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Factors That Influence the Implementation of Employee Benefits Programs in the Savings and Credit Cooperative Society Industry in Kenya: A Case Study of A Savings and Credit Cooperative Society in Kenya
| Content Provider | Semantic Scholar |
|---|---|
| Author | Nzioka, A. Hazel, Gachunga |
| Copyright Year | 2013 |
| Abstract | Employee benefits combined with basic pay form a competitive total remuneration package that aims to attract and retain high quality employees. The purpose of this research was to evaluate the factors that influence the implementation of employee benefits programs in the Savings and Credit Cooperative Society (Sacco) industry in Kenya. Employee benefits are the elements of remuneration given to employees in addition to various forms of cash pay (Armstrong, (2010). These include elements that are not strictly remuneration such as annual holidays, personal leave, pension, staff loan and insurance among others. The general objective of the research was to investigate the factors that influence the implementation of employee benefits programs in the Savings and Credit Co-operative Societies (Sacco) industry in Kenya. This study was carried out at a Savings and Credit Society Ltd with a target population was the 80 employees. A sample of 25% was selected for the study using simple random sampling technique and data was collected using mainly the questionnaires. The findings revealed the majority of employees were fairly young and this posed enormous challenge regarding staff retention. The organization’s policy on employee benefits clarified to employees the benefits to be offered and ensured fairness and impartiality in the program. The provision of benefits also required huge investment in the financial, physical and human resources and due to the huge cost of benefits, the Sacco tended to provide only those benefits it could afford. Communication to employees on benefits played a big role in the success of benefits programs. In addition, government policy made it mandatory for the Sacco society to provide statutory benefits including health insurance, pension and paid leave. The findings affirm the critical role of organization’s policy, resources, communication and government policy in implementing employee benefits programs in the Sacco industry in Kenya. |
| File Format | PDF HTM / HTML |
| Alternate Webpage(s) | http://ijbcnet.com/2-11/IJBC-13-21103.pdf |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
