Identification of relative worth of the components of fringe benefits of life insurance corporation of India (LICI) in Silchar town of Assam

The purpose of the study is to probe the relative worth of the components of fringe benefits of Life Insurance Corporation of India (LICI) in Silchar Town. In order to address the objective of the study a structured questionnaire was administered conveniently to fifty four employees of LICI in Silchar Town. The raw data were then captured in an Excel Sheet and finally simple averages of all the components have been calculated in order to determine the relative worth of each of the components of fringe benefits. The criteria to know the relative worth of each of the components of fringe benefits is the value obtained from the Average worth i.e., the ranks assigned by respondents against each of the component divided by total number of respondents. The smaller is the value of a component the higher is the relative worth. The identification of the relative worth of the components of Fringe benefits has been considered as one of the important aspects in order to infuse satisfaction on the job by the Human Resource Manager since such provisions directly or indirectly influence the productivity of an organisation, reduce the rate of absenteeism and also lowers the quit rates of the employees. Thus the present study will lend a hand the LICI in developing and designing more appropriate strategies to attract and satisfy their employees.