Abstract:
Employee benefits play an increasingly important role in the lives of employees and their families and have a significant financial and administrative impact on a business. Most companies operate in an environment in which an educated work force has come to expect a comprehensive benefits program. Indeed, the absence of a program or an inadequate program can seriously hinder a company's ability to attract and keep good personnel. Employers must be aware of these issues and be ready to make informed decisions when they select employee benefits. This research was carried out as an empirical study to investigate the impact of employee benefits on job satisfaction of the employees in the Harischandra Company in the Southern province of Sri Lanka.The objectives of this paper are twofold. The first objective is to review the existing employee benefits package of Harischandra Mills Limited and the second one is to review the relationship between employee benefits and job satisfaction. The study concludes that the company has a portfolio of employee benefits substantially representing each category of benefits such as security and health benefits, payment for time not worked benefits and employee services benefits. The employee preferences of the existing employee benefits program of the company shows some variations in terms of the employee characteristics. However, each category of employee benefits such as security and health benefits, payment for time not worked benefits and employee services benefits are p{isitively related with employee job satisfaction (see Table 05). Though there are positive relations, the degree of the relations is weak. Finally, the overall job satisfaction is positively related with the total benefit package of the company and it shows moderate relationship between overall employee benefits and employee job satisfaction.
