Voluntary fringe benefits and welfare schemes in the Indian corporate sector

Abstract

This study has been conducted as part of the project course on attracting and retaining human resources. The study focuses on the voluntary fringe benefits and welfare schemes being practiced in the Indian corporate sector and their relevance to attracting and retaining human resources in the managerial cadre. The objectives of the study comprised: (1) Collection of information on various fringe benefits and voluntary welfare schemes in practice in the Indian corporate sector, (2) identify and prioritize the objectives of these schemes, (3) to study the effectiveness of these schemes in attracting and production in organizations, (4) to study the need for developing new schemes. Data for the study was collected through secondary and primary sources. They study brings out the wide variety of fringe benefits and welfare schemes in practice in the Indian corporate sector. Housing, conveyance and loans for hosing and household articles from the most prevalent fringe benefits for the managerial cadre. Satisfying employees’ personal and social needs and increasing employee loyalty towards the company form the two most important objectives of these schemes. Attracting and retaining human resources are also a significantly important objective of these schemes. There seems to be an increasing need to develop schemes suited towards the specific requirements of individual employees. The developments in this field need to be in the field of housing loans and children’s educations.