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8/7/2019 About compensation
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REVIEW OF LITERATURE
INTRODUCTION:
If you go down to the root of any problem, you shall find HUMAN.- PETER F. DRUCKER
This saying is ever applicable to any situation, it is omnipresent and omnipotent.
Human Resources are recognised as most valuable asset for the development of
Organisations. The rapid social and technological change that is occurring, our
society is faced with acute human problems never before encountered. The
Organisations are becoming more complex and more competitive day-by-day.
Besides, work ethics and values and traditional work system warrants a change to
get a better yield.
So from the above table Compensation also plays a vital role in the functions of HR.
Compensation increases ones ability and increases motivation, which results in the
increase of Production, Profitability, and Goodwill of the organisation. This makes
company to provide compensation regularly which satisfies the individual employee
of the organisation.
CONCEPT:
According to Workmen compensation act 1923 Compensation means payment
by the Employer to a work man.
Ordinarily Compensation means payment for loss or injury to a person.
Eg. 1. Claims for injury suffered by accident,
2. Salary paid to an employee.
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CHAPTER - III
NEED FOR THE STUDY
In the present Globalised economy, everybody has realised Human
Resources as Assets instead of maintenance factors in any Organisation. Technology
plays a vital role in fulfilling the sea demands of people, but in the absence of
Personnel, Technology becomes wasteful and hence up-gradation of Technology is by
Personnel efforts, is pre-requisite.
As it is the only asset, which has the dynamic property, and when managed
properly yield optimum results synchronised synergetic effect and any change that
affects the productivity of Human Resources should be noted and rectified at proper
intervals.
In such a big Organisation, maintenance of records of personnel, grievances
handling, wage administration and other related jobs are well established.
Even though with the enhanced technology, and in the changing
technological scenario in all spheres, it is very difficult to get full information
regarding effective utilisation / administration of Human Resources.
It may very hard to quantify the performance of Personnel Department
unlike other functional areas viz., Production, Marketing, Finance, Planning, R&D.
Though it is essential to monitor the performance / effective functioning of HRD,
there is no yardstick to measure the performance of HR Department. But, assessing
some key areas of Human Resource Development, it could be possible to explore the
perception of the respondents, who are ultimately the employees of the Organisation
and they are best in reflecting the image of the HR Department in any Organisation.
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The study Compensation and benefit analysis of the organisation will be
very much helpful to the Top Management. The Overall performance of the
Personnel Department could be well quantified and would be helpful to all levels of
Management by knowing the current scenario prevailing in NLC.
Evaluation of the current trend can be made and the inferences drawn will be
helpful in arriving at the conclusion. Suggestions made in this study could be useful
in formulating and implementing the changes, if needed. Ways to improve the
existing process may be progressed by suitable actions. This study will throw light on
the areas, in which improvement has to be made and rectification of certain errors in
process may be set right.
Objectives:
To identify the compensation packages provided by the company.
Quantifying the employees attitude towards key parameters of Compensation
packages.
To arrive at an overall perspective of employees opinion over the
compensation packages.
To analyse the impact of demographic variables such as age, years of
experience, nature of work, educational background, designation etc.
To provide rational suggestions based on the results and findings of the study.
Scope and Limitation of the Study:
The study has been carried out in Neyveli Lignite Corporation Limited, a giant Public
Sector Enterprise consistently making profits and having approximately 19000
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employees. All categories of employees were considered for the sample, which is
drawn using convenience-sampling procedure.
The study with formulated objectives is aimed at measuring the
Compensation and benefit analysis of the organisation. The attitudes will be
measured with number of key parameters namely, Injuries when he met with an
accident | Age | Nature of work etc.
The study also explore whether there is any perceived differences in attitudes
of the employees on account of age, category of job, educational background,
income level, nature of job, etc., by making use of sophisticated statistical inferential
techniques. The study is likely to throw light on employees perception over the
Compensation and benefits they enjoy.
Limitations of the topic:
The study is about the measuring attitudes of the employees about the
compensation and other benefits they enjoy and its quantitative in nature. The
method of assessment is based on structured questionnaire. If the respondents have
pre-conceived notions over the HR Department, the study is not likely to provide the
original attitudes of the employees. The study is based on a disproportionate random
sampling which is used for collecting data. The estimates may not be having the
accurate information but still they provide a benchmark for further researches on the
topic.
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