(Solution) 5HR03 (AC2.3) Explain the merits of different types of benefits offered by organisations.
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Solution
Benefits vs Rewards
Rewards are also referred to as non-salary remuneration and may be offered to the worker in accordance with legal requirements or sometimes as a matter of the employer’s discretion (Cotton, 2022). This may include some form of medical coverage, retirement plans, and even paid maternity or paternity leave. On the other hand, a reward links the amount of compensation to the level of the employee’s performance or accomplishment. Incentives are commonly employed to boost performance and may encompass wages, commissions, and performance-based bonuses (van Vulpen, 2019). The two approaches differ in that benefits are not tied to performance while rewards are designed to incentivise as well as financially reward individual performance.
Merits of benefits for Eco-Insulate
Profit sharing
Profit sharing might be quite effective for Eco-Insulate. The staff will have organisational commitment toward the achievement of the organisational goals if they are allowed to share profits when the organisation realises its profits. The reasoning behind the implementation of profit sharing is that the compensation for staff is tied to the overall performance of the business. Thus, they are motivated and have a stake in the success of the business. This may raise the level of productivity since installers will feel motivated to help increase the profits.
Company cars
Eco-Insulate may have a few important benefits when providing installers with company vehicles to do their job. The vehicles would help in cutting down the expenditure incurred by the installers for personal means to and from different jobs. This might go a long way to add to the basic pay structure of the installers at Eco-Insulate. By using the Company transport, installers would be able to cover more clients and install more than they are in a single day.
Medical insurance cover
It is evident that offering medical insurance cover can be advantageous to the case study of Eco-Insulate in the following ways. First of all, it will ensure that the installers are physically fit as it shall be sure to be provided with adequate health covers. This can be attributed to the fact that installation work entails some degree of physical activity in nature. When installers have quality health cover, they are less likely to fall ill and, therefore, lead to reduced levels of absenteeism and related costs of lost productivity to the firm.
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