Compensation Final Synopsis

7/29/2019 Compensation Final Synopsis

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A Study on

“COMPENSATION MANAGEMENT, AT BHILAI STEEL PLANT”

A Project Report Submitted for thePartial fulfilment of the requirement for the award of the degree of

Master of Business Administration (MBA)

Supervised By Submitted By

Dr. Harish Kumar Dileshwar singhRoll No.

2013Department of management studies

Guru Ghasidas Vishwavidyalaya, Bilaspur (C.G.)



Title of the project

“Compensation Management at Bhilai Steel Plant”

Objective of the study

The following are the objectives of the study:-

To find out the Current Compensation Policies.

To find the importance of Compensation policies

Impact of the Compensation in corporate sector.

How Compensation policies influence the organizations.

To study the procedure of formulating Compensation policies

Introduction

What is compensation management?

Compensation is payment in the form of hourly wages or annual salary

combined with benefits such as insurance, vacation, stock options, etc.

that can positively or negatively affect an employee's work performance.

An ideal compensation management system will help you significantly

boost the performance of your employees and create a more engaged

workforce that’s willing to go the extra mile for your organization. Such a

system should be well-defined and uniform and should apply to all levels

of the organization as a general system.. Plus you’ll enjoy clearer visibility

into individual employee performance when it comes time to make critical

compensation planning decisions. With effective compensation

management you’ll also enjoy clearer visibility into individual employee

performance when it comes time to make critical compensation planning

decisions. These performance appraisals assist in determining



compensation and benefits, but they are also instrumental in identifying

ways to help individuals improve their current positions and prepare

for future opportunities.

Why compensation management?

Compensation management is a key factor in attracting and keeping the

best employees and ensuring the competitive edge in an increasingly

competitive world, compensation and reward system play a vital role in a

business organisation. Human resource plays a significant role in bringing

about the process of business/ production, therefore, to except a fair shareof the business profit is only natural for the employees.

A fair compensation system will help in the following-

An ideal compensation system should encourage the employees to

perform better and achieve the standard fixed.

It should help in setting an ideal job evaluation and the set

standards would be more realistic and achievable.

Compensation system should be uniform and consistent.

It should motivate and give encouragement those who perform

better.

Components of Compensation System

Compensation systems are designed keeping in minds the strategic goals

and business objectives. Compensation system is designed on the basis of

certain factors after analysing the job work and responsibilities.

Components of a compensation system are as follows:



fig :- components of compensation system

Significance of the project

Important for both employers and employees to know their position

in the organization helps in discriminating the grades of the

employees.

Builds up a hospitality between the employers and employees.

Helps in stopping the disputes arising in the organization.

Helps in giving job satisfaction to the employees.

Helps the employees in making understand the importance of their

job role.



Research Methodology

Sources of data

Type of research

Tools for collecting primary and secondary data

Sampling plan

Limitations of the study

Chapter plan

Chapter 1-

Objectives of compensation

Elements of compensation

Compensation objectives and policies

Benefits of compensation

Compensation management process

Chapter 2- Company Profile

Mission

Vision

Credo

Manufacturing facilities

Corporate social responsibility

BSP Profile

Product-Mix

Flow Chart of Bhilai Steel Plant

Plant Level Policies

Quality Policy

HR Policy



Chapter 3- Data analysis and interpretation

Data analysis and interpretation

Chapter 6 -Suggestions and conclusion

Suggestions and conclusion

Annexure

Documents

Compensation Final Synopsis