Employee compensation and benefits play a vital role in attracting, retaining, and motivating the employees. Both seem to serve the same role however, different in definition and nature. Although intricately woven together, still there is a subtle distinction, so let’s see how compensation is different from benefit! Compensation: Compensation is a monetary or non-monetary consideration given by an employer to an employee for his/her work in the organisation. Compensation is pre-agreed rumination and part of
In order to attract and retain employees, organizations offer many benefits to their employees and these benefits are collectively known as employee benefits. One such benefit offered is “term life insurance”. A Group Term Life cover supplements the sum assured taken by an employee and provides financial relief to the family in case of the employee’s untimely death. Some of the features of the Group Term Life cover: • One master policy issued covering all
It’s an acknowledged fact that hiring for a start-up is a challenge that every entrepreneur’s (especially first-time ones’) headache. Attracting a settled and performing individual to leave all behind and jump ship (more like jump ship to the boat) is hard enough. Fortunately, there are means and instruments such as group health insurance in which you can invest and provide and provide a certain sense of security for your start-up. However, there are more than
Work Life balance- You say it loud and tips will start pouring in, however, it’s not that easy to achieve, it? Yeah, I see you nodding in agreement! Finding this delicate yet much-needed balance is “The” most important thing. No matter what people do or say, let me tell you, maintaining this balance entirely depends on you. It is you who need to make certain changes in life and achieve the Zen for your own
When it comes to Premium, the Indian market is very competitive compared to the world market and is driven more by prior year premium rather than claims experience. As a result, organizations/employers have a good ride, as they can pass the risk to insurance companies and enjoy a great range of benefits without getting impacted by high claim ratio. Insurance companies have been facing claim ratios of more than 120%. Now, since most of the
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