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Term Report
Report by:
The scope of the analysis revolves around the following main objectives:
• Compensation System of the organization
• To Calculate corporate past performances
Methodology: -
The Questionnaire method is adopted for data collection from the selected
organization representative with the help of Questionnaire. Other sets of
information were collected through secondary sources, i.e. the organizations’
websites. Structured interview is also conducted. Annual report is being used
to calculate Organization’s corporate Performances.
The Present Authorised Capital of the Company is Rs.500 Million while paid-
up capital is Rs. 176.225 Million.
Reliance has been assigned Insurer Financial Strength (IFS) rating of "A-" by
both the recognized rating agencies of Pakistan. i-e JCR-VIS Rating
Company Limited & Pakistan Credit Rating Agency Limited. Their
Press Release Dated 29th June,2006 and 10th July,2006 respectively is
available on their website i.e. www.jcrvis.com.pk and www.pacra.com for
visitors. Following surveillance of rating based on 2006 financials, JCR-VIS
Credit Rating Company Limited (JCE-VIS) vide its Press Release dated 10th
September, 2007 upgraded a 'Positive' outlook to 'Reliance' whilst
maintaining rating at 'A-' ( Single A Minus ).
Reliance Insurance Company has the following Vision & Mission goals and is
continuously striving for excellence.
Board Of Directors :
Within RIC there are HR professionals working within the Group's Central
Functions as well as aligned in the business. There are also specialist
technical areas such as Remuneration and Benefits, Policy and Employment,
HR Shared Services, Health, Safety and Wellbeing, Group Resourcing and
Group Organizational Effectiveness.
The greatest advantages organizations have are their human resource. People
have unique capabilities and can accomplish great things however they need a
supportive and encouraging environment. They can be trained to perform
uncountable tasks but they need the investment that they can develop the
specific skills and knowledge for the required tasks.
There are different factors that affect the human resource of any company.
External factors, which are the Labor markets, employment system. It is
necessary to enhance the skills of the manpower and train them to meet the
requirements of the jobs, so that the company does not need to hire people from
out side. Economic and Social factors affect the lower economic rewards for
rotations. Environmental factors affect in a way that the companies like
multinationals hire people from abroad, so they need to make those employees
adjust to their organizational culture and procedures.
COMPONENTS OF COMPENSATION
SYSTEMS
Compensation will be perceived by employees as fair if based on systematic
components. Various compensation systems have developed to determine the value of
positions. These systems utilize many similar components including job descriptions,
salary ranges/structures, and written procedures.
Evaluate jobs.
• Rank the jobs within each senior vice president's and manager's
department, and then rank jobs between and among departments.
• Verify ranking by comparing it to industry market data concerning the
ranking, and adjust if necessary.
• Prepare a matrix organizational review.
• On the basis of required tasks and forecasted business plans, develop
a matrix of jobs crossing lines and departments.
• Compare the matrix with data from both the company structure and
the industry wide market.
• Prepare flow charts of all ranks for each department for ease of
interpretation and assessment.
• Present data and charts to the compensation committee for review and
adjustment.
Determine grades.
• Develop and present cost impact studies that project the expense of
bringing the present staff up to the proposed levels.
• Present data to the compensation committee for review, adjustment,
and approval.
• Present data to the executive operating committee (senior managers
and officers) for review and approval.