A Study of Employee Benefits at Leading Banks in Kingdom of Saudi Arabia

Abstract

Hire the best and set them free. Is it really the best policy?. Long gone are the days, when people used to retire from the same organization where they had taken their first job. Today, if they don't feel they are benefitted financially or non-financially they quit. Vision mission statements read the best, organizational policies in place, structure one of the best. That proves that the hardware is of supreme quality but still the output is not up to the mark. So, we turn towards the software. Yes, software needs to be updated. Drawing a parallel to this situation, the best of the infrastructure is available, brand intact, but if employees are not motivated to give those best then the organizations are unable to generate good image, goodwill and profits. Hence, it is very important to keep the software updating, testing and free from virus. That is training and developing, encouraging and retaining the employees. The more the employees are positively motivated the better the performance and goals are achieved in the longer run. So, the bigger question is how do we MOTIVATE the employees? An individual indulges and gives his best, only once when one agrees and visualizes the benefits as a larger picture. This paper shall focus to identify the factors that are the key drivers of employee benefit in the unit, to examine current employee benefit activities of leading banks a Kingdom of Saudi Arabia (KSA), to check the implementation of employee benefit initiatives at banks in KSA and suggest the various employee benefit strategies that could be implemented in banks to increase employee satisfaction and productivity.