employee relationship & benefit administration

7/29/2019 Employee Relationship & Benefit Administration

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Objectives:-

Objectives are the statements that state how the goals are achieved. They should be very concrete and

specific in nature.

Objective of the study:-

The purpose of doing this project is mainly to make thorough study on employee relationshipand benefit administration at Solugenix.

To study the Employee relationship at Solugenix. To study the employee job satisfaction and employee morale at Solugenix. To understand the benefit programs offered at Solugenix. To evaluate employee benefit programs as per industry standards. To understand the impact of motivational factors on employee performance. Suggest improvement in the existing system if necessary.

COMPANY PROFILECOMPANY PROFILEMISSION: Solugenix was founded in 1969 by T. Russell Shields. It was

known then as Shields Enterprises Incorporated, and later as SEI Information.

An employee benefit plan protects employees and their families from economic hardshipbrought about by sickness, disability, death, or unemployment; it provides retirement income to

employees and their families; and it provides a system of leave or time off from work.

A comprehensive benefit plan can include health insurance, disability insurance, life

insurance, retirement plan, flexible compensation (cafeteria plans), and leave from work.

Broadly defined, a benefit plan can include other components such as bonuses, service awards,

reimbursement of employee educational expenses, and other benefits appropriate to employeeresponsibility.

Why Offer Your Employees Benefits?

Here are some of the reasons employers offer benefits:-

To attract and hold capable personnel. To keep up with competition. To foster good morale. To provide opportunities for advancement and promotion as older workers retire.

A combination of benefits programs is the most effective and efficient means of meetingemployees' economic security needs. For many employers, a benefit plan is an integral part of

total compensation, because employers either pay the entire cost of a benefit plan or haveemployees contribute a small portion of premium costs for their coverage

Employee benefit and services includes:- Leave Programs. Health and Life Insurance Benefits.


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Retirement Benefits. Survivor Benefits. Long Term Care Insurance. Flexible Spending Accounts. Health Savings Accounts.

Retirement and Benefits Retirement Leave Health Insurance Life Insurance Long Term Care Insurance Flexible Spending Accounts Work/Life Enrichments Survivor Benefits

401(k) Plans401(k) plans are retirement plans that are designed to encourage long-term retirement

savings by employees. 401(k) plans need to meet a variety of rules contained in Section 401(k)

of the Internal Revenue Code. But these be plans are very popular among companies andemployees.

Here are the key features of such plans:

Employer contributions: The employer can contribute to the plan (subject to certain

limits) for the employee's benefit, and the employee doesn't have to pay immediate income tax

on that contribution.

Employee contributions: The employee can elect to contribute a portion of his or her

salary to the plan, and then the employee doesn't have to pay immediate income tax on that

contributed salary.

Investment of contributions: The employee can choose how to invest contributed money (in

stocks, bonds, and other qualifying investments, for example).

Tax deferral: The taxes on the contributions and the plan's investment earnings are deferred until theemployee withdraws them (generally at retirement).

Loan: In some instances, a participant may be able to take a loan against the401(k) account, and as

long as the employee repays the loan before taking a distribution from the plan, the funds remain

tax deferred.Withdrawals: Unless the employee is age 59 or another exception applies(such as total

disability), withdrawals by an employee may be subject to both a10 percent penalty and regular

income tax.

Rollovers: Penalties and taxes generally do not apply if the employee changes jobs and"rolls over" his or her sums in the plan to the new employer's qualified plan that accepts rollovers. Penalties

and taxes can also be avoided in certain circumstances for rollovers into an IRA.

Incentives plans


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Motivation is considered as one of the most important aspects of actuating because it is

motivation that energizes the behavior of people, while behavior activates action and action leads

to actuation. Motivation is a set of processes concerned with the force that energizes behaviorand directs it towards attaining some goal.

Motive: - Its an inner state which stimulates action or moves backed by drive. It can be the cause of an innerdrive. The terms like wants, needs, desires, wishes, aims, goals, drives, motives and so on arerelated to motivation. This may be the reason why the Latin word movere which means to move is

considered as the root of the term motivation.

The relationship between needs drives and goals can make an integral part of motivation.Motivation implies a goal towards which the movement occurs. It means that motivation causes action.

needs are synonymous with wants, motives or impulses which results in action, while a drive is a

force that affects a situation by pushing on a specific direction. Goals on the other hand are

ultimate objectives for the achievement of which behavior and action are directed.Motivation is an internal state or condition (sometimes described as a need, desire, or

want) that serves to activate or energize behavior and give it direction.

Internal state or condition that activates behavior and gives it direction; desire or want that energizes and directs goal-oriented behavior; Influence of needs and desires on the intensity and direction of behavior. The arousal, direction, and persistence of behavior.Offering a great health plan, a 401k retirement plan, and four weeks of vacation each year is

not motivation. Benefits, vacation, and salary are employee retainers and not employee

motivators. A company offers these benefits in order to attract and retain talented workers. Takea look at any company and we will find that the more valuable the employee is to the company,

the more valuable their benefits packages will become.

The employees who work for our company are naturally motivated. All we need to do is

to utilize their natural ability, which we can do without spending money. In fact, money canactually decrease an employee's motivation and performance. The first step in utilizing your

employees' natural abilities is to eliminate your organization's negative practices that zap away

their natural motivation. The second step our organization can take is to develop true motivatorswhich can spark all our employees into being motivated. By decreasing negative zapping

demotivators and by adding true motivators, we will tap into your employees' natural motivation.

Our employees' natural motivation relies on the fact that all people have human desires foraffiliation, achievement, and for control and power over their work. In addition, they have

desires for ownership, competence, recognition, and meaning in their work.

The following are examples of true motivators that will help our employees tap into theirnatural ability to be motivated. Remember; implement these true motivators without spending

money. Instead of focusing on money, focus on how you can make some changes within your

organization. If your employees do routine work add some fun and variety to their routine. Provide employees with input and choice in how they do their work. Encourage responsibility and leadership opportunities within your company. Promote social interaction and teamwork between employees. Tolerate learning errors by avoiding harsh criticism.


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Promote job ownership. Develop goals and challenges for all employees. Provide lots of encouragement. Make appreciation part of your repertoire. Develop measurement that shows performance increase.

By eliminating demotivators and adding in no cost motivators you are tapping into your

employees' natural human desires to perform at their maximum level of motivation and

productivity. The following are the human desires that we are tapping into.

Desire for activity Desire for ownership Desire for power Desire for affiliation Desire for competence

Desire for achievement Desire for recognition Desire for meaning

Evolution of motivational theories:-

In early 50s Abhram Maslow identified the fact that employees have a basic human need and a

right to strive for self-actualization and he gave hierarchy of needs motivational theory and

Frederick herzbergs gave motivation and hygiene factors theory. These theories remain valid

today for understanding human motivation, management training, and personal development.

The concept of motivation has been explained very clearly and they become the base for all

motivation programs in an organization.

employee relationship & benefit administration

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