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Remuneration and Employee Benefits in Organizations in the Czech Republic

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Remuneration and Employee Benefits in Organizations in the Czech Republic ACTA UNIVERSITATIS AGRICULTURAE ET SILVICULTURAE MENDELIANAE BRUNENSIS Volume 65 40 Number 1, 2017 https://doi.org/10.11118/actaun201765010357 REMUNERATION AND EMPLOYEE BENEFITS IN ORGANIZATIONS IN THE CZECH REPUBLIC Hana Urbancová1, Markéta Šnýdrová1 1Department of Human Resources, University of Economics and Management, Nárožní 2600/9a, 158 00 Prague 5, Czech Republic Abstract URBANCOVÁ HANA, ŠNÝDROVÁ MARKÉTA. 2017. Remuneration and Employee Benefits in Organizations in the Czech Republic. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 65(1): 0357–0368. In today’s highly competitive environment, the goal of organizations is to recruit, retain and sufficiently stimulate employees to give high quality performance, which may actually be achieved by a well‑developed system of remuneration and a wide range of suitably selected employee benefits. The article aims to identify and evaluate important factors influencing the area of employee remuneration and benefits offered in organizations in the Czech Republic. The research was carried out through a questionnaire survey that involved selected organizations in the Czech Republic (n = 402). The obtained primary data were processed using descriptive and multidimensional statistics. The factors examined in relation to the employee remuneration and benefits include: industries and sectors of organizations; markets in which they operate; the size of organizations by the headcount; the existence or absence of the Human Resource Department. The results confirm that the organizations that want to maintain a good position in the labour market pay attention to their personnel marketing, which is also helped by the right (suitable) system of employee remuneration and fringe benefits thanks to which they retain their employees and can increase employee satisfaction and loyalty. Employee benefits are exactly what may distinguish the organizations from their competitors in the labour market. Keywords: cafeteria system, employees, employee benefits, organization, remuneration, retention, stimulation organizations to attract and retain quality and INTRODUCTION key employees who are critical to organization’s A stimulating remuneration system and a wide competitiveness in the market. However, it must be and more diverse range of employee benefits said that the area of remuneration is a challenging provide organizations with a competitive advantage HR area that must follow trends (Prasad, 2015), since over the others in the labour market. Held (2016) the demands of younger generations are changing also agrees with the preceding statement and and only a wage or salary is not what retains talented indicates that an interesting system of employee employees in organizations, which is confirmed benefits together with a right remuneration by Rowland (2011) and Marescaux et al. (2013). system improves the name and competitiveness of Nonfinancial benefits associated with flexibility, the organization in the labour market. The author the possibility of various forms of work and friendly, also mentions the importance of fringe benefits in organizational culture are increasingly motivational order to recruit and retain employees and increase for talented employees (Schlechter et al., 2015; Hitka their involvement (Held, 2016). Bessette (2016) et al., 2015). The wage policy, in general, should be emphasizes that a properly designed remuneration different in every organization; on the other hand, it policy has a significant impact on the ability of is necessary that this area is given sufficient attention 357 358 Hana Urbancová, Markéta Šnýdrová and care in all organizations, the set parameters of the competition and which affects its attractiveness the remuneration system must be regularly adjusted (Schlechter et al., 2015). Schlechter et al. (2015) also and adapted to changes, which is confirmed mention the influence of benefits on attracting and by the research of Van Der Meer and Van Veen retaining the talents in the organization. A good (2009), who indicate that the changes in the use of choice of fringe benefits shows that the organization benefits must be the result of individuals’ changing appreciates the human potential and is willing preferences in the cafeteria plan, and therefore it to invest in its employees (Daly, 2011). However, is necessary to look into the employee satisfaction the fact that the organization does not provide any with the benefits offered. From the employees’ point fringe benefits is not the reason for termination of of view, organizations can thus achieve a fair as well employment; thus, it cannot be said that the absence as motivational system of remuneration. Marai et al. of fringe benefits would be the reason for a higher (2010) mention that in the event the remuneration staff turnover (Duda, 2007). Dencker et al. (2007) system is unjust from the employees’ point then point to the basic areas of providing fringe of view, it may be a reason for them to leave benefits: preventive programmes (focused on the organization for the competition. This article employees’ health and protection of their incomes), focuses on the issues of employee remuneration programmes focused on leisure activities (e.g. and benefits, since this examined area plays a key holiday, culture, and sport contributions, etc.) and role in stimulating and retaining employees in every programmes focused on improving and providing organization regardless of the headcount, industry housing. Chiang and Birch (2011) emphasize that sector or market type in which they operate. due to the increasing pressure of organizations on Therefore, the aim of the paper is to identify management, or on reducing costs, the importance and evaluate important factors affecting employee of non‑financial rewards (fringe benefits) as an remuneration and fringe benefits offered in alternative to financial rewards of employees is organizations in the Czech Republic. The partial increasing. aim is to test dependences between the selected Whereas studies confirm the employees’ interest qualitative characteristics (sector, market, a part of in their own choice of benefits, organizations may a multinational organization, size of organization, be recommend to work with this information existence of HR department and its influence on (Duda, 2007). Dulebohn et al. (2009) stress that benefits beyond statutorily prescribed obligations) members of different generations (e.g. Generation and to give organizations recommendations on how X and Generation Y) have different expectations to make the fringe benefits more efficient. and different preferences regarding the offer of The first part of the article focuses on fringe benefits. The same view on the preferences the theoretical background, the next part presents with regard to generations is also held by Dencker the methodology used for processing the obtained et al. (2007) and Pregnolato (2010), who, among primary data. The chapter dealing with results others, mention that experience, age cohort, life focuses on the evaluation of the questionnaire stage employees are in, etc. also play a big part in survey outcomes and the subsequent factor analysis employees’ preferences and expectations. The fact and their interpretation. Discussion and conclusion that the population is aging is also reflected in then summarise the findings of the surveys carried preferring some benefits. The population aging out and interconnect them with the obtained itself is also reflected, as mentioned above, in the age theoretical knowledge. structure of employees in organizations, but it also has positive effects because it brings diversity that Theoretical Background of the Paper is often associated with higher performance of The aim of remuneration is to evaluate employee teams (Li et al., 2011). The research has also shown performance fairly and to effectively stimulate them that inner motives are primarily important for to fulfil their work assignments and to achieve high the older age groups of employees (Kooij et al., 2011). performance (Bol et al., 2015). Bol et al. (2015) further These employees are less interested in training stress the importance of setting a fair remuneration and development, but they pay their attention to system and its link to the performance appraisal the issue of security and help. Giannikis and Mihail system. The remuneration system includes both (2011) state that it would be appropriate to find financial components (wages or salaries) and the influence of some factors for motivating older non‑financial components (fringe benefits).employees; these factors include, for example, The importance of non‑financial components has flexibility of place of work, the number of hours been increasing. Rue and Byaes (2003) in Aziri (2011) worked or the procedure for termination of include remuneration and benefits in the factors employment, etc. influencing job satisfaction. It may be stated that Providing fringe benefits associated with flexibility fair remuneration has a positive impact on both is currently the trend. Implementing the possibility job satisfaction and employee motivation (Bol et al., of time flexibility regarding working hours, as well 2015; Maas et al., 2012; Kelly et al., 2013; Marai et al., as fringe benefits related to leisure activities, can 2010). help employees in achieving the balance between The offer of fringe benefits is one of the areas work and personal life (Mansour, Tremblay, in which the organization can differ from 2016). Another interesting
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