:

• Career Growth and Skill Development

Objectives for Managers

◦ Talent Attraction and Retention

◦ Employee Productivity and Well-being

◦ Legal Compliance and Risk Mitigation

Future Benefit Plans for Employees in Bangladesh
◦ Digital Transformation and Flexible Benefits

◦ Remote Work and Hybrid Models

◦ Employee Well-being Initiatives

◦ Sustainability and Green Benefits

◦ Holistic Health and Family Support

Examples of Fringe Benefits in Bangladesh
◦ Housing Allowances

◦ Transportation Facilities

◦ Meal Allowances

◦ Health and Wellness Programs

◦ Employee Discounts and Shopping Benefits

Principles for Employee Benefits Administration
1. Genuine Interest

2. Satisfying Real Needs

3. Cost Effectiveness

4. Broad Accessibility

5. Sound Planning

6. Consultation with Employees

7. Convenient Processes

8. Effective Communication

9. Localization

10. Regular Evaluation

. Principles of Fringe Benefits in Bangladesh

◦ Equity and Fairness

◦ Legal Compliance
◦ Flexibility and Customization
◦ Cost-Effectiveness
◦ Communication and Transparency
Employee Engagement and Recognition Programs

Employee engagement and recognition programs are an integral part of HRM in Bangladesh.
These programs are designed to foster a positive work environment, boost morale, and recognize
employees' contributions. They may include employee of the month awards, appreciation events,
and team-building activities.
Family-Centric Benefits and Work-Life Balance:

◦ Family-centric benefits and work-life balance initiatives are becoming increasingly relevant in
Bangladesh's HRM landscape. These benefits are aimed at supporting employees in managing
their family responsibilities while maintaining a healthy work-life balance. They can include
extended parental leave, flexible work arrangements, and family-friendly policies.
THANK YOU