PROJECT PRESENTATION on A Study on Fringe Benefits offered to employees in Guwahati Refinery- An Employee Perception

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Prepared By: SANGEETA PEGU Roll No. 464/10 Royal School of Business
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 ORGANISATION PROFILE

OBJECTIVES OF THE STUDY

CONTENTS

RESEARCH METHODOLOGY FRINGE BENEFITS IN GUWAHATI REFINERY DATA ANALYSIS AND INTERPRETATION FINDINGS CONCLUSION
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SUGGESTIONS

ORGANISATION PROFILE
Guwahati Refinery, Indian Oil Corporation Ltd.
Incorporated as Indian Oil Company Ltd. on 30th June 1959, it was renamed as Indian Oil Corporation Ltd. on 1st September 1964 following the merger of Indian Refineries Ltd. (established 1958) with it.

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The Indian Oil Group of companies owns and operates 10 of India's 20 refineries of which Guwahati Refinery is one of them, inaugurated on 1st January, 1962. Indian Oils products range covers petrol, diesel, LPG, lubricants, kerosene etc. Xtra premium petrol, Xtra Mile diesel, Servo lubricants etc. are some of its prominent brands.

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OBJECTIVES OF THE STUDY To understand the package of fringe benefits offered to employees in Guwahati Refinery. v To enquire the knowledge of employees about the nature and procedures of fringe benefits implemented by the organization. v To study the level of employee satisfaction towards utilization of Click to advances for the intended loans andedit Master subtitle style purpose. v To suggest appropriate measures based on the findings of the study, for better management of fringe benefits in the organization.
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RESEARCH METHODOLOGY Primary and Secondary Data was collected. Primary Data was collected By designing a questionnaire for the survey. Sample Size taken 80 employee respondents. Sampling Technique used Convenience and Stratified Sampling. Statistical Tools like graph, pie diagrams, bar diagrams etc. were used. Click to editData was collected from the various journals, magazines Master subtitle style Secondary etc. of the organization.

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 FRINGE BENEFITS IN GUWAHATI

REFINERY

House Building Advance Personal Computer Advance Conveyance Advance Furniture Advance Leave Travel Concession Advance Provident Fund Advance
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DATA ANALYSIS AND INTERPRETATION AWARENESS ABOUT THE LOANS AND ADVANCES

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Regarding awareness about the loans and advances, a greater majority(90%) of the employees were aware of the loans and advances offered by the organization. Whereas only a few of the respondents(10 %) didnt know about the loans and advances offered by the organization. As a whole, most of the respondents were aware of the loan and advances offered by the organization.

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EMPLOYEE AVAILING THE VARIOUS SCHEMES

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The bar diagram clearly shows that the HBA was the most availed scheme among both the officers and the non-officer respondents.
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EMPLOYEE SATISFACTION WITH THE BENEFITS

Click to edit Master subtitle style Regarding the employee satisfaction from the benefits, it was found that a majority(90%) of the respondents were satisfied with the loans and advances provided by the organization. Among the respondents, 100% of the non-officer were satisfied with the benefits but among the officers it was found that only 77% of them were satisfied, the rest 23% of the officers remained unsatisfied with the loans and advances provided by the3/11/12 organization.

EMPLOYEE SATISFACTION LEVEL

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0 SATISFACTION LEVEL

A majority(62%) of the employee respondents are satisfied only to a great extent with the benefits offered by the organization. This is followed by 19% of the respondents with satisfaction to a little extent and 15% with satisfaction to a very great extent. However, a negligible minority of the respondents (3% officers) and (4% non-officers) were unable to state their level of satisfaction.

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RESPONSE TOWARDS EMPLOYEES CO-OPERATION LEVEL

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A majority(75%) of the total respondents believed that the employees responsible for granting the loans and advances didnt work efficiently. Only 25% believed the employees to be co-operative. Therefore, as a whole the respondents opined the employees to be non-cooperative.
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CO-OPERATION LEVEL OF THE EMPLOYEES

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2 0 CO-OPERATION LEVEL

Regarding the co-operation level of the employees responsible for the formalities of granting the loans and advances offered by the organization the respondents as a whole believed the employees to be co-operative to a great extent.
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SYSTEM OF WORK

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RATE OF SYSTEM OF WORK

Relating to the system of work of the employees dealing with the formalities of granting the schemes, majority of both the officer and non-officer respondents opined to be good.
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EMPLOYEE MOTIVATION LEVEL FROM THE BENEFITS

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The above pie chart shows that the loans and advances provided by the organization were able to motivate a majority of the respondents to work better and earn more incentives.
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EMPLOYEE RESPONSE TOWARDS CHANGE IN TIME

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As per the chart above a majority of the respondents didnt want any change in the time period from the applying for the loan to the actual receiving of the loan.
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EMPLOYEE RESPONSE TOWARDS LOAN DISBURSEMENT

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Regarding the disbursement of the loans and advances it was seen that a majority(56%) of the total respondents were satisfied with it. 20% of them were highly satisfied respondents, 14% unsatisfied respondents and ultimately 10% of the respondents were not able to categorize their satisfaction.
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 FINDINGS
Fringe benefits always motivate the employees to work better

as they do not
add anything to ones taxable income. They only increase the

benefits and
facilities for the betterment of employees. It is seen that offering any sort of fringe benefit also helps to

build a good image for the organization. As such, a study of these benefits and employee satisfaction relating to the benefits is of utmost importance.
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 Contd. 50% of the respondents had availed HBA, 37% availed the

Conveyance Advance, 5% availed the Furniture Advance, 4% availed P.C. Advance and 4% had availed other advances.
90% of the employee respondents were satisfied with the

benefits, while 10% were unsatisfied.

A majority (62%) were satisfied to a great extent, while 19%

were satisfied to a little extent with the benefits offered to the respondents by the organization. There are some that were not at all satisfied with the benefits. 64% of the respondents rated the work system of the employees dealing with the formalities of the benefits as good, while only 5% of the respondents rated the 3/11/12 work system as poor.

CONCLUSION

Employees will be more satisfied if the time period between applying and

actual receiving of the loans is cut short. Moreover, lack of prompt response also de-motivates the

employees, so it is necessary that the response regarding the system is made prompt.
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SUGGESTIONS

General awareness and benefits to be shared with all the

employees of the organization.

Better management of the various fringe benefits, such that the

employees of the organization feel motivated to work better.

When the issue relating to the co-operation of the employees

responsible for granting the formalities of the loan schemes was concerned, it was found that they should have been more cooperative towards their fellow employees. If the employees carry forward their duties efficiently the system will improve considerably and the employees will also feel good about it.
Majority of the respondents were of the opinion that there should
3/11/12 be a change in the time period from the applying for the loans

 Contd. One important issue undertaken in this study was to consider the

employees suggestions for the upliftment of the system. As regards this issue, quite a majority of the respondents opined that the HBA should be granted earlier than the stipulated time of 5 years. The officer respondents opined that the Furniture and P.C. Advance should be paid to the loanee instead of the vendor. Interestingly all the officer respondents were of the same opinion.

Regarding the satisfaction from the benefits offered by the

organization, it is seen that if the loans and advances are provided within 2 months from the time of applying for them, the 3/11/12 satisfaction will increase.

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THANK YOU

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