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Contact Details:
Email : admin@greatonlinewebsites.com
Address : 19-11-3A, Level 11, UOA Centre
No 19, Jalan Pinang, 50450 Kuala Lumpur, Malaysia
The Importance of Employee Benefits Schemes
In today's business environment, taking care of employees has become a key factor in maintaining a
competitive edge. Employers have come to recognise that Employees Benefits (EB) schemes have
become increasingly important in the total compensation package, as they not only help enhance
productivity but also ensure the quality of life of their employees and their dependants.
EB schemes also provide effective risk management for employers. They promote goodwill and
strengthen relationships between employers and employees. Staff morale is raised and the
company's image is enhanced as one that takes care of its employees.
With the current shortage of skilled manpower and an almost full employment situation, only
companies with the best EB packages can expect to attract better qualified and experienced people.
Employee Provident Fund and SOCSO are no longer considered sufficient.
Employee benefits have become an integral and important part of the total compensation and
benefits package. Employees are aware that insurance coverage for life, accident, hospitalisation
and surgical schemes will give them the assurance that their welfare and their dependants are well
looked after, while they give their best to the employer.
In short, EB packages offer advantages to both employers and employees.
Employer Advantages:
- Helps attracts and retain better qualified employees.
- Provides high risk coverage at low costs easing the company's financial burden .
- Improves efficiency and productivity as employees are assured of security for themselves
and their families. - Premiums are tax deductible as corporation expense, which means savings with quality
coverage.
Employee Advantages:
- Peace of mind leading to better productivity as employees are assured of provision for
themselves and families in any mishap. - Employees with personal life insurance enjoy additional protection
- Confidence in company's EB schemes boost staff morale and pride in company
Numerous EB schemes exist and their selection depends on several factors. The decision with
respect to design and economics of the schemes rest with the employer. The EB schemes, which
are undertaken voluntarily by employers, who "own" these plans and actively manage the cost as a
critical element of their business planning.
As a wage substitute, employers must balance two conflicting objectives. First they want to recruit
and retain satisfied employees. This means that benefit levels, cost sharing provision if any, and
quality of service are important to employee relations.
On the other hand, employers must manage the cost of their plan within acceptable limits of their
industry, financial position and business goals.
Manpower is fundamental to any enterprise, therefore protecting the employee makes good
business sense. Key providers of group insurance will be able to advise you on current trends in
employee benefits, customary market practices and design benefit plan that support your corporate
image as an employer.
Copyright: Aetna Universal Insurance Sdn Bhd
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