Project Report On”

DECLARATION
I Pratiksha Borkakoty student of BBA (6th SEM), Skyline Business School
Gurgaon (Delhi), do hereby declare that this project report entitled,
“Study on Financial benefits of employees at Delta Energy Systems
Gurgaon” is my own work, to the best of my knowledge and belief. It
contains no material previously published or written by another person
nor material which to a substantial extent has been accepted for the
award of any other degree or diploma of any other institute, except
where due acknowledge has been made in the text.
I further certify that I have no objection and grant the rights to

SKYLINE BUSINESS SCHOOL to publish any chapter of the project if they

deem fit in journals/Magazines and newspapers etc. without my
permission.

Pratiksha Borkakoty
Roll No.SMU11MBA-1765
 ACKNOWLEDGEMENT
On the successful completion of the project, first and foremost I thank
God, the Almighty without whose blessings the project would not have
been a success.
I take this opportunity to express my sincere gratitude towards Ms.
Shelly Jain, senior executive HR at Hello Kids Wonder World for giving
me the opportunity to complete my training at Hello Kids Wonder
World, Gurugram.
I thank Mrs. Renuka under whose guidance I completed this project. I
would also like to thank all the others in the HR Dept. at Hello Kids for
being extremely co-operative and guiding me throughout my project.
I would also like to express my thanks to Mr. V. Subramaniam Director,
Skyline Business School for giving me an opportunity to gain practical
knowledge about corporate working through this project.
Not forgetting the guidance given by Ms. Priti Patwal regarding
corporate working which helped me during my training period at Hello
Kids for which I thank her.
Lastly special thanks to my family members for being extremely
supportive during my training period.

Pratiksha Borkakoty
 PREFACE
The well planned, properly executed and evaluated project helps both
the management trainee (student) as well as industry. The
management trainee gets first hand line industry experience of the
current corporate scenario, market condition and business
environment which are not available in the textbooks. With the help of
above tools, they develop themselves, as the perfect business
personality of future business would have excellence in all trade.
On the other hand, with the help of young blood and fresh brain full of
innovative thoughts ideas, industry came to know about current market
strength and weakness, competitor strategies, problem of customer
and service etc.
In this project my area of concern is to study: -
 Financial and Non-Financial benefits of employees provided by
Hello Kids.
TABLE OF CONTENTS
 EXECUTIVE SUMMARY

“PEOPLE” are the most important and valuable resource every

organization has in the form of employees. Dynamic people can make
dynamic organizations. Effective employees can contribute to the
effectiveness of the organization. Competent and motivated people can
make things happen and enable an organization to achieve its goals.
Human Resource can help deliver organizational excellence by focusing
on learning, quality, teamwork, and through various employee friendly
strategies. Today in lot of organizations in India, HR is coming up with
many employee centric benefit plans to make sure that employee feel
engaged and motivated.
In my project I have chosen one of the renowned Play School of Guru
gram “Hello Kids Wonder World” to study this important component of
employee life cycle. This is one of the best Play Schools in Old
Gurugram Region and No.1 Play School Chain in Bengaluru as well. They
are also one of the top No royalty Play School Chain in India.
This project has been accomplished in two parts:
 Day to Day working during internship period and understand the
detailing on HR and Admin policies and details of Hello Kids
 Collection of data through Interviews, Questionaries’ and regular
study of website details available.
 INTRODUCTION
Employee benefits are indirect means of compensating workers; employees
receive these benefits above and beyond their regular salaries or wages. Unlike
wages alone, benefits foster economic security and stability by insuring
beneficiaries against uncertain events such as unemployment, illness, and injury.
Furthermore, some benefit programs serve to protect the income and welfare of
families. A common distinction between direct forms of employee compensation,
such as wages, and indirect compensation, or benefits, is that the former creates
an employee's standard of living, whereas the latter protects that standard of
living. It also keeps the employee motivated, engaged and loyal to the
organization. Types of Employee benefits can be divided into few major groups:

Educational
Benefits
Retirement Employee
& Savings Incentive
Benefits Benefits
Employee
Benefits
(Mandatory &
Supplementay)
Health &
Family
Lifestyle
Benefits
Benefits
Governme
nt Benefits

Background:
According to Times of India (November 25, 2017), India aces in employee
benefits. Companies in India offer more and better benefits than those in the Asia
Pacific (APAC) region in general, says a study by Willis Towers Watson, the London
headquartered insurance brokerage company. The study which surveyed more
than 1,000 companies in APAC, including 100 from India (MNCs and India-
headquartered companies), said almost 70% of companies in India provide more
choice and flexibility around employee benefits, compared to 50% for the rest of
the companies in the APAC region.
Purpose and Objective:
The purpose of this project is to learn about employee benefits provided by
organizations that helps employees to feel engaged and motivated to work with
them for a long run. To study the same, I have chosen the employees of “Hello
Kids Gurugram (Haryana), so that I can understand all the benefits and services
provided by “Hello Kids Gurugram (Haryana)” to their employees. Along with that
the purpose is to understand and analyze the issues, grievances, challenges and
threats that are experienced by both employee and employer while working in
this organization. In my project, I will also investigate in detail about some
possible remedies that are recommended to avoid and control these issues in
near future.

About the Project:

This project is basically about the need of employee benefits and how it affects
the productivity of the employees. It is also about how these benefits keeps the
employee engaged with an organization for a longer time. It is a study conducted
on the employees of “Hello Kids, Gurugram (Haryana)” which is a playschool and
has its headquarters in Bengaluru. The issues that are faced by employees while
working are studied and creativity in cases of benefits provided is also discussed.
The study shows that Indian employees want their benefits to be flexible and
both employers and employees take it seriously. A literature review is given which
is made up of the combination of articles on “Employee Benefits” provided by
famous and renowned people. The objectives of the study are then discussed
along with the methodology of study. The methodology of study includes
techniques of sampling, scope of the study and others. The various sources of
data are also talked about in this study along with data collection and data
analysis tools. The entire study is divided into chapters in a convenient and
systematic fashion.
 Literature Review

Three Most In-Demand Employee Benefits

Of 2018
(April 17, 2018) by Tim Johnson, Forbes Councils Member
Many businesses make the mistake of thinking that a higher salary range is what
will get the most in-demand tech professionals in the door. Instead, the benefits
you decide to offer (or not to offer) could actually be the reason you’re losing out
on the most innovative and sought-after candidates. In fact, according to
Glassdoor’s 2017 employee benefits guide, 57% of candidates reported that perks
and benefits are among their top considerations when accepting a job. This
matters more for tech-based companies because the information technology (IT)
industry is one of the industries with the highest-rated benefits, which, given the
current tech talent shortage, means candidates are more likely to select the offer
that provides them with the benefits they want most. The good news is you don’t
need to increase your investment in your benefits package, you just need to
understand your employees better and rethink the limitations of your current
benefits.

Compensation or Right: An Analysis of Employee “Fringe” Benefit Perception

(Employee Responsibilities and Rights Journal, September 2000, Volume 12,
Issue 3)
by Barton L. Weathington, Lois E. Tetrick
Three factors that appear to influence the perception of benefits by employees
are benefit satisfaction, benefit importance, and the perceived motive of the
organization in providing the benefit to employees. However, it also appears that
some benefits are perceived as rights that are owed to employees by the
organization.
 Better Pay and Benefits Loom Large in Job Satisfaction Workers want to
recoup raises and bonuses missed during slow-growth years
by Stephen Miller, CEBS
The pick-up in economic growth over the past year has raised employees’
expectations of higher pay and richer benefits, new research by the Society for
Human Resource Management (SHRM) and other recent studies show. As SHRM
Online reported (“Survey: Respect at Work Boosts Job Satisfaction”), overall
employee satisfaction is at its highest level in 10 years, with 88 percent of
employees saying they are satisfied with their job. The findings are from SHRM’s
2016 Employee Job Satisfaction and Engagement survey, conducted in late 2015
and released on April 18. The top three drivers of job satisfaction cited were
respectful treatment of employees at all levels, compensation/pay and benefits.
More workers are looking to recoup raises and bonuses missed during the 2008-
09 recession and the years of tepid growth that followed a period also marke3d
by health care premium increases and reductions in employee benefits, the
findings suggest.

What Does It Cost To Replace An Employee? (April 8, 2011)

by Brian Roland, Abenity President & CEO
The purpose of providing employee benefits is ultimately to improve employee
engagement and retention which helps your business stay competitive in our
global marketplace. The key ingredient to increase loyalty in your organization is
employee engagement which seeks to invest your workers emotionally in your
organization. Of course, emotional engagement starts with a business mission
that your employees are excited about- an objective that inspires them to be a
champion for your brand and motivates them to bring their A-game each day. But
beyond that you drill down to the day-in-day-out tactics that make up the realm
of loyalty and recognition efforts by human resources. When you lose an
employee, it costs your organization. Think about the hours and dollars that go
into interviewing and rehiring, correcting operational inefficiencies, filling gaps
left behind, the missed opportunities, and the irreplaceable talent. It’s the misery
that you find yourself in when you end up on the losing side in the battle for
employee retention.
Problem Definition
Employee benefit itself has evolved through the ages of years passed by and it
also depends on what the organization and the work type it is associated with.
Below are the few core problems faced by the employees of Hello Kids, among
the many of the common problems discovered during analyzing or studying the
employees benefits of different organizations.

Statement of the Problem @Hello Kids Play School:

Several problems were seen while studying how the benefits offered to the
employees affect them and the administration. Offering and accepting the
benefits in a positive way may not seem to be an easy job after all. The most
common problems seen during the study are stated below:
 As Hello Kids is a Play School having less than 10 employees, hence Hello Kids
employees does not get the benefit of Provident Fund (PF) Contribution. PF is
not only a saving, it is also a security for many purposes where employees can
take loans based on their PF amount if there is a need in future related to
buying a property, medical need or a marriage in family.

 Many organizations now days provide medical security to their employees like
facility of group medical insurance for the employee and their dependents as
well. If the organization is small (>10) and the average salary of employee are
less, it is a mandate that company will have to get their employees enrolled
into ESIC facility. However, this is not applicable for Hello Kids Employees as
they are less than 10 in numbers. Complete medical care and attention are
provided by the scheme to the employees registered under the ESI Act, 1948
at the time of their incapacity, restoration of their health and working
capacity. During absenteeism from work due to illness, maternity or factories
accidents which result in loss of wages complete financial assistance is
provided to the employees to compensate for the wage loss.

 There are several other problems or complaints received from employees

during the study are non-availability of additional perks like Free Food, Car
Allowance (as school provide cab facility to employees), Additional Sick Leaves,
Additional Bonus and Incentives and Flexible Work Hours etc.
Goal of the Study:

 To understand how quality employees are retained through provision of

benefit policies.
 To examine what are the benefits that are provided to the employees of Hello
kids.
 The issues and challenges faced by the employees regarding benefits.
 To study how and to what extent the needs of employees are fulfilled, and the
employees are satisfied.
 To examine if the benefits prevailing in similar organizations are provided.
 To know if the provision of benefits to the employees enhances the image of
the organization in the eyes of people in general.

Limitations of the Study:

Every study or analysis has specific boundaries over which we do not have a hold.
Despite everything I have endeavor my level best to eliminate barrier, I still had
the following limitations as mentioned below:
 Since my study sample were the Employees of the school itself, so it was very
hard and challenging to catch their precise time for discussion for which I had
made a questionnaire and ask question from them as all of them were not
having time to fill it.
 Respondents were not ready to provide certain information and were a bit
apprehensive in filling the questionnaire fearing that their names will be
revealed.
Study Methodology
Definition of Population
A research population is also known as a well-defined collection of
individuals or objects known to have similar characteristics. All
individuals or objects within a certain population usually have a
common, binding characteristic or trait. In our study our population are
all teachers of Hello Kids Gurugram.
Scope of Study
Our scope of study is limited to the employees of Hello Kids Gurugram.
To obtain an idea about what benefits they are enjoying and what
benefits they look forward for or think should be part of Hello Kids, I
have undertaken this project and have conducted some Surveys and
some interviews for the teaching staff of this school to understand
these in detail.
Sampling Technique
The sampling technique that is used in this study is the Total Population
Sampling which is a type of purposive sampling technique. It is used for
studying the entire population as the population is small in number.
and had characteristics that are always common.
Sample Size
The sample size is 7 employees of Hello Kids and the uncommon
characteristic of our sample is that we have only picked the teaching
staff of the school for our study. This sample does not include the non-
teaching and administrative staff, and this is how the Total Population
sampling technique works.
 Sources of Data
Our study of and source of data is primarily divided into the categories:
Primary Data Source:
A primary data source is an original data source. That means, in this
source the data is collected firsthand by the researcher for a specific
research purpose or project. The most common techniques of
collecting primary data are self-administered surveys, interviews, field
observation, and experiments.
In our case, we have used Interviews and Data from Questionnaire as
our primary source of data.
Secondary Data Source:
Secondary data refers to data which is collected by someone who is
someone other than the user or the researcher. Common sources of
secondary data include research notes conducted by others, details
available on websites, textbooks, magazine articles etc.
In our case, our secondary data sources are exit interview details of
previous employees, details from Hello Kids Website and Other Articles
on Employee Benefits (Google).

Questionaries’
Result
Conclusion
Recommendation
About Hello Kids
Type of benefits in Hello Kids