Compensation and Benefit - Security Papers Limited Pakistan
•Download as PPTX, PDF•
2 likes•1,543 views
It is a researched report of Compensation and Benefit process of a public limited organization of Pakistan
Recommended
More Related Content
What's hot
What's hot (20)
Similar to Compensation and Benefit - Security Papers Limited Pakistan
Similar to Compensation and Benefit - Security Papers Limited Pakistan (20)
More from gohar Iqbal
More from gohar Iqbal (20)
Recently uploaded
Recently uploaded (20)
Compensation and Benefit - Security Papers Limited Pakistan
- 1. Compensation & Benefits Management Final Project Presentation Presenters: Saba Afzal Sarwat Jahan Syeda Ayesha Ejaz M Gohar Iqbal Swera Saleem Charles Faculty: Sir Q. S. Imran Azam
- 2. 1 0 Scheme of Presentation 1 2 3 Introduction OrganizationalChart 4 Annual Report Review Compensation Philosophy 5 6 7HR Department Functions & Functional Areas Compensation & Total Reward System Gap Analysis, Recommendations & Conclusion Vision, Mission & Core Values 8 Projectpresentation Grading Structure Benefits, Allowances & Policies Types of Reward, Types of Pay and Perks Offered
- 4. Company Security Papers Limited Established in: 1965 Basic Function: Manufactures Banknote Paper and other security documents from 100% indigenous raw materials Number of Employees: 700 -750 Key Persons: Sheikh Muhammad Aijaz Akhtar (Chairman) Muhammad Misbah Tunio (CEO) Location: Jinnah Avenue, Malir Halt Awards: 1. Top Companies Award 2. Corporate Governance Rating 3. Corporate Excellence Award- MAP 4. ISO Certifications 5. Environment Excellence Award Introduction Some quick Facts
- 5. “To be a nationally and internationally recognized and accepted security paper producing organization, providing highest quality paper to our customers, both in Pakistan and abroad. ” Vision
- 6. Mission
- 7. Projectpresentation “We are the only National Organization in Pakistan producing strategically important security paper products for the nation. We have developed a unique set of strengths and competencies. We wish to build on these assets and will strive continuously to achieve higher levels of excellence. Our mission is to exceed the expectations of our customers in producing, with security and efficiency, highest quality paper products, employing international best practices and applying an integrated approach to product research and development, manufacturing technology, operations management, counterfeit deterrence, materials procurement, human resource management, financial management and information systems.”
- 8. Core Values
- 9. Striving for continuous improvement and innovation with commitment and responsibility Practicing highest personal and professional integrity Treating stakeholders with respect, courtesy and competence Maintaining teamwork, trust and support, with open and candid communication Ensuring cost consciousness in all decisions and operations
- 11. 2237 2658 2000 2100 2200 2300 2400 2500 2600 2700 2015 2016 Aggregate Sales Volume (tons) 2141 2584 0 500 1000 1500 2000 2500 3000 2015 2016 Sales Revenue (Million) 2210 2657 0 500 1000 1500 2000 2500 3000 2015 2016 Aggregate Production (tons)
- 15. Human Resource Dept. Recruitment & Selection Job Analysis Training & Development Training and Coaching Behavior Management Performance Management Compensation & Benefits Compensation and Benefits Management
- 17. Number of Employees in Each Department: Functional Area Number of employees Production 327 Engineering 163 Supply Chain 27 Security 88 HR & Admin 77 Quality Assurance and R & D 16 Finance 16 Internal Audit 03 I.T 09 CEO Office 04 Registered Office 04 Integrated Management System 02 Total: 736
- 19. Have a strong performance management system which is clearly links with the reward strategy “More stretch, more performance, more reward”. Employee’s motivation comes with rewarding structure SPL has more fixed pay and less variable pay. SPL believes that employees motivation and recognition plays an integral role in the success of the organization. Compensation & Benefits structure of SPL is linked with the grading system . To cope up business need and to encourage employees in continuous engagement, SPL provides market compatible compensation package.
- 20. Compensation and Benefits Process
- 21. Cash/ Non Cash Benefit Management: Job Profile/Job Description Salary and Benefits Survey and Analysis Review Existing Salary and Benefits and Recommend New Ones Conduct Cost and Benefit Analysis of Existing Salary and Benefits and New Ones Develop New Salary and Benefit Policies and Communicate them to Relevant Persons
- 22. Career Development Opportunities: Training and Development Job Redesign Job Rotation
- 23. Compensation and Total Reward System
- 26. Businesspresentation Grades Title No. of Employee EG Director Operations, Senior GM 1 OG-I General Managers 5 OG-II Deputy General Managers 5 OG-III Senior Managers (Vacant) 9 OG-III A Managers 15 OG-IV Deputy Managers 18 OG-V Assistant Managers 36 OG-VI Deputy Assistant Managers 18 Management Grade Structure:
- 27. Businesspresentation Grades No. of employees Title WG-I - General Worker WG-II - Clerk, Store Attendant, Driver , Assistant Time Keeper WG-III 4 Junior Assistant WG-IV 16 Senior Courier, Senior Clerk WG-V 3 Office Assistant , Supervisor, Time Keeper WG-VI 2 Senior Assistant WG-VII - Senior Office Supervisor, Assistant cum Secretary, Computer Programmer Non-Management Grade Structure:
- 28. Collective look at all Allowances, Benefits and Policies:
- 29. Annual leaves Casuals leaves Company car facility Telephone / cellular Group life & Health insurance Retirement Benefit Canteen Facility Day Care Facility Company Owned Cell Phones Benefits Heat Allowance Shift Allowance Lunch Allowance Conveyance Charges Cell Phone Usage Allowance Chauffeur Allowance Fuel Allowance Allowances Code of Ethics & Business Conduct General Rule of Conduct Discipline Policy Grievance Policy Dress Code Policy Travel Policy Bonus Policy Employee Welfare Fund Policy Increment and Promotion Policy Policies
- 30. Benefits
- 31. Annual Leave Casual/ Sick Leave Company Car Facility Telephone/ Cellular Group Life Insurance Medical Benefits Retirement Benefits (Gratuity & Provident Fund)
- 32. Annual 30 days For all staff ,workers & officersCasual 10 days Medical For all staff ,workers & officers 15 days Maternity Permanent female employees who have successfully completed one-year continuous service 12 weeks Projectpresentation Attendance and leaves For all staff ,workers & officers
- 33. Grades Title N0. Of employee Health insurance Life insurance Mobile Vehicle Room limit Impatient medical cover EG Director Operations, Senior GM 1 15,000 400,000 2,500,000 30,000 Corolla Atlas 1.6CC OG-I General Managers 5 15,000 400,000 2,00,000 20,000 Corolla (1300CC) OG-II Deputy General Managers 5 15,000 400,000 1,500,000 10,000 City (1300CC) OG-III Senior Managers (Vacant) 9 6,000 300,000 1,000,000 7,000 Suzuki Cultus (1000cc) OG-III A Managers 15 6,000 300,000 1,000,000 OG-IV Deputy Managers 18 6,000 300,000 1,000,000 OG-V Assistant Managers 36 6,000 300,000 800,000 OG-VI Deputy Assistant Managers 18 6,000 300,000 800,000 Wg-1 to wg- 7 All staff & workers 302 4,500 250,000 560,000
- 34. Allowances
- 35. Heat Allowance (based on eligibility) Shift Allowance (based on eligibility) Lunch Allowance (based on eligibility) Conveya- nce Allowance (based on eligibility) Cell Phone Usage Allowance (only for Senior Manager to above level) Chauffeur Allowance (only for GM to above level) Fuel Allowance (only for Senior Manager to above level)
- 36. Policies
- 37. Code of Ethics & Business Conduct General Rule of conduct Discipline Policy Grievance Policy Dress Code Policy Travel Policy Bonus Policy Employee Welfare Fund Policy Increment and Promotion Policy
- 38. 38 Annual bonuses with respect to the business growth and performance. Team bonuses based on business growth because of team performance. Cash incentive plan for team members and team leaders. Long Service Award for those who spend 5- 10 or more year with organization. Employee of The Month incentive plan.
- 39. 39 Appreciation certificate for those who are able to maintain their performance. Recognition Certificates
- 40. Types of Pay and Perks Offered
- 41. Pay/Perks Yes No Paid or subsidized gym facility No Free Food No Tuition Reimbursement/ Paid Training Yes Career Progression Opportunities Yes Career Counselling Yes Training and Development Opportunities Yes Health Care/ Employee Wellness Programs Yes Paid Time Off Yes Retirement Plans Yes Maternity/Paternity Leaves Yes Transportation Reimbursement No Work from Home or anywhere No
- 42. Other Data
- 43. The organization is a Corporation. Employee salary (excluding bonuses) is determined. Company offers Annual Bonuses to eligible employees. Two factors are used to determine employee performance that is individual performance and company performance. Males do not receive paid paternal leaves. Organization does not offer alternative work option policy. Organization does not allow job sharing.
- 44. SPL does not only believe in Compensation but in Total Reward Model. The company maintains internal and external equity. The company uses Job Classification Method for Job Evaluation. The Salary Structure has to be reviewed after every 2 Year. Organization does allow Flex-time facility where a full time employee can schedule flexible work hours. Company has a written promotion policy and job promotions are fair and equitable and based on merit. Priority is given to seniority in promotion decisions.
- 45. Gap Analysis
- 46. . Facility of OPD is not provided to employees No Compensation and Benefits Specialist. Insurance is for permanent employees only and not for outsourced employees. The company does not have a properly defined Compensation and Benefits Process in place No job sharing Admin & HR is merged so there is a less clarity of roles Market survey is not conducted to determine prevailing pay rates and benefits.
- 47. Recommendations
- 48. Proper Compensation and Benefits Process should be introduced A complete market survey should be conducted Company should hire a Compensation and Benefits Specialist HR and the admin department should be separated for the clarity of roles Market /Advancement Needs:
- 49. Company should link teamwork reflection in performance appraisal, which should be assessed by supervisor, peers and cross functional team Company should announce team or individual based performance incentives A performance based judgment system should be implemented Performance Based Appraisals:
- 50. Company should introduce semi-annual picnic Employees working long shifts should have the opportunity of job sharing Proper insurance facility should be provided not only to permanent but also to the outsourced Additional Benefits:
- 51. Conclusions
- 52. 1 SPL is providing its employees with all necessary benefits and allowances that are essential for retaining its employees. 2 The Company has designed different policies to facilitate its employees to the greatest they can. 3 Work on the areas that are mentioned to remain one of the leading companies in Pakistan.
- 53. T h a n k Y o u