Mahindra v Tci, Rudrapur[1]Deepak

PROJECT REPORT

ON

“COMPARATIVE STUDY ON COMPENSATION BENEFIT IN MAHINDRA LOGISTICS AND TCI,

RUDRAPUR”

SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENT OF THE DEGREE OF BACHELOR IN BUSINESS ADMINISTRATION

HNB GARHWAL UNIVERSITY, SRINAGAR, UTTARAKHAND

SUBMITTED BY:

DEEPAK BANSAL

(BB08188)

BBA VIth SEMESTER

INSTITUTE OF MANAGEMENT STUDIES-DEHRADUNBATCH 2008-2011

ACKNOWLEDGEMENT I extend my sincere thanks to all those who helped me in the completion of

this report. Without their undying help and guidance, this project would not be

what it is. I specially extend my heartfelt thanks to my Faculty Guide __Prof Richa

Sinha_ for helping me at every step, and guiding me in every way possible. This

project would not have been successful without his help and continuous guidance

throughout. A special note of thanks also goes out to the people from various fields

for giving me their precious time and helping me with this project. I also extend my

appreciation towards my family who encouraged me and were by my side whenever

I needed them.

DEEPAK BANSAL

INTERNAL GUIDE CERTIFICATE

I have the pleasure in certifying thatMr./Ms..Deepak Bansal.is a bonafide student of VIth semester of the Bachelor’s Degree in Business Administration (Batch 2008-2011), of Institute of Management Studies, Dehradun .

He/She has completed his/her project work entitled COMPARATIVE STUDY ON COMPENSATION BENEFITS IN MAHINDRA LOGISTICS AND TCI RUDRAPUR under my guidance.

I certify that this is his/her original effort & has not been copied from any other source. This project has also not been submitted in any other Institute / University for the purpose of award of any Degree.

This project fulfils the requirement of the curriculum prescribed by this Institute for the said course. I recommend this project work for evaluation & consideration for the award of Degree to the student.

Signature : ……………………………………

Name of the Guide : Prof RichaSinha……………………………………

Designation :PROFFESOR(HR)

Date : ……………………………………

COMPANY CERTIFICATE

This is to certify that Mr. / Ms. _Deepak Bansal_ (Institute ID No.), S/o. / D/o.

ShriGajananadBansal_student of Bachelor’s Degree in Business Administration (Batch

2008 – 2011), at Institute of Management Studies, Dehradun has successfully

completed his / her Project work with us, as part of his / her Course Curriculum.

The duration of his / her training was from _____________ to _____________ on the

project __ COMPERATIVE STUDY ON COMPENSATION BENEFITS IN MAHINDRA

LOGISTICS AND TCI RUDRAPUR _*under the supervision of Mr. / Ms. BHARAT

MUNJHAL, Designation (HR)MANAGER………….

During the training we found him / her quite sincere, hard working and his / her conduct

& behavior was good.

We wish him / her all success in his / her academic endeavors and in life

Signature :

** (HR Manager)

Name : _ BHARAT MUNJHAL_________________

Designation :___(HR MANAGER)_____________

Table of Content

sACKNOWLEDGEMENT....................................................................................................................6

INTERNAL GUIDE CERTIFICATE.......................................................................................7

MAHINDRA LOGISTICS.................................................................................................................11

The Journey..............................................................................................................................11

Mahindra Logistics....................................................................................................................12

Vision........................................................................................................................................13

Mission.....................................................................................................................................13

Core Values...............................................................................................................................14

Management Team..................................................................................................................14

TCI.................................................................................................................................................17

What's New at TCI....................................................................................................................17

Company Profile.......................................................................................................................18

VISION.......................................................................................................................................18

CORPORATE CREDO..................................................................................................................19

EXECUTIVE SUMMARY..................................................................................................................21

Objectives of the study.................................................................................................................22

INTRODUCTION............................................................................................................................23

Limitations of the study:...........................................................................................................24

ANALYSIS AND INTERPRETATION OF DATA...................................................................................25

DEFINITION:..............................................................................................................................25

HRIS APPLICATIONS..................................................................................................................26

COMPESATION AND BENEFIT.......................................................................................................27

A. COMPENSATION PRINCIPLES AND GOALS............................................................................27

B. BENEFITS AND VARIABLE PAY...............................................................................................27

C.Individual incentives are based on.........................................................................................28

D.Incentives are in various forms like:......................................................................................28

E.RETIREMENT SECURITY BENEFITS..........................................................................................28

F.HEALTH CARE BENEFITS.........................................................................................................28

G.OTHER BENEFITS...................................................................................................................28

ANALYSIS AND DESIGN OF COMPENSATION............................................................................29

AND BENEFITS...........................................................................................................................29

DESIGN OF COMPENSATION AND BENEFITS MODULE.................................................................30

COMPENSATION PRINCIPLES AND GOALS................................................................................30

B.INTERNALLY CONSISTENT COMPENSATION STRUCTURE FOLLOWED IN TCI COMPANY............31

JOB EVALUATION QUESTIONNAIRE..........................................................................................35

F.DISABILITY RETIREMENT BENEFITSM OF MAHINDRA LOGISTICS COMPANY.............................53

G.RETIREMENT HEALTH CARE BENEFITS IN MAHINDRA LOGISTIC COMPANY.............................56

H.VACATION/ LEAVE BENEFITS OF MAHINDRA LOGISTICS...........................................................57

DATA ANALYSIS AND INTERPRETATION.......................................................................................59

1.HOW IS THE COMPENSATION POLICIES.................................................................................59

CONCLUSION............................................................................................................................72

RECOMMENDTIONS..................................................................................................................73

BIBLIOGRAPHY..............................................................................................................................74

ANNEXURE....................................................................................................................................75

QUESTIONNAIRE.......................................................................................................................75

MAHINDRA LOGISTICS

The Mahindra Group

Founded in 1945 as a steel trading company, we entered automotive manufacturing in

1947 to bring the iconic Willys Jeep onto Indian roads. Over the years, we’ve diversified

into many new businesses in order to better the needs of our customers. We follow a

unique business model of creating empowered companies that enjoy the best of

entrepreneurial independence and Group-wide synergies. This principle has led our

growth into a US $11.1 billion multinational group with more than 117,000 employees in

over 100 countries across the globe.

Today, our operations span 17 key industries that form the foundation of every modern

economy: aerospace, aftermarket, agribusiness, automotive, components, consulting

services, defense, energy, farm equipment, finance and insurance, industrial equipment,

information technology, leisure and hospitality, logistics, real estate, retail, and two

wheelers.

Our federated structure enables each business to chart its own future and simultaneously

leverage synergies across the entire Group’s competencies. In this way, the diversity of

our expertise allows us to bring our customers the best in many fields.

The Journey

Mahindra and an independent India began their rise together. In 1945, two enterprising

brothers named J.C. Mahindra and K.C. Mahindra joined forces with Ghulam

Mohammed and started Mahindra & Mohammed as a steel company in Mumbai. Two

years later, India won its independence, Ghulam Mohammed left the company to become

Pakistan’s first finance minister, and the Mahindra brothers ignited the company's

enduring growth with their decision to manufacture Willis jeeps in Mumbai. The

company’s new name? Mahindra & Mahindra, of course.

The Mahindra brothers believed that new modes of transportation could be a key to

India’s prosperity; so one of their first goals was to build rugged, simple vehicles capable

of tackling the Indian terrain. Early pioneers of globalization, the brothers collaborated

with a wide range of international companies and before long, Mahindra’s reach extended

to steel, tractors, telecom, and more.

Now, after 65 years, Mahindra has grown from a humble local outfit to a US $11.1

billion corporation employing more than 117,000 people around the world. It’s been quite

an adventure so far, and we’re proud of our global leadership in utility vehicles, tractors,

and information technology, as well as our significant presence in financial services,

leisure and hospitality, engineering, trade, and logistics. As we accelerate into the 21st

century, we’ll continue to pursue innovative ideas that enable people to rise. We’ve come

a long way, but the journey has just begun.

Mahindra Logistics

Mahindra Logistics Limited is a 100% subsidiary of Mahindra & Mahindra. The

foundation of Mahindra Logistics was laid in the Year 2000 as a strategic initiative of

Mahindra and Mahindra to enhance focus on logistics services to both internal and

external customers. It was soon engaged in taking care of M&M’s complex supply chain

needs including inbound and outbound logistics, inter-plant movement, warehousing,

linefeed and value added services amongst other solutions. This supply chain expertise

was then extended to other customers spanning various industry verticals.

Mahindra Logistics is one of the few logistics service providers which also offers People

Transport Solutions; a specialized line of business which provides customized services to

organizations for transfer of employees from home to their place of work and back. Our

Mahindra People Transport Solutions division ensures on time pickups and drops with a

focus on safety, comfort and security.

Vision

To be India’s leading, most preferred, integrated logistics service provider.

Mission

To serve our customers in global markets, by providing creative, cost effective,

technology enabled solutions that continuously meet and exceed our customers’

expectations thus enhancing stakeholder value.

To provide continuous opportunities for growth and knowledge enhancement to

our employees and business associates.

Also, to serve and give back to the communities within which we work, with

integrity and responsibility.

Core Values

Consider every customer a partner, evolving to make every customer a co-owner.

Be the standard by which competitors services are measured.

Maintain the highest levels of professionalism, ethics and integrity in whatever we

do.

Social responsibility and inclusive growth.

The growth, development and dignity of our employees.

Management Team

PirojshawSarkari : Chief Executive Officer

Pirojshaw has over 18 years of experience in logistics and aviation. Before Joining

Mahindra Logistics, he was the Managing Director & Country Head for UPS India.

During his stint with UPS India, he was part of the start up operations where he played a

key role in setting up systems and processes and establishing various global best

practices. Prior to UPS, he worked with Jet Air, where as GM Corporate planning he

spearheaded several special projects such as ground handling, outbound tours and set up

Aramex in India. Pirojshaw is a Chartered Accountant and a Bachelor of commerce from

Mumbai University.

SushilRathi : Vice President – Supply Chain Management

He brings with him more than 25 years of experience in sales & distribution, marketing,

channel management, supply chain management, and business & IT consulting. Sushil

started his career in Premier Automobiles Limited and over a period of 15 years worked

in various capacities within the sales & marketing division. Post the joint venture with

FIAT; he became the Marketing Head for FIAT in India. Sushil also managed consulting

assignments with Satyam &Anantara. During this period he was responsible for business

development in India and consulting delivery for SCM, logistics and manufacturing.

Sushil is a Mechanical Engineer and also holds a Post Graduate Diploma in Industrial

Engineering and Management from NITIE, Mumbai.

SelvanDasaraj : Vice President – Mahindra People Transport Solutions

Selvan has over 22 years of experience in the express and logistics industry. Before

joining Mahindra Logistics, he was the Director Public Affairs for UPS South Asia.

During his stint with UPS India, he has worked in various capacities including, National

Operations Manager, North India Manager, South India Manager and Branch Manager.

Selvan was part of UPS India since its inception, setting up the network and business

processes. Prior to UPS, he worked with Elbee Express, P N Writer and DHL. Selvan is a

graduate in Commerce as well as in Communication & Journalism and holds a MBA in

human resources.

Rajiv Gupta : Head – Solutions Design

Rajiv has over 30 years of experience in industrial engineering, specializing in

warehousing and logistics. He has founded and run MatFlow Systems, an International

Associate of Tompkins Associates in New Delhi for over 12 years. He has consulted with

companies such as General Motors, TRW, Sigma Chemical, Trijicon and Ford of Mexico

in the Americas and Videocon, Eicher Motors, Maruti, Delphi, Gabriel, Purolator and

Goetze in India. He is well versed in Lean Manufacturing, Total Quality Management

and Six Sigma. Rajiv has been on the faculty at the State University of New York at

Buffalo, the General Motors Institute, and the University of Michigan at Dearborn. He

has a Bachelor’s degree in Mechanical Engineering from the Indian Institute of

Technology, Delhi, Master’s in Industrial Engineering from North Carolina State

University and PhD in Industrial Engineering from Purdue University.

Nikhil Nayak : Chief Financial Officer

Nikhil has over 25 years of professional experience with companies like Bristlecone Inc,

Pidilite, Bombay Dyeing and ATIC Industries; enjoying the opportunity to work within

industries as diverse as IT, FMCG, textiles and chemicals. He has varied experience in

the field of accounts, finance, taxation, legal and administration. Nikhil is a Chartered

Accountant and a Bachelor of Commerce from Mumbai University.

Ravi Begur : Head – Information Technology

Ravi has 15 years of experience in supply chain management and SCE. He has designed

supply chain networks and spearheaded deployment of supply chain solutions across the

globe. He is responsible for designing and deploying information solutions across

business verticals at Mahindra Logistics.

Raj Walekar : Head - Human Resources

Raj is a post graduate in HR with over 20 yrs of experience in the manufacturing and

services industries, having worked with companies like IPCA Laboratories, Rhone

Poulenc (I) Ltd., AFL Logistics, Jet Air Ltd and DHL Logistics. He has rich experience

in the field of human resources management and industrial relations, having managed

various functions, including recruitment, employee retention, talent management,

compensation & benefits and union negotiation.

TCI

TCI group with a revenue of INR 20 Billion (Approx. $ 450 Million USD) is India's

leading Multimodal Integrated Supply Chain Solutions Provider with a Global presence.

With expertise developed over five decades, customer centric approach and world class

resources, TCI is equipped with an extensive set up of 1000 plus branch offices, a large

workforce, huge fleet of customized vehicles and managed warehouse space of 8.5

million sq ft.

Leveraging on its extensive infrastructure, TCI offers seamless multi-modal logistics

solutions and moves 2.5% of India's GDP by value and has a well performing script in

premier stock exchanges like Bombay Stock Exchange and National Stock Exchange.

What's New at TCI

TCI Supply Chain Solutions has added another feather in its cap by bagging the Reid

& Taylor Award for "Effective Retail Through Supply Chain" Award on 8th February

2011. TCI won the award for the work done for ITC-Choupal Saga where TCI has played

a strategic role in helping ITC expand its rural retail operations.

The first "CSR Thought Leadership Conclave" was organized by Wockhardt

Foundation, the CSR arm of the Wockhardt group on 19th February 2011in Mumbai.

Companies from many sectors like Auto,Aviation, Retail , IT etc were felicitated for their

outstanding contribution to the society through their CSR programs. TCI won the award

for outstanding CSR in the Logistics sector. The winners were selected by a panel of

judges drawn from various development sectors after carefully studying and analyzing

the impact and sustainability of the CSR programmes. Other winners included Tata

Group, HDFC, BHEL, HUL , Pantaloon, Airtel etc.

Company Profile

Transport Corporation of India is India's leading integrated supply chain and logistics

solutions provider and a pioneer in the sphere of cargo transportation in India. Leveraging

on its extensive infrastructure, strong foundation and skilled manpower, TCI offers

seamless multimodal transportation solutions. An ISO 9001:2008 certified company,

TCIL is listed with premier stock exchanges like NSE and BSE.

The company progressed from being a "One Man, One Truck, One Office" set up to

becoming India's leading Logistics & Supply Chain Solutions provider with a Global

presence. After 50 years, TCI moves 2.5% of India's GDP by value and is the proclaimed

market leader of the Indian Logistics Industry.

TCI Group has an extensive network of over 1000+ company owned offices, a huge fleet

of customized vehicles and managed warehouse space of 8.5 million sq. ft. and a strong

work force of 6000. With its customer-centric approach, world class resources, State-of-

Art technology and professional management, the group follows strong corporate

governance principles and is committed to value creation for its stake holders and its

social responsibilities.

VISION

TCI group should be a customer oriented, multi-technology, multi-speciallist transport

system in the Indian and International markets, with a proven commitment to excellence

in every facet of activity and pursuit of value based policies to satisfy aspirations of

society, customers, vendors, employees, shareholders and the transport industry.

BRAND VALUE

We believe that a brand is a living entity and it should be reflected in its behavior.

Our behaviour will be governed by a set of values communicated by the acronym CORE

C

Customer Focus

O

Ownership

R

Responsiveness

E

Empathy

CORPORATE CREDO

As a corporate citizen, the TCI Group believes that harmony of action can have a

spiraling positive effect on our lives and indeed on businesses. Just as many drops go to

make an ocean, we believe every action of ours is like a building block, where every

block is equally important to build a successful future. That’s why, we like to grow with

each one of our stakeholders contributing and playing an equally important part. Because

when we move together, it results in maximized resource optimization and unparallel

benefits for all stakeholders.

EXPANDING OUR HORIZONS – Moving Together into Tomorrow

Fifty years are behind us. It has seen us grow from a single truck plying on a single route

to becoming India’s leading integrated supply chain solutions provider with a Global

presence. It is with the amalgamation of many diverse forces that a complete solution

emerges. As services are getting more and more specialized and segmented, customized

solutions are the need of the day.

TCI's range of services encompasses the entire gamut of supply chain services from the

point of origin to the final end customer. TCI has been continuously introducing new and

innovative services. From multi-modal transportation (road, rail, air, sea) to express

delivery solutions, from freight forwarding and customs clearances to warehouse

management services, each of the services are linked under a single Customer

Relationship management system for maximum benefit to clients.

As TCI approaches the new millennium, it is well equipped to take on new challenges

with a host of exciting services and will further strengthen its presence in India and Asia.

The company strategy is to cross sell its broad range of services, deliver to any corner of

the world through specialized and trained professional teams to create superlative value

for our customers

TCI has planned an aggressive expansion programme. The company will invest into state

of the art, large scale, multi user multi product warehouses, ships, trucks and trailers and

technology to establish itself as a complete supply chain solutions provider.

EXECUTIVE SUMMARY

The project “study on HRIS with reference to compensation and benefits” was conducted at

Mahindra Logistics India Ltd. The project basically dealt with building the compensation and

benefits modules as a part of the Human Resource information system, which was being

implemented in the organization using an Enterprise Resource planning (ERP) package, SAP –

which suited most of the requirements and functions of TCI.

The project was initiated by putting down all the activities that were currently being done at the

organization and the activities, which should be pursued in future.

The project involved studying the existing modules of compensation and benefits and trying to

improve it with added features for an easy automation. For this to achieve, there was a small

research conducted by interviewing employees and clients (who have bought this package or

have designed one by their own) by use of a questionnaire designed by me. With the help of the

research I got insight into the latest features that are used in the compensation and benefits,

which helped me to design the needed modules of compensation and benefits. The modules are

designed in such a way that all the activities are in a sequential order.

The modules designed consisted of every detail beginning from the compensation philosophy

the company should use to the various benefits the company can offer. It involved designing of

various forms, which is built with the idea of simplifying the process to the maximum extent,

and to make it very clear how each form should be used. The entire modules are looked into

form the strategic Human Resource perspective, which stresses on both the qualitative and

quantitative issues compensation and benefits process. Quantitative measures were particularly

used in a few areas to reduce subjectivity.

The project is provides a clear distinction between who is authorized to use which form, so that

there is no mixing up of decision making and results by un concerned or unauthorized people.

The process is made very clear by specifying the objectives of each activity in the process.

In short, the project deals with the entire spectrum of compensation and benefits from start to

finish in a sequential order to help the employees use each form (each activity) to the fullest for

organizational benefit and to achieve positive results by the end of the process.

Objectives of the study

The principle objectives of the study are to analyze the following aspects such as;

To study the various compensation plan of different logistics company

To study the benefits and limitation of company compensation plan

To study the impact od specific component of compensation like fringe

benefits ,perquisites on the moral of the employee

To know about human resource information system.

To design a human resource information system with reference to compensation and

benefits.

To analyze and interpret the data.

To find out the recommendations.

INTRODUCTION

The project basically dealt with building the compensation and benefits modules as a part of

the Human Resource information system, which was being implemented in the organization

using an Enterprise Resource planning (ERP) package, SAP – which suited most of the

requirements and functions of TCI .The project involved studying the existing modules of

compensation and benefits and trying to improve it with added features for an easy automation.

For this to achieve, there was a small research conducted by interviewing vendors(who already

have a package designed for compensation and benefits for a readymade use by the companies)

and clients(who have bought this package or have designed one by their own) by use of a

questionnaire designed by me. With the help of the research I got insight into the latest features

that are used in the compensation and benefits, which helped me to design the needed modules

of compensation and benefits

It involved designing of various forms, which is built with the idea of simplifying the process to

the maximum extent, and to make it very clear how each form should be used. The entire

modules are looked into form the strategic Human Resource perspective, which stresses on

both the qualitative and quantitative issues compensation and benefits process. Quantitative

measures were particularly used in a few areas to reduce subjectivity.

RESEARCH DESIGN

Hypothesis: Design of human resource information system with reference to compensation and benefits are highly effective in the organization.

Population: The study consists of over 150 employees.

Sample size: A Selected sample size for the study would be 50 employees..Selected on a systematic sampling frame work.

Statistical technique: A Suitable statistical technique will be used for the

B Analysis of the data

Scope of the study:

Human Resources Management (HRM) is the attraction, selection, retention, development, and

utilization of labor resource in order to achieve both individual and organizational objectives.

Human Resources Information Systems (HRIS) is an integration of HRM and Information Systems

(IS). HRIS or Human resource Information system helps HR managers perform HR functions in a

more effective and systematic way using technology. It is the system used to acquire, store,

manipulate, analyze, retrieve, and distribute pertinent information regarding an organization's

human resources. A human resource information system (HRIS) is a system used to acquire,

store, manipulate, analyze, retrieve, and distribute pertinent information about an

organization's human resources.

Limitations of the study:1. The time period taken for the study is only one month, this is very less time to conduct

detailed study about the HRIS

2. The organization should be cooperative enough to do the study.

3. The support from clients and vendors should be cooperative during the survey.

ANALYSIS AND INTERPRETATION OF DATA

HUMAN RESOURCE INFORMATION SYSTEM

DEFINITION:

An HRIS is a management system designed specifically to provide managers with information to

make HR decisions.

It is a management system and is used specifically to support management decision-

making.

The need for this kind of information has increased in the last few years, especially in

large and/ or diverse companies, where decision-making has been moved to lower

levels.

Large companies generally have the advantage when it comes to HRIS’s, the cost to

develop an HRIS for 200 hundred people is usually close to that for 2000 people, so it is

a better investment for large companies, larger companies tend to have systems that

have a fair degree of customization.

HRIS systems include the employee name and contacts information and all or some of the

following:

Department, job title, grade, salary, salary history, position history, supervisor, training

completed, special qualifications, ethnicity, date of birth, disability, veterans status, visa status,

benefits selected etc.

HRIS systems include reporting capabilities. Some HRIS track applicants before they become

employees. Some HRIS systems are interfaced to pay roll or other financial systems.

HRIS APPLICATIONS

Personnel.

Position control

Position clarification.

Affirmative action.

Automated increase processing.

Flexible and traditional benefits administration.

Salary survey.

Pool accounting budgeting.

Salary base component of the budget preparation facility.

HRIS offers a wide array of workforce management tools. From recruiting, through

compensation, performance and benefits administration, and on to COBRA.

JOB AND SALARY HISTORY- tracks dates, rates, locations, divisions, departments, and salary

grades.Computes and stores compo-ratios, percent-of-range, change amounts, and change

percents. Also computes and stores pay period equivalents for a wide range of pay frequencies.

BENEFITS TAKING - computes full cost for employee, employer, and dependents. Support

simultaneous prior, current, and open enrollment. Reconciles carrier statements and provide

accurate benefits report.

PERFORMANCE REVIEW - automatically schedules future reviews. Multiple “next reviews” are

allowed for disciplinary and regular reviews. Batch processing speeds data entry. Batch

processing supports rapid entry of course by employee of course.

Thus HRIS contains every field of Human Resource. This helps the organization in many different

ways as read from above and much more.

COMPESATION AND BENEFIT

Compensation is defined as a return given for the work being done. Compensation can be given

in various ways. Most people think money is the only way of giving compensation.

Compensation can be both monetary and non monetary. Handling compensation in any

organization is the most important job. This is a very crucial process and has to be done in a very

systematic manner.

A. COMPENSATION PRINCIPLES AND GOALSThe principles on which the compensation system is based are:

1. Pay system aligned with the vision of the organization.

2. Pay system aligned with the organization’s strategic plan.

3. Maintenance of competitive posture.

4. Simplicity.

5. Pay aligned with contributions.

6. Encouragement of creative non-monetary reward system.

7. Fiscally responsible decentralized salary administration.

8. Open, communicated system.

9. Clear procedures.

10. Recognition of the value of the people.

The procedure in which the compensation and benefits should be handled is designed in a

systematic way in the later parts.

B. BENEFITS AND VARIABLE PAYVariable pay affected by factor like

1. Availability of sufficient financial resource.

2. Consistency with the organization culture.

3. Linkage with organizational objectives.

4. Clear separation from variable pay.

5. Clear communication.

6. Current updated plans.

7. Measurable performance.

C.Individual incentives are based on

1. Identification of individual performance

2. Independent work

3. Individual competitiveness desired.

4. Individualism stressed in organizational culture.

Bonuses are given based on the individual’s performance and company policies.

D.Incentivesare in various forms like:

1. Non-cash awards

2. Recognition

3. ESOP’s

4. Executive compensation

5. Rewards of motivation etc.

An employee who is injured during the course of employment, or suffers from work-related

mental disabilities, as well as occupational diseases, is eligible for workers compensation

benefits. These benefits include weekly compensation benefits. These benefits include weekly

compensation for lost income during the period the employee cannot work.

E.RETIREMENT SECURITY BENEFITS

1. Disability retirement benefits

2. Health care for retirees

3. Pension plans

F.HEALTH CARE BENEFITSThis will include medical and dental

G.OTHER BENEFITS

1. Leave benefits

2. Vacations and holidays

3. Recreation progra

ANALYSIS AND DESIGN OF COMPENSATIONAND BENEFITS

The objective of this project is to study the existing compensation and benefits module at TCI

and improving on it so as to atomize it in the proper manner.

For this objective to be achieved I had done a lot of exploratory research by browsing the

Internet, reading books, getting to know the in and out of compensation and benefits. This

involved studying every feature of the module. I had done a research by preparing the

questionnaire and interviewing the concerned person to get the various inputs in a

compensation management and benefits modules.

The features covered various points by Mahindra logistics company and

TCI companyin compensation benefits like

1. Compensation philosophy.2. Compensation policies, structure.3. Their grading system.4. Job evaluation method.5. Broad banding.6. Salary structure.7. Individual compensation statistics.8. Variable pay.9. ESOPs.10. Various kinds of benefits.11. Pay policies.

DESIGN OF COMPENSATION AND BENEFITS MODULE

COMPENSATION PRINCIPLES AND GOALSThe principles on which the compensation system is based are:

1. Pay system aligned with the vision of the organization.

2. Pay system aligned with the organization’s strategic plan.

3. Maintenance of competitive posture.

4. Simplicity.

5. Pay aligned with contribution.

6. Encouragement of creative non-monetary reward system.

7. Fiscally responsible decentralized salary administration.

8. Open, communication system.

9. Clear procedures.

10. Recognition of the value of people

A. COMPENSATION PHILOSAPHY BY TCI COMPANY

TCI’s compensation program provides salary and benefits that are competitive with the external

labor market in order to attract, retain and motivate a diverse, talented and effective staff. The

pay program recognizes each staff member’s value and contributions by tying increases in

compensation to job performance, and particularly by rewarding individuals who meet high

performance standards, and differentiating between superior performers and others.

COMPENSATION APPORCH FOLLOWED BY TCI COMPANY

TCI follows a traditional approach, which offers certain advantages in specific competitive

situations. This very rational and logical approach, which identifies task and responsibilities,

which is then used to decide the jobs, that is valuable. Value of each job is then used to establish

a pay range that reflects a person’s profession as he/she grows and presumably gets better at

the job.

Level 1

Level 2

Level 3

Level 4

Level 5

B.INTERNALLY CONSISTENT COMPENSATION STRUCTURE FOLLOWED IN TCI COMPANY

Salary

Degree of Responsibility

Min

Max

Salary

Chart No. 1

LEVELS RESPONSIBILITIESLevel 1

Office boys

Operational:

Filing, greeting guests, answering telephones.

Level 2

Assistants and supervisors

Operational:

Planning and setting agendas, proper

supervision.

Level 3

Officers and executives

Operational:

Team management, decision making.

Level 4

Managers and assistant managers

Operational:

Decision making for projects, delegation,

leadership.

Level 5

Senior management

Strategic:

Setting of policies and procedures, allocation of

funds.

Table No. 1

Note: Level 1 is the jobs with the least responsibilities and level 5 is the one with maximum

responsibilities in tci company

Chart No. 2

C. JOB EVALUATION TECHNIQUE IN TCI COMPANY

This can be done by point method. This is one of the most widely used methods.

1. Break down jobs in to various compensable factors and place weights or points.

2. A compensable factor identifies a job value commonly present throughout a group of

jobs.

JOB EVALUATION POINT TABLE

Factor 1st Degree 2nd Degree 3rd Degree

1) Know- how

Functional

Expertise

Managerial

Skills

Human

Relations

2)problem solving

Environment

Challenges

3)Accountability

Freedom to act

Impact of the end

Result

Magnitude

Table No. 2

COMPENSABLE FACTOR OF THE JOB EVALUATION

KNOW – HOW

1. Functional Expertise : The amount of practical, specialized, or technical

knowledge required.

2. Managerial Skills : The ability to make any activities and functions work well together.

Have more responsibilities than the superiors. Decision making for various projects.

3. Human Relations : Requirement for skill in motivating people.

PROBLEM SOLVING

1. Environment : The degree of freedom with which the thinking process is used to

achieve job objectives without the guidance of standards, direction from others.

2. Challenge : The type of mental activity involved; the complexity abstractness

or originality of thought required.

ACCONTABILITY

o Freedom to Act : Relative presence of personal or procedural control and

guidance; determined by answering the question, how much freedom the

jobholder to act independently?

o Impact of Result : Impact of the job in terms of money, a determination of

weather the job has a primary effect on end or results have instead a sharing,

contributory, or remote effect.

o Magnitude : A measure of the sales, budget, rupee value of purchases of value

added, or any other significant figure in terms of money related to the job.

JOB EVALUATION QUESTIONNAIRE

Name of employee/id:

Department/Location:

Job title :

Purpose and objectives

Please give a brief statement of the purpose of your current job and agreed objectives for the

year (if appropriate)

Main objectives

List in outline only and indicate the approximate percentage of time spent on each activity or

frequency (e.g. daily, weekly, monthly, etc).

Knowledge and skills

What are the minimum formal qualifications required to do this job?

With those qualifications, how much relevant work experience is required to perform

the job activity?

Give examples of the skills, knowledge and /or expertise you consider are required to

perform the job effectivenress

Problem solving (fact finding, analysis, initiative, originality, creativity)

Give examples of the range of problems and issues you have had to deal with in the last 12

months. What procedures or other guidance is available to assist you? Indicate the frequency

with which these problems arise.

Decisions

a) Own decisions

b) Advising others( outside your area of work i.e. people not managed by yourself)

Impact of decisions

What contribution would you say your job makes to the effective running of the organization?

What are the potential consequences of error? Please give examples.

Additional information (optional)

Please add any additional information points you wish to make (not covered elsewhere)

Signature of the employee signature of HR

PROCESS OF JOB EVALUATION

1. Compassable factors are chosen (explanation in the preceding page)

2. Scales reflecting each different degree within each factor are defined.

Examples: Know-how

1 st degree : just knowing the basic skills of doing the job given

2 nd degree : knowing the job in little more depth with additional skills.

3 rd degree : knowing everything about the job and handling it perfectly.

3. Now assign points to degrees.

4. Relative importance of each factor must be decided on and it is allotted the maximum

number of points.

5. Once the highest degree of each factor is given a point allocation reflecting its

importance, the lower degrees are assigned proportionately lesser point values.

PAY SURVEYS

TCI can do a pay survey, which gives information of them compensation rates for workers

performing similar jobs in other organizations. Many surveys are available online.

ESTABLISHING PAY STRUCTURE

Job Evaluation Results

Identify Different pay structures

Revise Pay Grades and Ranges as needed

Compute pay Ranges

Establish Pay Grades

Compute Current pay to pay ranges

Chart No. 3

JOB EVALUATION RESULTS

Once the job evaluation points are determined we can develop a market line by plotting the

points against the pay survey rates. With this graph we can find out the distribution of wages

across the industry.

Market line

E

D

Salary

C

B

Min A

Pt 1 Pt 2 Pt 3 Pt 4 Pt 5 Pt 6 Pt7

Chart No.4 Job evaluation points

Levels Grades Point Range

Level 1 Below Pt 1

Level 2 Pt 1 - Pt 3

Level 3 Pt 3 - Pt 5

Level 4 Pt 5 - Pt 7

Level 5 Pt 7 above

Table No.3

PROCESS OF JOB EVALUATION

1. Define the pay line linking it to job evaluation points.

2. Draw a graph with salary on horizontal axis and job evaluation points on vertical axis.

3. The points on the line will represent the midpoints of the salary.

4. Each range of points has a maximum, minimum and midpoint.

5. The spread around the midpoint may vary

6. The percentage spread is frequently greater for higher-level positions.

7. The top performing employees will be in the maximum range.

E.SALARY STUCTURE OF TCI COMPANY

Name of employee /Id: Date:

Department name / Location:

Compensation details (All figures in INR)

BASIC

DEARNESS ALLOWANCE

HRA

CONVEYANCE

COST OF LIVING ALLOWANCE

SPECIAL ALLOWANCE

ATTENDANCE PAY

SHIFT ALLOWACE

SUB TOTAL

STATUTORY BONUS: 20% OF BASIC

VARIABLE PAY

SUB TOTAL

TOTAL

LESS:

PROVIDENT FUND

GRATUITY

INCOME TAX

FESTIVAL TAX

INSUARENCE

MISCELLANEOUS DEDUCTIONS

SUB TOTAL

GROSS CASH COMPENSATION

Table No. 4

No. of Working Days in a month:

No. of Days Present:

No. of days Absent:

1. Note: All the benefits are as per company’s policies, which are subject to change from

time to time.

2. Variable pay is not a part of your guaranteed compensation and will be paid based on

criteria determined by the company from time to time.

Individual incentives are based on

1. Identification of individual performance.

2. Independent work.

3. Individual competitiveness desired.

4. Individualism stressed in organizational culture.

F. PROPOSED INCENTIVES IN TCI COMPANY

1. AWARDS

1.Cash and non cash awards:

These can be in the form of both cash and non cash awards. This would be given

according to their performance. This can be referred from the module of performance

management system. Non cash awards can be gift certificates, travel awards etc.

Recognition awards:This recognizes individual employees for their performance or

services. It includes awards like the “best employee of the year”, “best employee of

themonth”.

ESOP:This allows employee the right to purchase a fixed number of shares of the

company stock at a specified price for a limited period of time. The stock markets price

exceeds the exercise price; employees can exercises the option and sell the stock at a

profit.

Executive compensation:

This includes supplemental benefits, long term incentives, annual bonuses, executive

salaries. Their benefits may take several forms including traditional retirement, health

insurance, vacation and others.

2.CASH AND NONCASH REWARDS FOR THE MOTIVATION

Pre-tax thrift-saving programs: this is to help the employee to know ways of minimizing his or

her tax by investing properly.

Recreational programs: this would include parties on various occasions, personal development

programs etc.

Gift vouchers: this includes sodex ho passes and gift coupons for stores with which the company

has made a tie up with.

Sponsoring for further education: elaboration investment made on star performer and solid

citizens to increase potential.

Personal financial planning: this includes tax planning, budgeting etc.

Loans: this includes housing loan, personal loans, car loan.

Tuition refund: reimbursement of money of the employee has invested in further studies for the

benefit of his job.

Profit sharing: this is a like bonus where the employees get a little percent of the profit earned.

Company car: employees can make use of the company car when necessary.

Flexi time: allowing the employees to work whenever they are comfortable.

Extra vacation: apart from the normal vacation periods, this allows employee to take a little

extra time as a reward of this performance.

Child care: taking care of the children of the employees when they are working

\

G. STAFF RECOGNITION AND INCENTIVE AWARD

Certificate of cash award in TCI company

Date:

Congratulation Mr/Ms you have won cash award of Rs

for

your very good performance in the field of for the year 2009-10.

Keep it up…. Best wishes.

Managing Director/HR/Department head

Note: This payment will be processed on the employee’s next pay schedule subsequent to the

receipt of this document by the concerned department. The award will be subjected to all taxes.

STAFF RECOGNITION AND INCENTIVE AWARD

Certificate of non cash award in TCI company

Date:

Congratulation Mr./Ms.you have won an Award for your very good

performance in the Field of for the year 2009-10.

Keep it up… Best wishes


Certificate of recognition in Mahindralogistics company

Date:

Congratulation Mr./Ms.you Have been awarded the title of for Your very good performance

in the field of .For the year 2009-10.

Keep it up…. Best wishes.


B.

A.COMPENSATION ADMINISTRATION PROCESS IN MAHINDRA LOGISTICS COMAPANY

Internally Consistent pay

Structure

Job Analysis

(Job description, Job Specification)

Job

Evaluation

Pay

Surveys

Pay

Structure

Pay

Policies

Individual

Pay

Implementation,

Communication,

Monitoring.

Performance appraisal

B.COMPENSATION STATISTICS FOLLOWED BY MAHINDRA COMPANY

(For individual employee)

Employee Name: Dept/ location:

Employee Id:

Compensation statistics

Hours worked per week

Months worked per year

Weeks worked per year

Hours worked per year

Hourly rate

Annual salary

Number of pays per year

Salary per pay

Compensation as a % of total turnover

Total compensation

* 100

Total turn over

Compensation as a % of cash inflow

Total compensation

* 100

Total cash inflow

C. VARIABLE PAY IN MAHINDRA LOGISTICS

TCI has variable pay incentives in order to

1. Link individual performance to business goals.

2. Reward superior performance.

Variable pay are affected by factors like

1. Availability of sufficient financial resources.

2. Consistency with the organization culture.

3. Linkage with organizational objectives.

4. Clear separation from variable pay.

5. Clear communication.

6. Current, updated plans.

7. Measurable performance.

D.BENEFITS

This is a form of indirect compensation. Benefits can be of many types. Each of them is

explained below.

SECURITY BENEFITS

Worker’s compensation

This provides benefits to people who are injured on the job.

Report of accident/injury followed in Mahindra logistics

Note: This form has to be duly signed by the employee and has to be submitted to the

concerned department. To be filled in after the recovery of the employee.

Injured employee: Department:

Employee ID:

Date of injury: Time:

Give details of injury/accident

Were there any witnesses to the accident? If yes please provide name, address and

phone number.

Did injured employee see doctor? If yes furnish details.

What type of treatment was received?

Has injured employee lost time from work? If yes when did lost time begin?

Has employee returned to work? If yes, when did he return?

Name of the supervisor: Date:

Signature of the supervisor Employee signature

E.RETIREMENT BENEFITS OF MAHINDRA LOGISTTICS COMPANY

RETIREMENT SECURITY BENEFITS

This would include

1. Disability retirement benefits

2. Health care for retirees

3. Pension plans

HEALTH CARE BENEFITS

This would include

1. Medical and dental

OTHER BENEFITS

This would includes

1. Leave benefits

2. Vacation and holidays

3. Recreation programs

F. DISABILITY RETIREMENT BENEFITS M OF MAHINDRA LOGISTICS COMPANY

1. Indicate your pension fund:

2. Employee name/ Id:

3. Date of birth:

4. Marital status: *single *married

5. Address:

6. Home phone:

7. Work phone:

8. E-mail address:

Disability retirement information

9. Retirement date:

10. Type of disability retirement:

*ordinary disability

*accidental disability

Application must be filed within five years of date of accident.

11. Date of accident:

12. Has a claim been field for workers compensation?

*yes *no

13. I declare that I am incapacitate for further service as a

Due to the following reasons:

14. Only for accidental disability

Describe the accident(s) and list any witness to it.

15. Salary information – (ordinary disability only)

Were your last three years of service also the years during which you earned the highest

salaries?

*yes *no

(If no, list the three fiscal years (July – June) in which you earned the highest salaries.

Year 1 Year 2 Year 3

16. Spouse name:

(If you are naming a domestic partner, submit a photocopy of your certificate of

domestic partnership along with this applicatio

17. Spouse address:

18. Choose a beneficiary option

Maximum

Other option

(Maximum: all the retirement benefits will go to the concerned person and not to any

beneficiary and after his/her death, no more retirement benefits would be given to anyone)

(Other option: give a name of a beneficiary who would receive the benefit

19. Name of beneficiary: (only if the other option is chosen)

20. Relationship:

21. Birth date:

Signature of the employee Signature of the HR

G.RETIREMENT HEALTH CARE BENEFITS IN MAHINDRA LOGISTIC COMPANYName of the employee/Id:

Location / department:

Date of birth:

Marital status:

Single Married

Address:

Year of retirement:

Do you already have the health insurance?

Yes No

If No

I wish to be covered under:

Name of the primary Physician:

I do not wish to be coved under any of the medical plans for the following reasons:

(See instructions on declining or waiving coverage)

I have coverage under my spouse – spouse’s public employer

I have coverage with another employer- list employer

Other (Give Reason)

3 B. Level of coverage (check one)

*Single *Member & Spouse *Family *Parent/ Child(ren)

Dependent Information

Name:

Relationship:

Signature of employee manager signature of HR

H.VACATION/ LEAVE BENEFITS OF MAHINDRA LOGISTICS Name of the employee/ Id:

Location/ Department:

Date of Birth:

Leave Designation:

*Family and Medical leave

*work related injury/ illness

*Neither

Paid Leave

Vacation

Vacation in place of sick leave

Maternity leave

Compensatory time

Sick leave

*Illness/ injury

*Medical appointment

Signature of Employee Signature of HR head

Unpaid Leave

*Medical

*Personal

Unpaid time off: (10 or fewer consecutive working days)

Beginning and ending dates

Unpaid leave of absence: (more than 10 consecutive working days)

Beginning and ending dates

Last date worked Last date in active pay status

Additional information: (reason for absence, etc.)

Necessary documents should be provided in case of sick leaves for more than 3 days.I

understand that approval of this request is contingent upon the availability of adequate leave

balances. Falsification of this application for leave or of the supporting documentation is

grounds for disciplinary action, up to and including dismissal.

Employee signature: Date:

DATA ANALYSIS AND INTERPRETATION

There was a small survey conducted on the basis of compensation and benefit modules which I

have been developed for the company. The main objective of the survey is to get the feed back

from the employees on the developed modules.

1.HOW IS THE COMPENSATION POLICIES

Opinion of the employees in TCI Opinion of the employees in ML

YES NO

90% 10%

YES NO0

20

40

60

80

100

YES

NO

YES

NO

Figure 1

Drawn from the sample we can come to the decision that 90% of the employees are satisfied

in TCI company and 10% of the employees are not satisfied with compensation policies in

Mahindra logistics company

2. IS THERE ANY DECELOPMENT INVARIABLE PAY

Opinion of the employees in ML Opinion of the employees in TCI

YES NO

87% 13%

YES NO0

10

20

30

40

50

60

70

80

90

YES

NO

Figure 2


in mahoindra logistics company and 13% of the employees are not satisfied with variable pay

techniques in TCI company

3.HOW THE ANALYSIS OF COMPENSATION AND BENEFIT IS DONE

Opinion of the employees in ML Opinion of the employeesin TCI

YES NO

95% 5%

YES

NO

Figure 3


in Mahindra logistic company and 5% of the employees are not satisfied with analysis of

compensation and benefit in TCI company

4.WHAT IS THE COMPENSATION PHILOSAPHY

Opinion of the employees in TCI Opinion of the employeesin ML

YES NO

80% 2O%

YES NO0

20

40

60

80

YES

NO

Figure 4


in TCI company and 20% of the employees are not satisfied with compensation philosophy in

Mahindra logistics company

5.HOWIS THE JOB EVALUATION TCHNIQUE


YES NO

83% 17%

YES NO0

20

40

60

80

100

YES

NO

YES

NO

Figure 5


in TCI companyand 17% of the employees are not satisfied with job evaluation techniquein

Mahindra logistics

6. HOW IS THE COMPENSATION ADMINISTRATION PROCESS


YES NO

83% 17%

YES

NO

Figure 6


in TCI company and 17% of the employees are not satisfied with compensation administration

process in Mahindra logistics company

7.HOW IS THE SALARY STRUCTURE


YES NO

81% 19%

YES NO0

10

20

30

40

50

60

70

80

90

NO

YES

Figure 7


in TCI company and 19% of the employees are not satisfied with salary structure in Mahindra

logistics company

8.HOW IS THE COMPENSATION STATISTICS IN COMPANY


YES NO

80% 20%

YES NO0

10

20

30

40

50

60

70

80

YES

NO

YES

NO

Figure 8


in Mahindra logistic company and 20% of the employees are not satisfied with compensation

statistics in TCI company

9.HOW IS THE VARIABLE PAY IN COMPANY


YES NO

77% 23%

YES NO0

10

20

30

40

50

60

70

80

NO

YES

Figure 9


in Mahindra logistics company and 23% of the employees are not satisfied with variable pay In

TCI company

10. HOW IS THE INCENTIVE PLAN


YES NO

86% 14%

YES

NO

Figure 10


in TCI company and 14% of the employees are not satisfied with incentive plan in Mahindra

logistics company

11. HOW IS THE STAFF RECOGNITION PLOICY


YES NO

80% 20%

YES NO0

20

40

60

80

100

120

140

160

YES

East

Figure 11


in Mahindra logistic company and 14% of the employees are not satisfied with staff

recognition in TCI company

12. HOW IS THE RETIREMENT BENEFITS


YES NO

92% 8%

YES NO0

20

40

60

80

100

YES

NO

YES

NO

Figure 12


in Mahindra logistic company and 8% of the employees are not satisfied with retirement

benefits in TCI company

FINDINGS

1.TCI follows a conservative policy having not much variable pay component.

2.There is no lead, lag and match policy; there is a system of payment policy in place.

3.It is confidential. Only the authorized personnel can have access to it.

4.No change can be made in the policy other than authorized authority.

5.There are established pay grades and pay ranges.

6.Each employee has a basic pay, which is paid monthly.

7.The basic pay depends on the level of job evaluation.

8.There is approximately a 20% bonus, which is given every year.

9.Excellent performance and loyalty are rewarded accordingly.

10. There are both monetary and non-monetary benefits, which are given.

11. The retirement benefit plan is in place.

CONCLUSION

For years, the purpose of the performance review has been to allocate annual salary increases.

While this process has generally been handled manually, it also has seen a great deal of

controversy and change. Compensation is truly the biggest driver of certain types of behavior

and works differently for various job groups. Incentive compensation is a great tool to drive

sales and specific performance targets, whereas base compensation is a great tool for driving

overall employee satisfaction and improving performance. What has been missing in all links

from compensation to performance is measurement of year-over-year increases in performance

and the impact that compensation has on performance. Organizations that take an interactive

view of the performance management process and ensure that compensation is just one of

many outcomes, which might also include promotion, new opportunities for learning and

development, and other forms of recognition, understand the importance of integrating

performance and HRIS to measure total compensation and rewards. Organizations that still rely

on a manual, semi-automated process as a once-a-year, meet-the-requirement tool will soon

realize that the war for talent and staffing shortages will make it necessary to approach pay-for-

performance as an integrated process.

Although almost all HR managers understand the importance of HRIS, the general perception is

that the organization can do without its implantation. Hence only large companies have started

using HRIS to complement its HR activities.

But HRIS would be very critical for organizations in the near future. This is because of a number

of reasons.

Large amount of data and information to be processed.

Project based work environment.

Employee empowerment.

Increase of knowledge workers & associated information.

Learning organization

RECOMMENDTIONS

1. To have a successful incentive compensation plan, an employer should establish the

plan with ongoing communication, manage the performance to ensure that the skill

needed for organizational success are being applied, evaluate performance so that

reviews are informative and link the assessment to financial rewards in a consistent

manner.

2. Pay for performance, or incentive compensation, is more effective with an accurate and

relevant evaluation process.

3. Compensation management and performance should always be tied closely together

and be aligned with company goals.

4. Any compensation changes should be communicated properly to employees so that

they know how they will be affected and are less likely to spread rumors around the

office.

5. Effective compensation management relies on the company’s existing philosophy and

the context for change.

6. Enterprise compensation management (ECM) technology is designed to simplify human

capital planning, management and compensation decision-making. Although its initial

cost is high, the return on investment (ROI) in strategic and financial results justifies the

expenses.

7. To make a business case for an ECM solution, one should identity an executive sponsor,

pin point existing compensation inefficiencies, quantify hard dollar productivity and

strategic benefits, and identify and prioritize the functional requirements and timelines

for development.

BIBLIOGRAPHY

The company’s existing database like past data record , files, forms , tables, ploicies,

method ,procedure.

www.issuu.com/sanjaykumarguptaa/docs.

Human Resource management books. ( ASWATHATA)

www.TCIindia.com

www.google.com

www.alstavista.com

http://www.alstavista.com/

http://www.google.com/

http://www.macmillanindia.com/

ANNEXURE

QUESTIONNAIRE

I am Deepak BansalVIthDstudent of Institute of management studies Dehradun doing the

survey on HRIS with reference to compensation and Benefit management, to fill full the

parietal requirement of inBACHELOR IN BUSINESS ADMINISTRATION

To find out the employees different opinion about compensation and benefit modules

questionnaire will be developed on the basis of which I have been developed compensation

and benefit modules in the organization. It will greatly influence on the further development

on this, also out come of this important to draw proper recommendation and conclusions.

Questionnaire on compensation and benefits

Name of the employee:

Designation:

No of years of experience:

1. Is module on compensation policy is satisfactory?

Yes No

2. Is development of module on variable pay is satisfactory?

Yes No

3. Is the analysis of compensation and benefits is satisfactory?

Yes No

4. Weather the compensation philosophy is satisfactory to the employees?

Yes No

5. Percentage of employees those who satisfactory and un satisfy with job evaluation technique?

Yes No

6. Is compensation administration is satisfactory to the employees?

Yes No

7. Weather the salary structure is satisfactory to the employees?

Yes No

8. Opinion about the compensation statistics.

Yes No

9. Is variable pay is satisfactory?

Yes No

10. Opinion of he employees about incentive plan module.

Yes NO

11. Is module on staff recognition is satisfactory?

Yes No

12. Weather module on benefits satisfies the employees?

Yes NO

Mahindra v Tci, Rudrapur[1]Deepak

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