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Analytical Study of Compensation Management
Analytical Study of Compensation Management
Analytical Study of Compensation Management
Analytical Study of Compensation Management
Analytical Study of Compensation Management
Analytical Study of Compensation Management
Analytical Study of Compensation Management
Analytical Study of Compensation Management
Analytical Study of Compensation Management
Analytical Study of Compensation Management
Analytical Study of Compensation Management
Analytical Study of Compensation Management
Analytical Study of Compensation Management
Analytical Study of Compensation Management
Analytical Study of Compensation Management
Analytical Study of Compensation Management
Analytical Study of Compensation Management
Analytical Study of Compensation Management
Analytical Study of Compensation Management
Analytical Study of Compensation Management
Analytical Study of Compensation Management
Analytical Study of Compensation Management
Analytical Study of Compensation Management
Analytical Study of Compensation Management
Analytical Study of Compensation Management
Analytical Study of Compensation Management
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Analytical Study of Compensation Management

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Its a Management project based on Study of Compensation Management process usually followed in Industrial Units.

Its a Management project based on Study of Compensation Management process usually followed in Industrial Units.

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  • 1. Analysis of Compensation Management at XYZ Pvt. Ltd., Nagpur - Prateek Aloni COMPANY LOGO
  • 2. • A large sum of money is invested in people • Design rests on what must the company achieve. • System therefore needs to attract good employees by structuring packages that tempt people to do the job COMPENSATION
  • 3. • Direct compensation is the fixed pay an employee receives on a regular basis, either in the form of a salary or as an hourly wage. • It includes cash incentives and various share offers from employers. • The defining factor is that it has a cash value. • Designed to reward employees for good performance. • Can be monetary or non-monetary. • Can also include medical aid, pension, provident fund etc. • Perquisites or perks are a special category of benefits and are only available only to employees with some special status, such as upper – level managers.
  • 4. Total Compensation Payable Wage/Salary Incentives Fringe Benefits Perquisites Non-Monetary Benefits
  • 5. • 1. Direct Compensation Direct Compensation Basic Salary HRA Conveyance Leave Travel Allowance Medical Reimburs- ements Bonus Special Allowance
  • 6. • 2. Indirect Compensation Indirect Compensation Overtime Policy Hospitaliz ation Insurance Leave travel Retirement Benefits Holiday Homes Flexible timings Leave Policy
  • 7. Advantages of Compensation Job Satisfaction Motivation Low Absenteeism Peace of Mind Increases Self Confidence
  • 8. XYZ Pvt. Ltd., Nagpur • Type: Incorporated Partnership • Industry: Paper Manufacturing • Founders: Mr. ABC Mr. DEF • Key People: Mr. ABC, CEO • Revenue : $50 million • Employees: 150 • Website: COMPANY LOGO
  • 9. • To understand the Compensation process and to find out the components of Compensation Management. • To study the policies of Compensation. • To bring into focus the various methods of compensation the company is providing. • To analyze the manpower covered in the compensation. • To give an outline of performance and planning for compensation process and ways to improve the same. • To measure the employee satisfaction on compensation and benefits.
  • 10. • Data Collection: The Data Source: Primary and Secondary The Research Method: Survey method The Research instrument: Questionnaire sheet The Respondents: Executives, Sr. Executives, Assistant Managers and Managers of all departments. Sample Size: 50
  • 11. 10% 30% 40% 0 20% Educational Qualification Undergraduate Grdauate Post Graduate Ph. D. Diploma Holader
  • 12. 30% 20% 30% 20% Work Experience 0-5 Years 5-10 Years 10-20 Years More than 20 Years
  • 13. 40% 60% Current Salary Between Rs.0 to Rs.5000 Between Rs.5000 to Rs.10000 Between Rs.10000 to Rs.50000 More than Rs.50000
  • 14. 50% 40% 10% Are you satisfied with your current salary? Yes No Somewhat
  • 15. 40% 60% 0% Opinion regrading Salary Expected Below Expectation More than Expectation
  • 16. On what basis are you provided salary? • On Daily basis • On Monthly basis Which of the following deductions are made from your salary? • Provident Fund • Family Pension • Professional Tax • Income Tax • Recurring Deposit • Labour Welfare Fund • Employee State Insurance Corporation (ESIC) • Any others, if any, specify. Which of the following allowances you get from the company? • Travelling allowance • Medical allowance • Dearness allowance • Compensatory local allowance • Washing allowance • House rent allowance • Family allowance • Any others, if any, specify
  • 17. 20% 30% 30% 40% Time in the Organization Less than 5 Years Between 5-10 Years Between 11-15 Years More than 15 Years
  • 18. 40% 60% Does your Organization utilise traditional salary grade system? Yes No
  • 19. 40% 30% 20% 10% How is your progression in the job determined? Time on Job Merit Basis Established Steps Any Other
  • 20. 40% 35% 15% 10% How often is the salary structure is revised? Every Year After every Two years After every Three years Any other
  • 21. Suggestions and Recommendations • It is important to define the extent of job responsibilities of individuals and procedures and work methods to be adopted. • Employee should be aware of the hierarchy of ranks in the organization at the time of compensation. • While designing work for various positions it is significant to witness that role expectations are clearly defined. • Survey should be conducted from time to time among employees for improvement and to know their grievances. • To ensure that equal opportunities policy applies to all posts of workers. • It is also suggested to undertake established steps in order to regularly update the company’s Human Resource data, to record various job attributes in detail to cover skills, knowledge and attitudes required for performing various jobs. The Human Resource Department must carry out study covering a regional pattern of Compensation followed by other
  • 22. Limitations of the Study • The validity of the data collected, observations, conclusions, suggestions are bound to undergo change as the employees do not reveal some of their company’s confidential data. • There are many variables which are important from the point of view of theoretical treatment. • The sample size may undergo deviations. • Limitations because of paucity of time to employees. • Limitation of understanding the language. • Limitation because of diversified work place.
  • 23. Learning * The Compensation Management system used in a paper industry. * The styles and policies regarding compensation in a manufacturing unit. * Employee preferences and expectations regarding compensation. * How to design a Compensation policy. * Proper procedure to design a sound compensation policy.

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