Welfare Work

Posted in Human Resource Terms, Total Reads: 252

Definition: Welfare Work

Welfare Work is work done by a dedicated group or community for the betterment of the needy people. The needy people are generally underprivileged people who are unable to afford a decent living. Welfare work is done by companies for both internal stakeholders and outside people. Outside people are the needy people chosen by any company living nearby to company’s location.

Helping them by donation of money/clothes/utilizes, providing jobs, fostering education, medical awareness etc. are the ways by which companies fulfill their corporate social responsibilities. Every company has a CSR group who looks after identifying needy people and ways to help them as per new CSR statute law.

Internal stakeholders are the employees of the company. Welfare work for internal stakeholders comprises of providing them fringe benefits in addition to their salary. These benefits include wellness coverage, specific allowances, travel allowances, health insurance of the employee and family members etc. These are provided along with the salary to make the employees feel that company takes care of them.

These fringe benefits might cause cost to company but provide long term benefits by retaining the talent within the company. Employees feel motivated to work up to their full potential and this increases productivity. The wellness coverage and health check-ups provided by the company act as preventive measures from falling sick. This reduces absenteeism in the company. Insurance policies for family members shows company’s care. All these policies are implemented by companies now a days either abiding by law or voluntarily.

This a way by which companies increase their brand value. The fringe benefits act as lucrative means for perspective employees. Companies put a good EVP in front of future employees by providing more structured benefits. This is the way how companies become employer of the choice.

Hence, this concludes the definition of Welfare Work along with its overview.


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