Low satisfaction from the job and increased absenteeism rate are the consequences arising from
the insufficient and inadequate benefits (DeCenzo and Robbins, 2006). Among the 4 M’s i.e.
Men, Money, Machine and Material, men are the most important. Employees working in any
organization are the building blocks of that organization. To keep them happy, satisfied and to
retain them in the organization, money given to them in the form of wages should essentially be
adequate. An effective management is that which makes a comparison of its compensation plans
with the other jobs in the industry or with the established benchmark.