Fringe Benefits Satisfaction Analysis - General Electric in Switzerland
Fringe benefits [FB] are non-performance-related contributions granted in kind to the employees in addition to the monetary compensation. Moreover, they are part of the fixed compensation in the total reward system and are regarded as a tool to motivate, retain and satisfy employees.
Ivancic Jelena, 2020
Bachelor Thesis, General Electric (Switzerland) GmbH
Betreuende Dozierende: Erhard Lüthi
Keywords: Fringe benefits, total rewards, satisfaction analysis, remuneration, fringe benefits trends, fringe benefits 2020, compensation & benefits, employee benefits, employee engagement, compensation package, HR, human resources
The client of this thesis, General Electric [GE] is a company that required the firm Alstom located in Switzerland in 2015. Following the acquisition, a restructuring began, and many employees were laid off. Now is the time to focus on the retained employees. Therefore, the client wants to analyse the employees’ satisfaction with the provided FB and find ways to positively influence their satisfaction. For this, the author researched the client’s FB, classified them accordingly into five categories, namely work-life FB, monetary FB, social security FB, discounts, and services free of charge.
After, the satisfaction analysis of GE’s fringe benefits was conducted with an online survey. These findings are supported by two focus group discussions. The satisfaction with GE’s fringe benefits was calculated based on the survey’s findings using the customer satisfaction formula. As a result, a percentage is displayed which then falls into a satisfaction level set by the author.
The findings of the research showed that the survey’s respondents are 74.44% satisfied with GE’s current fringe benefits. In addition, both group discussions and the survey’s respondents indicated that out of all categories, the work-life FB are most important to them. To influence their satisfaction positively, GE must ensure the communication of FB to increase the employee’s awareness by summarising all FB on one leaflet. This should then be provided offline and online to reach all employees. In addition, the work-life FB should be enhanced by adding flexibility to the usage of home office. Moreover, better support for training and external certification is wished. Lastly, the author suggests implementing a core plus option cafeteria plan. All FB categories would be set as the basic core plan except the discounts, where employees would be enabled to select their individual preferences. GE’s employees would benefit from a more diverse range of discounts that they can individually select from. By implementing such an option, the awareness of all discounts would increase equally since the employees would have to go through the list and make a conscious choice.
Studiengang: Business Administration International Management (Bachelor)
Fachbereich der Arbeit: HR & Organisation