HS Bank Employee Flexible Benefits Plan Design

Nowadays,talent competition has become the key to determining the core competitive capacity of enterprises.A well-designed and idealized benefits plan can provide outstanding competitive advantages,and thus become an important method to motivate employees and retain talents.Meanwhile,it is also a prerequisite and guarantee for enterprises to improve the management of human resources.With the development of the economy,as well as the improvement of the social security system and the promulgation and implementation of the Labor Law,companies are paying more and more attention to employee benefits,regarding it as one of the key factors to attract and motivate employees.Being an important part of the salary system,the proportion of welfare expenses in total amount of salary is increasing rapidly.In order to attract and motivate employees,companies are attaching great importance to welfare benefit plan.Flexible welfare,as a development trend of modern enterprise welfare management,can help enterprises to satisfy the diversified needs of employees,under the premise of controlling costs.It plays an important and positive role in enhancing corporate cohesion and stabilizing the workforce.This article focuses on the benefits plan of HS Bank.The current welfare planning system adopts a fixed welfare model,which mainly consists of the currency-based subsidies determined by the bank's hierarchy and staff level.Employees adopt the generalized system of preference,which do not have the right to choose.Through using the incentive theory,the author analyzes the problems and relative causes about HS Bank benefits plan,in terms of institutional level,cost management and employee satisfaction etc.We proposes the necessity of reforming the welfare system to implement a flexible benefit plan.With a large amount of literature reviews and references from home and abroad,the author uses interviews,questionnaires and other methods to study employee benefits needs preferences and satisfaction.A flexible benefits plan is designed for HS Bank,which consists by core welfare programs combined with selection of welfare programs.Based on the standard purchasing power measured by performance assessment level of the HS Bank,this plan is staff welfare points system,which includes current welfare points that purchasing the annual benefit items,and development welfare points that purchasing development needs benefit items.The flexible benefits system can promote the realization of corporate strategic planning and personal development of employees,thus to achieve the long-term incentive function of flexible benefits.Meanwhile,this article also elaborates on the management and implementation of welfare,and the innovation and shortage of research.