EMPLOYEE WELFARE

Employee Welfare defines as efforts to make life worth living for workmen. These efforts have their origin either in some statute formed by the state or in some local custom or in collective agreement or in the employers own initiative. Welfare includes anything that is done for the comfort and improvement of employees and is provided over and above the wages. Welfare helps in keeping the morale and motivation of the employees high so as to retain the employees for longer duration. The welfare measures need not be in monetary terms only but in any kind/forms. Employee Welfare includes monitoring of working conditions, creation of industrial harmony through infrastructure for health, industrial relations and insurance against disease, accident and unemployment for the workers and their families.

Employee Welfare has the following objectives

To provide better life and health to the workers To make the workers happy and satisfied To relieve workers from industrial fatigue and to improve intellectual, cultural and material conditions of living of the workers.

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Principles of Employee Welfare Service

Following are generally given as the principles to be followed in setting up an Employee Welfare service:

The service should satisfy real needs of the workers. This means that the manager must first determine what the employees real needs are with the active participation of workers.

The service should, such as, can be handled by cafeteria approach. Due to the difference in sex, age, marital status, number of children, type of job and the income level of employees there are large differences in their choice of a particular benefit. This is known as the cafeteria approach. Such an approach individualizes the benefit system though it may be difficult to operate and administer.

The employer should not assume a benevolent posture. The cost of the service should be calculated and its financing established on a sound basis.

There should be periodical assessment or evaluation of the service and necessary timely on the basis of feedback.

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Benefits of Employee Welfare

The very logic behind providing welfare schemes is to create efficient, healthy, loyal and satisfied labor force for the organization. The purpose of providing such facilities is to make their work life better and also to raise their standard of living. The important benefits of welfare measures can be summarized as follows: They provide better physical and mental health to workers and thus promote a healthy work environment Facilities like housing schemes, medical benefits, and education and recreation facilities for workers families help in raising their standards of living. This makes workers to pay more attention towards work and thus increases their productivity. Employers get stable labor force by providing welfare facilities. Workers take active interest in their jobs and work with a feeling of involvement and participation.

Employee Welfare measures increase the productivity of organization and promote healthy industrial relations thereby maintaining industrial peace.

The social evils prevalent among the labors such as substance abuse, etc are reduced to a greater extent by the welfare policies.

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Welfare Schemes
Statutory Welfare Schemes The statutory welfare schemes include the following provisions:
1. Drinking Water: At all the working places safe hygienic drinking water should be

provided.
2. Facilities for sitting: In every organization, especially factories, suitable seating

arrangements are to be provided.

3. First aid appliances: First aid appliances are to be provided and should be readily

assessable so that in case of any minor accident initial medication can be provided to the needed employee.
4. Latrines and Urinals: A sufficient number of latrines and urinals are to be provided in

the office and factory premises and are also to be maintained in a neat and clean condition.
5. Canteen facilities: Cafeteria or canteens are to be provided by the employer so as to

provide hygienic and nutritious food to the employees.

6. Spittoons: In every work place, such as ware houses, store places, in the dock area and

office premises spittoons are to be provided in convenient places and same are to be maintained in a hygienic condition.
7. Lighting: Proper and sufficient lights are to be provided for employees so that they can

work safely during the night shifts.

8. Washing places: Adequate washing places such as bathrooms, wash basins with tap and

tap on the stand pipe are provided in the port area in the vicinity of the work places.
9. Changing rooms: Adequate changing rooms are to be provided for workers to change

their cloth in the factory area and office premises. Adequate lockers are also provided to the workers to keep their clothes and belongings.

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10. Rest rooms: Adequate numbers of restrooms are provided to the workers with provisions

of water supply, wash basins, toilets, bathrooms, etc. Non Statutory Schemes Many non statutory welfare schemes may include the following schemes:
1. Personal Health Care (Regular medical check-ups): Some of the companies provide

the facility for extensive health check-up

2. Flexi-time: The main objective of the flextime policy is to provide opportunity to

employees to work with flexible working schedules. Flexible work schedules are initiated by employees and approved by management to meet business commitments while supporting employee personal life needs
3. Employee Assistance Programs: Various assistant programs are arranged like external

counseling service so that employees or members of their immediate family can get counseling on various matters.
4. Harassment Policy: To protect an employee from harassments of any kind, guidelines

are provided for proper action and also for protecting the aggrieved employee.
5. Maternity & Adoption Leave Employees can avail maternity or adoption leaves.

Paternity leave policies have also been introduced by various companies.

6. Medi-claim Insurance Scheme: This insurance scheme provides adequate insurance

coverage of employees for expenses related to hospitalization due to illness, disease or injury or pregnancy.
7. Employee Referral Scheme: In several companies employee referral scheme is

implemented to encourage employees to refer friends and relatives for employment in the organization.

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CRISIL RATINGS
As a global entity, and India's leading Ratings, Research, Risk and Policy Advisory Company, CRISIL delivers opinions and solutions that: Make markets function better Help clients mitigate and manage their business &

financial risks Help shape public policy

CRISIL inspires trust and confidence the world over. It redefines industry standards constantly, and sets new benchmarks year after year. At the core of CRISIL's credibility, built up assiduously over the years, are its values: Integrity, Commitment, Innovation, Independence, and Analytical Rigour. CRISIL offers domestic and international customers a unique combination of local insights and global perspectives. Its independence in information, opinion, and solutions helps clients make well-informed business and investment decisions, enhances efficiency in markets and market participants, and helps shape infrastructure policy and projects. CRISIL's majority shareholder, Standard and Poor's, is the world's foremost provider of independent credit ratings. A CRISIL rating reflects CRISIL's current opinion on the relative likelihood of timely payment of interest and principal on the rated obligation. It is an unbiased, objective, and independent opinion as to the issuer's capacity to meet its financial obligations. So far, CRISIL has rated 30,000 debt instruments, covering the entire debt market.

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The debt obligations rated by CRISIL include: Non-convertible debentures/bonds/preference shares Commercial papers/certificates of deposits/short-term debt Fixed deposits Loans Structured debt

CRISIL Ratings' clientele includes all the industry majors - 23 of the BSE Sensex constituent companies and 39 of the NSE Nifty constituent companies, accounting for 80 per cent of the equity market capitalization, are CRISIL's clients. CRISIL's credit ratings are An opinion on probability of default on the rated obligation Forward looking Specific to the obligation being rated

CRISIL ratings are based on a robust and clearly articulated analytical framework, which ensures comprehensiveness, standardization, comparability, and effective communication of the ratings assigned and of every timely rating action. The assessment is based on the highest standards of independence and analytical rigour.

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CRISIL rates a wide range of entities, including: Industrial companies Banks Non-banking financial companies (NBFCs) Infrastructure entities Microfinance institutions Insurance companies Mutual funds State governments Urban local bodies

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RESEARCH METHODOLOGY
The methodology of research is survey method. The survey was conducted in two parts: A descriptive interview method with the Marketing Associate, Mr. Raj Mehta and Business Development Associate, Mr. Nikhil Jain; And a questionnaire survey method with 10 Marketing executives.

RESEARCH FINDINGS
Questionnaire I
Employee Welfare is stipulated by the Government. Thus, the company has to emphasize on welfare schemes for the employees. Welfare Benefits are additional to the monetary compensation that is given to the employees. Basic needs include food, shelter, clothing, education, safety and good health. Basic needs include all the basic necessities for an individual for a sustainable development. The company provided schemes for the basic benefits making them easily available to the employees. Other needs such as psychological, socio-cultural and safety needs are important to be provided to the employees. Benefits in addition to stipulated benefits are provided to the employees to motivate them, keep them satisfied and retain their services/loyalty. The benefits have to be in excess of the job duty because that leads to employee motivation and satisfaction leading to increased productivity which benefits the organization ultimately. The benefits under Employee Welfare are to provide the necessities to the employees through the employer. These benefits are unavailable to the employees without the company initiating it. These facilities develop the employees and his/her family which results in development of the society. The company relates the welfare benefits and complying to the Government stipulations as a duty of the organization towards its employees and NOT as a CSR initiative.

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Questionnaire II
1) Are basic needs the only needs that needs to be fulfilled in todays world?

2) Is the company accountable for fulfilling our basic and other needs?

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3) Are you happy with the benefits you get presently?

4) Should the benefits exceed the job duty?

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5) Do you feel excess benefits lead to better performance of job duty?

6) Do you feel excess benefits lead to a better standard of living?

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RESEARCH ANALYSIS
The Government plays an important role by stipulating the basic benefits schemes for employees. In addition to them, CRISIL engages in providing further more benefits to fulfill basic, safety, socio-cultural and psychological needs too. CRISIL believes in providing benefits which are in excess of the job duty since it keeps the employees motivated and results into retention and better performance. CRISIL agrees to the fact that these benefits are a statutory requirement for every company in order create a developing society. The employees of CRISIL are satisfied with the benefits they receive. But, they emphasize on benefits excess to the job duty which has now become a norm for every company. Plus, these benefits are required to improve the standard of living of the employees.

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CONCLUSIONS & RECOMMENDATIONS

The basic features of labor welfare measures are as follows: Labor welfare includes various facilities, services and amenities provided to

workers for improving their health, efficiency, economic betterment and social status. Welfare measures are in addition to regular wages and other economic benefits

available to workers due to legal provisions and collective bargaining Labor welfare schemes are flexible and ever-changing. New welfare measures are

added to the existing ones from time to time. Welfare measures may be introduced by the employers, government, employees

or by any social or charitable agency. The purpose of labor welfare is to bring about the development of the whole

personality of the workers to make a better workforce. Employee Welfare defines as efforts to make life worth living for workmen. These efforts have their origin either in some statute formed by the state or in some local custom or in collective agreement or in the employers own initiative. To give expression to philanthropic and paternalistic feelings. To win over employees loyalty and increase their morale. To combat trade unionism and socialist ideas. To build up stable labour force, to reduce labour turnover and absenteeism. To develop efficiency and productivity among workers. To save oneself from heavy taxes on surplus profits. To reduce the threat of further government intervention. To make recruitment more effective (because these benefits add to job appeal).

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