Family Friendly Benefits - Definition & Meaning
What is Family Friendly Benefits?
Family friendly benefits are those benefits given to employees by the company which help in motivating employees to work. Family friendly benefits include services / options like parental leave benefits, baby day care, elder care, leave from work for family, child care & education, marriage & family counseling, flexible working hours etc.
Basic Salary is no longer remains the single trigger which motivates employees to do their best for the organization. But what encourage employees to do always better in their jobs are the benefits provided to them.
Benefits are the non-monetary compensation provided to an employees in addition to their salaries. Employee benefits are provided by the company to gain contribution towards the organizational goal. The impact of employee benefits can be clearly understood from the retention rate and employee loyalty for the organization. i.e. they shares a positive relationship with employee benefits.
However these benefits are given to employees under several names such as medical ,life insurance disability or retirement so as to help employees to have a work life balance. Even family friendly benefits are used to communicate the same spirit of the organization.
Family friendly benefits cover different policies and programme designed by the companies for helping its employees in addressing varied demands of work and family. It typically includes flexible work hours,part –time working, telecommuting, child and elder care referrals and onsite day care facilities.
Unfortunately majority of the people perceives that family friendly benefit are exclusively for woman but in reality it is not so. Researchers suggest that such benefits are favoring more towards the need of woman but are designed to facilitate man and woman both. This combination of formal and informal policies acts as an handy tool to attain organizational effectiveness. It has been a phenomenal in reducing stress level of employees ultimately reducing health promotion cost to the company.
It is important to quantity the effect of family friendly benefits because it provides us the knowledge of the net effect of using such benefits else we may end up adding cost to the company.
Hence, this concludes the definition of Family Friendly Benefits along with its overview.
This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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