Workers compensation issues scope, causes and solution HUMAN RESOURCE APPROVAL STATUS :

Submitted To: Ms. Megha Sharma Assistant Professor

Submitted By: Miss. NIKITA GARG 2nd Year 1142570036

DEPARTMENT OF MANAGEMENT STUDIES MEERUT INTERNATIONAL INSTITUTE OF TECHNOLOGY, MEERUT GHAT ROAD, NEAR SUBHARTI MEDICAL COLLEGE, NH-58, MEERUT

ABSTRACT
This research report is the result completed for the partial fulfillment of the MBA Program My project contains a comprehensive discussion on one of the major function of an HR Manager and that is Compensation Management. Human beings are a resource to an organization. Like any other material on economic resources they represent an investment whose development and utilization require managing. There is a fundamental truth in the clinch that people are an organizations most important asset Compensation Management is an integral part of the management of the organization. Compensation is a systematic approach to providing monetary value to employees in exchange for work performed. It may achieve several purposes assisting in recruitment, job performance, and job satisfaction. It is the remuneration received by an employee in return for his/her contribution to the organization. It is an organized practice that involves balancing the workemployee relation by providing monetary and non-monetary benefits to employees. It is a tool used by management for a variety of purposes to further the existence and growth of the company. It may be attuned according to economic scenario, the business needs, goals, and available resources. Compensation Management contributes to the overall success of the organization in several ways. To be effective, the managers must appreciate the value of competitive pay, their human resources, and have an investment view of payroll costs. We want to maintain pay levels that attract and retain quality employees while recognizing the need to manage payroll costs.

INTRODUCTION
Human Resource is the most vital resource for any organization. It is responsible for each and every decision taken, each and every work done and each and every result. Employees should be managed properly and motivated by providing best remuneration and compensation as per the industry standards. The lucrative compensation will also serve the need for attracting and retaining the best employees. Compensation is the remuneration received by an employee in return for his/her contribution to the organization. It is an organized practice that involves balancing the work-employee relation by providing monetary and non-monetary benefits to employees For other organizations, the goal of the compensation plan may be to attract qualified employees, to retain those employees, and to motivate employees to direct their efforts towards achieving the goals of the organization

OBJECTIVES
To study the effectiveness of compensation. To gain the practical experience in the industry. To study the scope of compensation To study the causes of compensation To study the solution of compensation

RESEARCH METHODLOGY

Research design: Sampling type : Sample Area : Sample size : Sample unit :

Descriptive convenient random sampling Meerut 50 2

SOURCE OF THEORETICALE FRAMEWORK

Books and Jason has concluded the factors that have relationship with work stress and life of executives. Moffitt and Karen Rogers have stated the modeling relationship of stress with job satisfaction, organizational commitment and turnover. Shane and Jon have studied the various factors that influence the performance of police people. Book ,Jason T. The relationship between life balance and work stress in corporate executive, Capella university, 2009. Shane and Jon M. Organizational stressor and police performance. The state university of new jersey-Newark, 2008.

BIBLIOGRAPHY BOOKS: 1. Chhabra T.N., Human Resource Management Concepts and Issues, 2. Dhanpat Rai and Co. 3. Mamoria C.B., Personnel Management. Sons Publication, New Delhi, 6th edition.

4. Gupta Dr. C.B., Human Resource Management, Sultan Chand and

5. Prasad L.M., Principles and Practices of Management, Sultan Chand and Sons Publication. 6. Kothari C.R., Research Methodology, Vishwa Publications, New Delhi

MAGAZINES:

Business World Business Today

NEWSPAPERS: Times of India

WEB SITES: www.groupmkm.com www.modi industries.com www.google.com www.citeHR.com

ANNEXURE
Personal Data Name: Designation: Department: Qualification:

Questionnaire

Employee Name Designation Age Gender Salary .. ..

1) Is the existing compensation system fair? (a)Strongly agree (b) Agree (c) Neither agree nor disagree (d) disagree (e) Strongly Disagree

2) Is it applied fairly? (a) Disagree Strongly agree (b) Agree (c) Neither agree nor disagree (d) disagree (e) strongly

3) Is there some flexibility to reward exceptional performance? (a) Yes (b) No

4) The company has an approach to pay & bonus positioning appropriately recognizes diff employee segments? (a) disagree strongly agree (b) Agree (c) neither agree nor disagree (d) Disagree (e) Strongly

5) The scope & intensity of the compensation services company provides are well defined. (a) Strongly agree (b) Agree (c) neither agree nor disagree (d) Disagree (e) Strongly disagree

(6) Does the system substantially reward performers over non performers? (a) Yes (b) No (c) Dont know

(7) The compensation function is structured for max effectiveness. (a) Strongly agree (b) Agree (c) neither agree nor disagree (d) Disagree (e) Strongly disagree

(8) Is the compensation system tied to the firms strategic goals? (a) Yes (b) No (c) Dont Know

(9) The management is able to communicate the compensation approach to their employees effectively? (a) Strongly agree (b) Agree (c) neither agree nor disagree (d) Disagree (e) Strongly disagree

(10) The managers make effective decision regarding pay & incentives? (a) Strongly agree (b) Agree (c) neither agree nor disagree (d) Disagree (e) Strongly disagree

(11) Is the system modified from time to time based on the changing needs of the firm? (a) Strongly agree (b) Agree (c) neither agree nor disagree (d) Disagree (e) Strongly disagree (12).which one type of provident fund is more beneficial for the employee? a. Refundable b. Non-refundable

(13).Compensation administration help to determine the require fund in present or future year through on which basis? a. Forecasting of number of retirement candidates. b. Determine total amount of salary or wages.

(14).compensation administrations a work of HR departments for doing this work efficiently other departments provide some information. a. Yes b. No

(15).Do your co-workers and superiors help you for receiving the claim of compensation? a. To some extent b. To a great extent c. .Not at all

(16). Are you capable of achieving the goals set for you through compensation administration? a. Consistently b. b .Occasionally c. Never