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A Project Report on Thecompensation Analysis on Tata Motors

A Project Report on Thecompensation Analysis on Tata Motors

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Published by Abhishek Kumar

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Published by: Abhishek Kumar on Mar 29, 2013
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12/02/2013

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A PROJECT REPORT ON THECOMPENSATION ANALYSIS ON TATAMOTORS
Submitted By:-Rahul Patel
 
 COMPENSATION ANALYSIS IN MANUFACTURING INDUSTRIES INTRODUCTIONThe compensation package comprises of monetary and non-monetary benefits that includessalary, special allowances, house rent allowance, travel allowance, mobile allowance,employee stock options, club memberships, accommodations, retirement benefits and other  benefits. It may include a number of other benefits, including insurance, extended leaves and
retirement programs. Why… Why do companies need to give monetary or non monetary
 benefits to employees? What will they get in return? Will it have a positive effect on theorganizations performance? If yes, then how? Compensation; both monetary and non-monetary is considered to be important by the organization and employees for variousreasons such as:Increasing employee morale and motivation Improving performance of the employeesIncreasing productivity Enhancing employee efficiency Reducing employee turnover Commitment Retaining best employees Loyalty gained Helps dealing with union issuesOrganizational citizenship behaviour 
Compensation can be divided into two components: • Fixed This component takes care of 
Basic Pay, HR Allowance (HRA) and Dearness Allowance (DA). Flexible Under Flexible/Variable compensation we have the following: City Compensatory Allowance (CCA) Other Allowance Mobile Reimbursement / Month Educational Allowance Travel Allowance Gross per Month = Sum of all the above. Gross per Annum= 12*Gross/Month
 
PF Contribution= 12% of Basic/Annum Gratuity ESI Contribution (ESIC)= 4.75% of Gross/Annum Medical = The Mediclaim facility provided to an employee who are notcovered under Employee State Insurance (ESI). EX-Gratia/BonusThe total cost hence is as follows: Annual Fixed Gross Cost (AFGC) = Gross/Annum+ Ex-gratia Annual Total Cost = AFGC + PF+ ESIC Annual total cost is also called as CTC thecompensation an employee would receive from the organization. In this report fivemanufacturing companies based in India and abroad would be covered. These five are:Larsen and Toubro Mahindra and Mahindra Caterpillar Nokia Tata Motors Larsen and
Toubro: L&T’s engineering & construction track record consists of implementation of 
turnkey projects in major core and infrastructure sectors of the Indian industry includingmany of the country's prized landmarks - its exquisite buildings, tallest structures, largestindustrial projects, longest flyover, highest via ducts - have been built by ECC . ECCrecognizes that people are the real source of competitive advantage. These values arereflected in our Human Resources practices which have earned national recognition severaltimes. ECC-ites go through a process of continuous learning, assisted by training programmes. Apart from on-the-job training and technical training, over 100 programmes ongeneral management and behavioral topics are conducted each year. COMPENSATION Thegoverning theme in this organisation is the well being of employees. The salary and benefitsoffered are on par with the best available in Construction Industry.A few important perquisites & welfare schemes are highlighted below: Special Facilities for 
Site employees are provided. These special facilities include: • • • Subsidized
accommodation, Part furnishing of accommodation provided Free transport facilities for work.

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