Professional Documents
Culture Documents
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
DEEPAK BANSAL
(BB08188)
DEEPAK BANSAL
INTERNAL GUIDE CERTIFICATE
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)
Table of Content
s
ACKNOWLEDGEMENT....................................................................................................................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
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 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
Mission
Management Team
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.
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.
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.
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 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 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.
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
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.
The principle objectives of the study are to analyze the following aspects such as;
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
Sample size: A Selected sample size for the study would be 50 employees.
.Selected on a systematic sampling frame work.
DEFINITION:
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.
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.
G.OTHER BENEFITS
1. Leave benefits
2. Vacations and holidays
3. Recreation progra
ANALYSIS AND DESIGN OF COMPENSATION
AND 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.
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 GOALS
The principles on which the compensation system is based are:
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.
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.
B.INTERNALLY CONSISTENT COMPENSATION
STRUCTURE FOLLOWED IN TCI COMPANY
Max
Level 5
S
aS Level 4
la
al Level 3
ra
yr Level 2
y
Level 1
Min
Degree of Responsibility
Chart No. 1
LEVELS RESPONSIBILITIES
Level 1 Operational:
Office boys Filing, greeting guests, answering telephones.
Level 2 Operational:
Assistants and supervisors Planning and setting agendas, proper
supervision.
Level 3 Operational:
Officers and executives Team management, decision making.
Level 4 Operational:
Managers and assistant managers Decision making for projects, delegation,
leadership.
Level 5 Strategic:
Senior management 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.
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
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.
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.
ACCONTABILITY
Name of employee/id:
Department/Location:
Job title :
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).
Give examples of the skills, knowledge and /or expertise you consider are required to
perform the job effectivenress
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?
Please add any additional information points you wish to make (not covered elsewhere)
2. Scales reflecting each different degree within each factor are defined.
Examples: Know-how
1st degree: just knowing the basic skills of doing the job given
2nd degree: knowing the job in little more depth with additional skills.
3rd degree: knowing everything about the job and handling it perfectly.
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.
Chart No. 3
Market line
Salary
Min A
Pt 1 Pt 2 Pt 3 Pt 4 Pt 5 Pt 6 Pt7
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
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.
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
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.
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.
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.
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.
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
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.
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.
Date:
Congratulation Mr./Ms.you have won an Award for your very good
performance in the Field of for the year 2009-10.
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.
B.
Structure
Job Analysis
Evaluation Surveys
Pay Pay
Policies Structure
Individual Performance
appraisal
Pay
Implementation,
Communication,
Monitoring.
Employee Id:
Compensation statistics
Hours worked per week
Hourly rate
Annual salary
Total compensation
* 100
* 100
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
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.
Employee ID:
Were there any witnesses to the accident? If yes please provide name, address and
phone number.
3. Pension plans
HEALTH CARE BENEFITS
OTHER BENEFITS
1. Leave benefits
3. Recreation programs
*yes *no
(If no, list the three fiscal years (July – June) in which you earned the highest salaries.
(Other option: give a name of a beneficiary who would receive the benefit
20. Relationship:
21. Birth date:
Location / department:
Date of birth:
Marital status:
Single Married
Address:
Year of retirement:
Yes No
If No
I do not wish to be coved under any of the medical plans for the following reasons:
Dependent Information
Name:
Relationship:
Location/ Department:
Date of Birth:
Leave Designation:
*Neither
Paid Leave
Vacation
Maternity leave
Compensatory time
Sick leave
*Illness/ injury
*Medical appointment
Unpaid Leave
*Medical
*Personal
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.
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.
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
Figure 2
Drawn from the sample we can come to the decision that 87% of the employees are satisfied
in mahoindra logistics company and 13% of the employees are not satisfied with variable pay
techniques in TCI company
Figure 3
Drawn from the sample we can come to the decision that 95% of the employees are satisfied
in Mahindra logistic company and 5% of the employees are not satisfied with analysis of
compensation and benefit in TCI company
60
40 NO
20
YES
0
YES NO
Figure 4
Drawn from the sample we can come to the decision that 80% of the employees are satisfied
in TCI company and 20% of the employees are not satisfied with compensation philosophy in
Mahindra logistics company
Figure 5
Drawn from the sample we can come to the decision that 83% of the employees are satisfied
in TCI companyand 17% of the employees are not satisfied with job evaluation techniquein
Mahindra logistics
Figure 6
Drawn from the sample we can come to the decision that 83% of the employees are satisfied
in TCI company and 17% of the employees are not satisfied with compensation administration
process in Mahindra logistics company
Figure 7
Drawn from the sample we can come to the decision that 81% of the employees are satisfied
in TCI company and 19% of the employees are not satisfied with salary structure in Mahindra
logistics company
Figure 8
Drawn from the sample we can come to the decision that 80% of the employees are satisfied
in Mahindra logistic company and 20% of the employees are not satisfied with compensation
statistics in TCI company
Figure 9
Drawn from the sample we can come to the decision that 77% of the employees are satisfied
in Mahindra logistics company and 23% of the employees are not satisfied with variable pay In
TCI company
Figure 10
Drawn from the sample we can come to the decision that 86% of the employees are satisfied
in TCI company and 14% of the employees are not satisfied with incentive plan in Mahindra
logistics company
Figure 11
Drawn from the sample we can come to the decision that 80% of the employees are satisfied
in Mahindra logistic company and 14% of the employees are not satisfied with staff
recognition in TCI company
20
YES
0
YES NO
Figure 12
Drawn from the sample we can come to the decision that 92% of the employees are satisfied
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.
10. There are both monetary and non-monetary benefits, which are given.
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.
RECOMMENDTIONS
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
ANNEXURE
QUESTIONNAIRE
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.
Designation:
No of years of experience:
Yes No
Yes No
Yes No
5. Percentage of employees those who satisfactory and un satisfy with job evaluation
technique?
Yes No
Yes No
Yes No
Yes No
Yes NO
Yes No
Yes NO