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IN
(SONEPAT)
I Hemakshi, Roll No. (5634) B.B.A Final Year (5th Semester) of G.V.M. Girls College
hereby declare that the project entitled “COMPENSATION POLICY” this
analysis is an original work and the same has not been submitted to any other
institute for the award of degree.
1 Acknowledgement
2 Executive Summary
3 Company Profile
4 Literature Reviews
5 Objectives of Study
6 Research Methodology
9 Conclusion
10 Recommendations
11 Limitations
12 Bibliography
13 Questionnaire
ACKNOWLEDGEMENT
This project bears the impact of many persons and I have immense pleasure in
acknowledging the cooperation extended towards me by all of them during my training.
I am immensely indebted to Mr. Anil Srivastava, (HR Manager) IAFL – Sonepat, for
his invaluable guidance, interest, constant encouragement and constructive criticism for
successful completion of this project.
I would be failing in my duty if I do not thank my faculty members for their constant
encouragement and inspiration.
I express my sincere thanks to my parents and siblings for their constant support
throughout my project.
HEMAKSHI
Roll no .5634
COMPANY
PROFILE
ABOUT INDO ASIAN
Punjab. This marked the birth of INDO ASIAN, which today has grown into a
these products has earned them the respect of the Indian market and the world
over where they are popular under the brand names: Indo Asian industrial plugs &
sockets, stopshock RCCBs, Indo Asian HRC fuse links and Contactors & Relays.
The group’s annual turnover, which grew from Rs. 10 million in 1986, to Rs. 900
million last year, is slated to reach Rs. 2500 million by the year 2007. Its modern
further augmented. Once achieved, this would be largest production base in India
of the next generation of RCCBs, and Compact Fluorescent lamps and other high
DOMESTIC PRODUCTS:-
MCBs RCCBs
DBs
SPDs FR PVC Wires
Wiring Accessories
Cubical Switch
RewirableSwitches
LIGHTING PRODUCTS:-
CFLs FTLs
Domestic Luminaries
VISION
Our vision “enriching quality of life by ensuring safe, efficient and convenient use
of electricity” has been our guiding force for development of new and better
products. The culture of innovation and constant change has played a key role in
our success.
COMMITEMENT
Our focus on “energy management” i.e. designing and building products that not
only protect and control but conserve and comprehensively manage mankind’s
greatest asset i.e. electrical energy has enabled us to serve millions of our
Today Indo Asian has emerged as a strong brand name and has proven track
record both in domestic and international markets. Our deep commitment to social
MISSION
BETTER TECHNOLOGY
BETTER QUALITY
BETTER TOMORROW
Empowered people are the most valuable assets for our organization.
with all.
Oil Corporation Limited, Oil and natural gas commission, Reliance Industries
Ltd., Bluestar Ltd, M.R.F Ltd., Ashok Leyland Ltd., Bajaj Auto Ltd., Hindustan
Indo Asian products are well accepted in countries around the world, our regular
Iran, Syria, jorden, Angola, and Cyprus. Some of our valued major foreign
Electricity company Dubai. Water and Electricity company Abu Dhabi, ministry
of Electricity and water Doha, ministry of electricity and water Muscat Oman,
With over 150 highly qualified manages and 550 strong work force of quality conscious
superbly trained personnel, Indo Asian is all set of scales new heights of growth,
The name "Indo Asian" is today synonymous with high quality in the field of
electrical distribution and protection equipment in India, Asia as well as other developed
countries.
Quality of our products and processes is, in fact, checked by impartial bodies which is
now a variety of Indo Asian products are ASTA tested and their manufacturing plants
have won ISO 9001 certification from BVQ1, UK. In fact, Indo Asian Fuse gear
Ltd.Was the first Indian manufacturer of electrical safety equipment, to be awared ISO
At Indo Asian, we recognize that Quality holds the greatest insurance to our
Customer. Especially, when one manufacturer's product looks no different from anothers!
Which is why,
primary concern.
REVIEW
OF
EXISTING
LITERATURE
To research any problem, it is necessary to review the existing literature. Various studies
relating to different aspects of recruitment have been conducted in the past. A brief
productivity. Motivation refers to inter striving conditions called wishes, desires, drives,
There exists diverse view relating to motivation. Theories of motivation are classified as
‘contents’ and ‘process’ oriented. The content theory tell what motivates people but
indicates people very little about how motivation is expressed. The process theories
interpret the underlying process of motivation and indicates how to motivate people.
Moorhead Griffin (2002)2 explains the equity theory of motivation assumes that
people want to be treated fairly. It hypothesizes that people compare their own input-to-
outcome ratio in the organization to the ratio of a comparison other. If they feel their
treatment has been inequitable, they take steps to reduce the inequity. Expectancy theory
is based on the assumption that people are motivated to work toward a goal if they want it
is directed toward a goal. Intrinsic motivation stems from the direct relation ship between
the worker and the task and is usually self-applied. Extrinsic motivation stems from the
sequence, or cycle. The basic process involves needs, which set drives in motion to
accomplish incentives. The drives or motives may be classified into primary, general, and
secondary categories. The primary motives are unlearned and psychologically based. The
general motives are also learned but are not psychologically based. Secondary motives
are learned and are most relevant to the study of organization behavior.
with the set of processes that arouse, direct and maintain behavior toward a goal. It is not
Today’s work ethic motivates people to seek interesting and challenging jobs instead of
simply money.
Stephen P. Robbins (2001)6 explains Motivation is a general inspirational
process which gets the members of the team to pull their weight effectively, to give their
loyalty to the group, to carryout properly the tasks that they accepted and generally to
play an effective part in the job tat group has undertaken. Motivation means a process of
Paul Mersey (1997)7 defines motivation as the driving force within the individual
concept that generates with in an individual. It is an inner feeling which energies a person
to work more. Management tries to utilize all the sources of production in a best possible
manner. This can be achieved only when employees cooperate in this task. Efforts should
TO
THE
PROJECT
CONCEPTUALIZATION
Compensation becomes the weak link during uncertainty or downturns. Salary levels
have been taken to unrealistic level. Today the ratio of 1.5:1.0 can be seen between salary
levels for similar positions between IT and non-IT sectors. This has resulted in low
withstanding capacity of companies. And hence downsizing, which surfaced engineering
industry after a couple of decades, is widespread in the IT industry in less than a decade.
It is time to re-look at this factor. Fixed and variable pay should be clearly defined.
Emphasis should be laid on other benefits and social security and welfare schemes for
employee retention rather than only increasing cash component. Companies need to work
towards employability as a retention tool rather than salary.
Benefits could be categorized into salary (fixed and variable), asset building, long term
security, medical needs, social / family needs, education / learning of employee and
family, long term association and specific superior performance awards.
Thus compensation package and welfare schemes are one of the significant tools in
employee retention and motivation.
OBJECTIVES OF THE STUDY
Primary Objective:
To know the benefits and welfare schemes included in the compensation policy
at INDO ASIAN Securities Ltd. and to measure the satisfaction level of the
employees getting these benefits.
Secondary Objectives:
As the project basically deals with human resource so the objective of the study
is to know different dimensions of HRD. These are as follows:
WHAT IS COMPENSATION?
COMPENSATION:
JOB EVALUATION:
INCENTIVES:
BONUS:
In India the employees drawing above certain compensation are not covered
under the Bonus Act. However, the employer pays them suitable lump sum
variable amount depending upon their level in the organization which is called
“Exgratia”. This is not compulsory on the part of the employer but acts as an
incentive to the employee.
FRINGE BENEFITS:
These are the various benefits at the fringe of the wage. Management provides
these benefits to motivate the employees and to meet their life’s contingencies.
These benefits include:
• Disablement benefit
• Housing facilities
• Educational facilities to employees and their children
• Canteen facilities
• Recreational facilities
• Conveyance facilities
• Credit facilities
• Legal clinic
• Medical, maternity and welfare facilities
• Company stores
BENEFITS
When thinking about a job, considering the salary and the benefits offered by
an employer is important. Many benefits play a critical role in the lives of
employees and their families by assisting in health needs, future financial
security, needed absence from work, and more. Benefits may include programs
like paid time off, medical insurance, dental insurance, disability, life
insurance, retirement benefits, family leave, education and training programs,
bonuses, commission and stock options.
• Employee benefits are based on full time vs. part time employment. Part
time employees are rarely offered benefits. This trend is changing,
however as more part time employees have access to better benefit
packages through their employees. There may be some differences in
benefits due to the type of job held such as with clerical, administrative
or production worker.
• The number of employees in a firm plays an important role as to which
benefit programs are offered. Small size companies generally offer fewer
official benefit programs. Large size companies usually offer a wide
range of benefits.
• There may be some variation in benefits offered depending upon the
industry an individual is researching.
Below is the list of different types of benefits employers may offer their
employees:
Paid time off:-
Employees earn paid time off while they work. Paid time off includes vacation
leave, holidays, sick leave, and in some cases, time off for military leave,
funerals and jury duty.
Health insurance:-
It covers the care that doctors and nurses provide. This may or may not include
dental and optical coverage.
Disability insurance:
Retirement benefits:
Retirement benefits are resources set aside for years later in life, when people
will spend less time in the workforce or have ended their career.
Family benefits:
Law requires firms to provide unpaid time off to their employees for family-
related reasons. This includes maternity leave, paternity leave, and
dependent/elder care.
Some firms offer education and training opportunities for their employees.
Bonuses:
Unique benefits can vary depending upon the nature of the work. Examples of
unique benefits are cars, cell phones, laptops, cafeteria plans, product or service
discounts, telecommuting options, job sharing, credit unions, uniforms, child
care, nap rooms and nursing facilities.
“The key is: Listen closely. Get in the candidate’s skin. Why a
person left a job or jobs tells you more about them than almost
any other piece of data.” – Jack Welch
RESEARCH METHODOLOGY
The data pertaining to the present study of scope of human resource department
was conducted in INDO ASIAN SECURITIES LTD. in the month of June
and July 2007. The main objective of the study was to know the compensation
package and welfare schemes provided .
RESEARCH:
SAMPLING:
SAMPLE
Since the universe is large it was not feasible to conduct census survey within
the limited time period. Moreover there was a secrecy issue and lack of
enthusiasm for on the part of the employees. Therefore simple random
sampling method was used in order to get the necessary information from the
employees of the company. The researcher has to carry out the research as per
the convenience of the people
DATA COLLECTION METHOD
Data may be defined as the facts presented to the researcher from the study’s
environment.
• Monthly emoluments
• Annual benefits/ reimbursements
• Retiral benefits
BASIC SALARY
2. Limits have been specified for rent, security deposits and advance. In the
event of the rent exceeding the permissible limits, recovery will be made
from the monthly salary of the employee.
3. The responsibility of identifying accommodation lies with the employee.
Corporate Law/ designated person, at locations other than Faridabad and
Delhi, will assist him by introducing authorized brokers to him.
EDUCATION ALLOWANCE:
1. The entitlement is for DGMs and above and is based on the grade of the
employee.
2. The employee is required to submit bills at the end of the month to the
concerned Finance Department, for claiming reimbursement.
1. Medical expenses claims are reimbursed (w.e.f the date of joining), upto
one month’s basic salary in a financial year, even during the period of
probation. Income Tax will be applicable to reimbursement in excess of
Rs. 15000/- per annum.
2. Medical expenses can be accumulated upto a block of 3 years and
medical expenses of one block period cannot be carried forward to
another block period.
3. The employee is required to submit bills along with the details, to the
concerned Accounts Department for claiming reimbursement.
1. LTA is applicable for travel to any place in India by the employee and
his/her family as per declaration with the Personnel Department. Family
includes spouse, dependent children/parents/brothers/sisters as per
declaration with the Personnel Department.
2. The entitlement per annum (w.e.f. date of joining but on completion of
one year of services inclusive of probation period) is one and a half
month’s Basic Salary, subject to minimum of Rs.3900/-.
3. Amount of LTA payable will be based on the applicable BASIC
SALARY at the time of claim. While claiming LTA for the first time ,
the prorated LTA due in the financial year in which the employee has
joined can be claimed with the LTA of the financial year in which it is
being availed.
DGM and above are entitled to purchase furniture and appliances every five
years as per limits specified for each grade. At the end of five years, the asset
may be disposed off by the company at the realisable value.
COMPANY CAR:
Company car(s) are provide to general managers and above. The make and type
is as per policy which is subject to change from time to time. All allotment/
purchase of cars is centrally controlled by Corporate Administration
Department. The employee is required to submit his request to Corporate
Administration through his Business Head/ Corporate Head, specifying the
type/ model, colour etc.
Policies have been laid down with the regard to expense related to accessories,
fitment items and AC.
TELEPHONE FACILITY:
Office telephone
Coverage:
CATEGORY BENEFITS
To maximise the benefit of such exposure, after attending the programmes the employee
is supposed to submit a report to the Division Head, with a copy to Corporate HRD.
Eligibility:
General Rules:
1) There are three types of leaves which are given in a calendar year:
2) More than one type of leave (SL, CL, EL) cannot be combined in
one day.
3) Employees joining during the course of the year, can avail CL and
joining.
leave-without-pay.
Casual Leave:
Sick Leave:
Earned Leave:
Study Leave:
Maternity Leave
3. The period pf leave is with full salary and can be combined with EL or
SL due as per the rules of EL/ SL. Additionally, a Maternity Medical
Bonus of Rs. 250/- is also payable.
1) Leave-without-pay is the leave applied and granted but not due as per
LOAN SCHEMES
Car Loan:
House Loan:
Principal repayment.
SCHOLARSHIP SCHEMES
(Rs/Mnth)
RESIDENT NON-
RESIDENT
1. Post graduate/ Graduate level course in
• Engineering
250
Modern Medicine (MBBS, BDS, 700
BHMS/DHMS,
BIMS )
250
• Management(MBA), Computer Science/MCA
• Architecture, Textile/ Industrial Design
• Law, MSW, Bachelor/ Masters in Education, Public 700
Administration, Journalism, Advertising, Industrial/
Public Relations 250
• Hotel Management
700
150
400
150
400
2. Diploma Level Course in
• Engineering
a) Rs. 2400
after passing
intermediate
exam.
b) Rs. 2400
after passing
• Company Secretary final exam.
Rs. 3000/-
a) Rs. 1500
after passing
intermediate
• AMIE exam.
b) Rs. 1500 on
completion of
course.
a) Rs. 1500
after passing
part A.
Rs. 3000/-
a) Rs. 1000
after passing
first year.
b) Rs. 1000
after passing
second year.
c) Rs 1000 after
passing third
year.
Rs. 7200/-
Merit Scholarship
RETIREMENT SCHEMES
1. Employees are enrolled as members of the Provident Fund Scheme either with
Regional PF Commissioner or the Company’s PROVIDENT FUND TRUST from
their date of joining.
ALLOWANCE
EMPLOYEE’S CONTRIBUTION+COMPANY’S
CONTRIBUTION+INTEREST
PF accumulations.
4. The employee can withdraw the accumulations lying to his credit on:
o Retirement, both normal and voluntary
o Retirement, due to permanent incapacitation.
o Migration from India for permanent settlement abroad.
o 60 days from the date of cessation of service, provided you do
2. Summary of benefits:
3. Special Provision:
Disablement Pension
Widow’s Pension
a.) If a member dies while in service and atleast one month’s contribution has been paid
in the Employee’s Pension Scheme, then pension shall be payable to the legal widow/
widower equal to monthly member’s pension which would have been admissible as if the
member had retired on the date of death or Rs 450/- or the amount indicated in Table C
whichever is more.
b.) If a member dies after the date of exit from the employment but before attaining the
age of 58 years, a monthly pension shall be payable to legal widow/ widower equal to
monthly member pension, which should have been admissible as if the member had
retired on the date of exit or Rs. 250/- per month or the amount indicated in Table C,
whichever is more.
c.) If a member dies after commencement of payment of monthly member’s pension, the
pension shall be payable to legal widow/widower equal to 50% of the monthly member’s
pension payable to the member on the date of death subject to a minimum of Rs. 250/-
per month.
Children’s Pension
Monthly children’s pension of each child shall be 25% of the amount admissible to the
widow/widower of the deceased member as monthly widow pension subject to minimum
of Rs.115/- per month for each child. Monthly children’s pension shall be payable upto
the age of 25 years of the child and shall be payable to maximum two children at a time
and will run from the eldest to the youngest child in that order.
Orphan Pension
If the deceased is not survived by any widow, but is survived by children failing within
the definition of family; or if the widow pension is not payable, the children shall be
entitled to a monthly orphan pension equal to 75% of the amount of the monthly widow
pension subject to a minimum monthly orphan pension of Rs.170/- per month for each
orphan. In the event of death or remarriage of the widow/widower after sanctioning
The monthly orphan pension shall be admissible to a maximum of two orphans at a time
and shall run in order from the eldest to the youngest orphan.
A member eligible to pension may, in lieu of pension normally admissible under monthly
member’s pension, opt to commute upto a maximum of one-third of his/her pension so as
to receive hundred times the monthly pension so commuted as commuted value of
pension. Balance pension will be paid on monthly basis as per option for return of capital.
Option For Return Of Capital:
Fund Act. The company has obtained exemption from the statutory
scheme and in lieu of EDLI has instituted the Group Insurance Scheme.
Fund Scheme.
3) Employees are eligible for benefits under the Group Insurance Scheme
5) In addition, the company has taken another policy under Death Benefit
Scheme, from which the following amounts are also paid to the nominee
GRATUITY
The gratuity scheme is operated by the Company’s Group Gratuity Fund Trust.
Service of the company for a minimum period of 5 years. However, in case of death or
incapacitation during the service, no minimum qualifying period is required. The period
of continuous service includes any period of service interrupted by sickness, accident,
leave, layoff, strike, lockout or cessation of work not due to nay fault of the employee.
Period of apprenticeship training is not included.
26
4) Employee must nominate the person(s) eligible to receive Gratuity. Gratuity is payable
to the employee or his/her nominee(s). Nominees shall be deemed to consist of the
following in the order specified:
• Spouse
• Children- married/ unmarried
• Dependent parents
• The widow and children of predeceased son
6) As per Income Tax Act, 1961; Gratuity upto a limit of Rs. 250000 is exempted from
Income Tax, subject to other conditions specified in the Act.
SUPERANNUATION SCHEME
The Superannuation Scheme is operated by the Company’s Senior and Supervisory Staff
Superannuation Trust. The Trust buys annuities from LIC for payment of pension at the
time of commencement of payment of pension.
Applicability:
The scheme is applicable on certain terms and conditions to the employees belonging to
the cadre of JM and above. The salient features of the scheme are:
every member
Benefits
a) Member pension ( payable for 15 years certain & life thereafter) :
under
The pension shall be calculated as a) above and shall be payable either on:
(ii) From the date of premature retirement: Pension as calculated in 5a) above
reduced by the discounting factor.
Last drawn Basic Salary X Pensionable Service + 50% of remaining service upto the date
of normal retirement X Pension Factor
• Pension payable assured for fifteen years certain and life thereafter.
• Commute one third of the value of the annuity and receive two third of the normal
pension for 15 years certain and life thereafter.
• Reduced pension payable for life with return of capital (plus any terminal bonus if
declared by LIC) to the nominee. This option can be exercised with or without
commutation of annuity.
• If the member gives months’ notice before his retirement he may opt for life
pension without any guaranteed period but 50% of the pension payable to him
will be payable after his death to any one person of the following:
1. Living spouse
2. Legitimate sons & unmarried daughters each upto the age of 25 yrs.
3. Living parents or mother/ father-in-law, whosoever was habitually
the member.
• A member shall also be entitled to opt for a reduced pension for himself in order
to provide a higher pension over and above 50% of above to other beneficiaries
specified above.
All employees covered under EPF scheme are insured for Rs. 37000/-
3. Gratuity
4. Superannuation Pension
5. Pension Under Employee’s Pension Scheme.
DATA
ANALYSIS
AND
INTERPRETATION
DATA ANALYSIS AND INTERPRETATION
SWOT ANALYSIS is a tool for auditing an organization and its environment.
STRENGTHS
• Effective communication between the top level and the lower level management
in INDO ASIAN.
• Good public image of the company that has helped the company to get hold of the
market.
• Experienced and dedicated workforce strives towards achieving the common
organizational goal.
• Ability of the employees to work overtime as and when required.
• Hiring trainers from within the company, this has proved to be cost effective
strategy on the part of top-level management.
• Multi skilled workers at the lower level in order to carry out manufacturing
process effectively.
• High satisfaction level of the employees enabling them to contribute their
maximum towards the organization.
WEAKNESSES
OPPORTUNITIES
THREATS
• Emerging competitors is a great threat for the company in order to maintain its
market share along with its sales.
• Availability of cheaper technologies poses a big threat for the organization.
• Changing political environment of the company poses a great threat on the
financial resources of the company.
• Growth of urbanization has lead to decline in the selling of its major product
which is a serious matter for INDO ASIAN. Therefore to continue its sales it has
to take some extra measures
PESTE ANALYSIS
It is the technique of analysis in which a thing is analysed on the basis of five aspects
namely political, economical, social, technological and educational.
Political Analysis:
It refers to the level of politics and biasness which affect an organizational environment,
specially the human resource department.
In INDO ASIAN Ltd. no biasness was seen as the system is completely transparent. Also
there was a change in salary structure due to new minimum salary standards set by the
government.
Economical Analysis:
In INDO ASIAN Ltd. 8% – 9% of the total turnover is given to the HR department out of
which 2.3% in spent on benefit and welfare schemes. Similarly each department is
provided with a share to carry out its function smoothly.
It has adopted many cost effective strategies in order to reduce the overall running cost of
the company.
Social Analysis
It aims at improving the standards of living of the employees by providing them extra
benefits apart from the salary. Also society is benefited from its cheap and good quality
products.
It also caters to the medical needs of the society as it has its own hospitals that are INDO
ASIAN Heart Institute and Research Center and INDO ASIAN Hospital and research
center.
Technological Analysis
Modern and updated technology is used in order to compete with other brands available
in the market.
Moreover the facility of internet and intranet is available for the coordination among the
departments for the smooth functioning of business.
Market watch, real time market movements’ software attached to various stock
exchanges.
Educational Analysis
Regular training and development sessions are carried out so as to enhance the
knowledge and skills of the employees and workers respectively. It has resulted in
effective and efficient production. Training is basically carried out in three ways.
Interpretation:
The above data shows that the reason for joining INDO ASIAN was the compensation
package and welfare schemes for majority of the employees. It throws light on the fact
that people give maximum weightage to the benefits given to the employees while
selecting the job for themselves.
Awareness regarding welfare schemes
Interpretation
100% of the employees were aware of the welfare schemes which show that there is a
smooth communication between the different levels of management. It also conveys to us
at every individual is considered important no matter to which level he belongs to as he’s
given complete information about the company.
Interpretation:
Most of the employees at managerial level are of the view that benefits play a significant
role in retaining the employees and the workers. One of their primary reasons for joining
INDO ASIAN was the benefits included in Compensation Package and Welfare
Schemes. This is also a major reason for employee turnover.
Interpretation:
Majority of the employees place their company in an excellent position regarding the
benefits which shows their dedication and commitment towards the company. Also it
depicts that the top level management is concerned about the benefits not only at strategic
level but also at grass root level
Which areas of compensation do you think the company should pay
more attention to
Interpretation:
The data shows that the employees are quite satisfied regarding the medical insurance
and retirement benefits given to them. The company should lay more emphasis on the
recreational; facilities inside the company itself. This can include games, seperate
recreational room where the employees could relax during the breaks from their hectic
schedule.
Interpretation:
Training and development is provided to the employees for their overall development.
The data depicts that 42% of the trainers have full knowledge of their subjects while only
28% of them are open to suggestions. Therefore while appointing a trainer all the factors
should be kept in mind so as to satisfy the trainees.
There are some limitations also, which I have faced during the preparation of this project
report. Some of the limitations are as under: -
• Data Secrecy by the Company: - From the companies’ point of view there
are some things that they don’t disclose to everybody. As there are some
confidential matters that should not be leaked out.
• Low Communication With Senior People: - As company people have to do
their own work too, along with providing training to people like us. So, there
remains a communication gap with the senior executives as well.
• Lesser Time:- We too have less time to understand all the working of the
company, employees don’t pay much attention because their own work load.
SUGGESTIONS
Although I do not find myself capable of suggesting something extraordinary to a well
established company yet after undergoing training I have find some suggestions which
can bring some added advantage to the company:
As INDO ASIAN has recently entered into financial services, it should also
include insurance services as it is a booming area these days. This will enable it to
earn more profits.
Outsourcing:
The company should outsource its manufacturing in order to enter the new
markets. For example there is no branch of INDO ASIAN in southern part of
India.
More stress should be laid on the advertising of the services being provided by the
company. Print ads and hoardings is a cheaper means of advertising as compared
to other means.
Customize Manufacturing:
Variety of Rewards:
Instead of mementos, cash prices should be given to the workers in order to boost
their morale.
Other Strategies:
Companies should start looking at benefits, social security and welfare schemes
for employee retention rather than only increasing the monetary part of
compensation.
Other Benefits:
Various other benefits and welfare schemes that can be added in the company
include:
When I embarked on the project to study compensation package and welfare schemes, I
gained valuable learning experience to find out how well this is integrated in the
organization. Managing people and their needs in the workplace holds tremendous
benefit for leaders and managers, benefits both moral and practical. This is particularly
true today when it is critical to understand and manage highly diverse needs and wants in
the competitive environment.
QUESTIONNAIRE:
Referred by a friend
2. Are you aware of the compensation package and welfare schemes provided in
the company?
Yes No
Very important
Important
6. Which areas of compensation do you think the company should pay more
attention to?
Medical Insurance
Retirement Program
Loan Schemes
Recreational Facilities
BIBLIOGRAPHY
S.No. Particulars
1 Books Author
• Human Resource Management in Developing Countries. Taylor and Francis
• Human Resource Management C. B. Mamoria
• Management and Organizational Behavior Laurie J. Mullins
• Company’s annual reports Indo asian
• Journals
2 Websites
www.citehr.com
www.hrcommunity.com
www.wikipedia.com
www.google.com