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BHEL HARDWAR

Fringe benefits includes payment for non-working time, profits and bonus, legally sanctioned payment on social schemes, workmen's compensation, welfare cess and the contributions made by employers under the such voluntary schemes as cater for the post retirement medical, education, cultural and recreational needs of workmen. The term also includes the monetary equivalent of free lighting, water, fuel etc which are provided by for workers, and subsidized housing and related services

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1. To create and improve sound industrial relations. 2. To boost up employee morale. 3. To motivate the employees by identifying and satisfying their unsatisfied needs. 4. To provide qualitative work environment and work life. 5. To provide security to the employees against social risks like old age benefits and maternity benefits.

Incentive system a scheme in which rewards are offered to managers or other employees conditional on certain performance targets being met. Apart from cash bonuses, such rewards may include shares or share options, health insurance, or corporate entertainment Companies offer incentive plans to encourage employees to work harder. Incentive pay is a reward for employees or employee groups whose extra effort on the job results in higher production levels.

1. To protect the health of the employees and to provide safety to the employees against accidents. 2. To promote employees welfare by providing welfare measures like recreation facilities. 3. To create a sense of belongingness among employees and to retain them. Hence, fringe benefits are called golden hand-cuffs. 4. To meet requirements of various legislations relating to fringe benefits.

On

the

basis

of Fringe benefits

Incentives

difference
Meaning Fringe benefits are to extra Incentive A scheme in which an rewards are offered to managers or

compensations

given

employee beyond regular perks. other employees conditional on Some fringe benefits are fairly certain performance targets being standard, like offering sick leave or met. Apart from cash bonuses, such paid vacation. Others can be rewards may include shares or share options (see share incentive scheme), health insurance, gym membership, entertainment. Employer and employees or corporate

significantly greater, and fairly rare

Mainly provide

Manager

Base Commonly include

For employee welfare commonly include health insurance, group term life coverage, education reimbursement, childcare and assistance reimbursement, cafeteria plans, employee discounts, personal use of a company owned vehicle

For employer performance cash bonuses Interesting and challenging job Social status Opportunity growth Opportunity for promotion Motivational environment for personal importance of job

Fringe benefits are casual Incentive is compulsory. and not regular.

The companys belief that no grievance is too small, no employee too insignificant and no challenge too great had led to the involvement of a harmonious Industrial Relation system in the company by the active involvement of all the employees and the trade union. ` TYPES OF FRIENGE BENIFTS AND INCENTIVE USE IN BHEL
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1. Economical benefits. 2. Recreational benefits. 3. Facilitative benefits.

BHEL is the largest engineering and manufacturing enterprise in India in the energy-related/infrastructure sector, today. BHEL was established more than 40 years ago, ushering in the indigenous Heavy Electrical Equipment industry in India - a dream that has been more than realized with a well-recognized track record of performance. The first plant of BHEL was set up in Bhopal in 1956, which signaled the dawn of the heavy electrical industry in India. In the early 60's three more major plants were set up in Hardwar, Hyderabad and Tiruchirapalli

To know the satisfaction level of the employees from various facilitative services provided to them like medical, canteen, rest room, residential quarters, education & crches for children, etc. To know the satisfaction level of the employees due to various economical schemes in BHEL like group insurance schemes (GSLIS, EDLI), Inter-subsidy scheme on housing and vehicle loans, death relief fund scheme, etc. To know the satisfaction level of the employees from various recreational facilities provided like sports & games, New Year gifts, etc.

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The purpose of the methodology is to describe the research procedure. This includes overall research design, the sampling procedure, the data collection method, and the fried methods and analysis procedure Sampling. Sampling is that part of statistical practice concerned with the selection of a subset of individual observations Method of sampling Random Sampling Non-Random Sampling

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Research design: Descriptive Sampling design: The technique used is Random Sampling of employees in different blocks of BHEL (HEEP),Haridwar SAMPLE SIZE;60 Data collection Primary Data: Questionnaire was used to collect primary data Secondary Data: Secondary data was collected from journals, annual repots, websites of BHEL, etc.

Does your company provide fringe benefits & incentives to employees? 2. NO

1.YES
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Interpretation
80% employees are thinks that the company provides fringe benefits and incentives. 20% employees are thinks that the company provides fringe benefits and incentives.
20% YES NO

80%

Does the company have launched any scheme for the betterment of employees? Strongly agree 2.Agree 3.Neutral 4. Disagree 5.Strongly Disagree Mostly employees are strongly agreed that the company provide various schemes for the betterment. 23% respondent is neutral and 30% are agreeing. 15% respondent is disagreeing 15%
46% 23% S.A AGREE N D.A

` Interpretation
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30%

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Are you happy with the residential quarter provided to you? Strongly agree 2.Agree 3.Neutral 4. Disagree 5.Strongly Disagree 50% of the respondents are satisfied with the quarters provided to them. 40% respondents strongly agree that they are happy in the residential quarters provided to them. 10% 10% are of no views. 40%
50% s.a agree neutral

` Interpretation
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According to the findings of the research project on Effectiveness of fringe benefits and incentive system on employee productivity, it has been found that the welfare activities are quite satisfactory. But there are some areas where welfare services are not up to the desired level like sports & games facilities. Most of the employees feel that there is lack of such facilities and everyone is not able to take the advantage of it. Also, no matches or other sports are organized in the company for the entertainment of the employees. The BHEL should improve in facilitative services which it provides to its employees like medical services, cleanliness & good quality of food in canteen, etc. To make employees happy, the BHEL can change the quality of New Year gifts provided every year.