Backbone of The Indian Economy"

S
ACKNOWLEDGEMENT I
PREFACE ........................................................................................................ II
INDUSTRY PROFILE .................................................................................... III
ORGANISATION PROFILE ........................................................................... V
ABOUT THE COMPANY .......................................................................... V
PROJECT PROFILE ......................................................................................... 1
Chapter - 01: Introduction to Topic .................................................................... 1
Chapter - 02: Objective of the Study ................................................................ 16
2.1 Background of the study ....................................................................... 16
2.2 Broad objective .................................................................................... 16
Chapter-03: Research Methodology ................................................................. 17
Chapter-04: Data Collection and Analysis ....................................................... 19
Chapter - 05: CONCLUSION .......................................................................... 38
REFERENCES ................................................................................................ 40
ANNEXURE ................................................................................................... 41
NDUSTRY PROFILE
The Indian steel industry – “Backbone of the Indian economy”
The Indian Steel Industry has been around for approximately 100 years. The Indian steel
industry functioned in a controlled environment up to 1990, with large-scale capacity and
protected markets allocated for the state sector. SAIL and Tata Steel were the dominant
producers, and production and pricing were set and regulated by the government. TISCO built
the first fully integrated steel factory in Jamshedpur in 1907. Since that time, the Indian steel
industry has grown to become one of the country's key economic sectors, having a big influence
on economic development.
The Indian economy experienced considerable turmoil in the 1990s. Numerous domestic and
private actors joined once the economy was liberalized in 1992, providing new capacities,
particularly between 1990 and 2005. During the previous decade, the Indian steel industry
underwent significant change as it integrated with the global economy and used top-tier
manufacturing technologies to create steel of the highest quality. Over Rs 25000 crores have
been invested in Indian steel since 1990.
The worldwide steel industry experienced a crisis between 1997 and 2001 as a result of a
mismatch in supply and demand, unprofitable pricing, and the erosion of bottom lines. Industry
growth resumed in 2002. India has been a net exporter for the past several years and
manufactures steel that is nearly universally recognised as being of international standard.
Global Scenario: Only a few tonnes of stainless steel were produced globally in 1913. In
1938, it was at 0.6 MT, and by 1963, it had risen to around 2.5 MT. In 1986, it surpassed the
10MT threshold. Right now, steel is produced and consumed mostly in China.
New Steel Strategy: The government has developed a draught national steel policy that sets a
production goal of over 110 MT by the year 2020 in order to fulfil rising local and global
demand.
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The National Steel Policy's main goal is to establish the right circumstances for India's steel
industry to become fully integrated on a global scale and to expand its production base.
In order to promote the development of the sector, it also intends to address other challenges,
such as the need for a sufficient road and rail network and mine-specific infrastructure. To
move the anticipated amount of inputs and outputs, expand the capacity of current ports and
construct new ones on the east coast.
Primary and secondary industries make up the Indian steel industry. The primary industry
includes a number of significant integrated steel manufacturers that create billets, slabs, and
hot rolled coils. The secondary sector consists of small companies that manufacture high-
value products including sponge iron units, cold-rolled coils, galvanised coils, angles,
columns, and other re-rollers. Both businesses cater to different market sectors. Based on
ownership, the Indian steel industry is primarily divided into private and public sector firms.
Compared to the private sector, which dominates production and is responsible for more than
78 percent of the output of finished steel, the public sector makes better use of its capacity. In
comparison to the global steel industry, the steel industry in India is more closely connected.
MAJOR PLAYERS
The following firms are the largest steel producing companies in India with
capacity of above 1MT and are referred to as Integrated Steel Produces (ISPs):
Revenue
Production
(Rs In Crores)
Industries Fy 21-22 (MTonnes) Locations
Steel Authority Of India Bhilai, Bokaro, Burnpur,

Limited (Sail) 103,476 26.33 Durgapur and Rourkela
Tata Steel 243,959 34 Tata Steel
Jindal Steel and Power 51,085 8.1 Raigarh, Angul, Patratu
Rashtriya Ispat Nigam Rashtriya Ispat Nigam Ltd.

Ltd. (Vizag Steel) 28,008 5.2 (Vizag Steel)
JSW Steel Limited 146,371 17.62 Mumbai
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ORGANISATION PROFILE
ABOUT THE COMPANY
Sky Alloys And Power Private Limited is a Private incorporated on 19 May 2009. It is
registered with the Chhattisgarh Registrar of Companies and is categorized as a Non-govt.
Company. The Corporate Identification Number (CIN) of Sky Alloys And Power Private
Limited is U27100CT2009PTC021184. The registered office of Sky Alloys And Power Private
Limited is at Plot No. 16, House No. 15/1049, Choubey Colony, Raipur, Chhattisgarh.
Sky Alloys & Power Private Limited (SAPL) is a company with interests in mining,
sponge iron, Ferro chrome, and the manufacturing of steel and steel products. The driving
factors behind SAPL's amazing success have been an entrepreneurial spirit and the capacity to
recognize long-term trends. By expanding its manufacturing capacity, diversifying its
investments, and using its core competencies to expand into new markets, SAPL has
successfully taken advantage of new possibilities along the road. And that has equipped the
business for success both now and in the future.
Steel infrastructure: With its factory in Raigarh, Chhattisgarh, SAPL has surpassed the
production capacity of 1.20 MTPA, exceeding the level of steel producing. The company's
product line also includes Hot Rolled Parallel Flange Beams and Columns, Rails, Channels,
Plates, Cathode Bar, and Continuously Cast Products, such as Billets/Blooms, Beam Blanks,
Rounds and Slabs, Metallic, and Ferro Alloy.
H-Beams and Columns: In medium and large sizes, SAPL has been manufacturing Hot Rolled
Parallel Flange Beams (H-beam) and Columns. These H-beams and columns are regarded as
the strongest, safest, and most stable by structural engineers, architects, and construction firms.
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Sponge iron: SAPL has a facility for producing sponge iron that makes use of locally created
rotating kilns.
Ferro chrome: Ferro chrome is a crucial ingredient needed in the production of stainless and
special steel. At the Submerged Arc Furnace, chrome ore, coke, coal, and quartz are
continuously melted to produce Ferro chrome (SAF).
CSR Initiative: SAPL has committed itself fully to the cause of upliftment of underprivileged
neighborhoods close to the plant from the very outset. To enhance the lives of the
impoverished, the firm has hired a lot of programmers.
Plant
Details Production Capacity
Configuration
1. Sponge Iron through DRI Kilns 4 x 100 TPD 1,20,000 TPA
Billets through Induction Furnace with

2. 3 x 10 MT 1,00,000 TPA
Concast
Rolled product such as TMT

3. 1 x 300 TPD 1,00,000 TPA
bars / Structural Steels through Rolling Mill
FeMn – 30,000 TPA

Ferro Alloys through
4. 2 x 9 MVA FeSi – 9,600 TPA SiMn –
Submerged Arc Furnaces (FeSi, SiMn, FeMn)
21,700 TPA
WHRB based 4 x 2 MW 8 MW
5. Power Plant (55 MW) 1 x 12 MW &

FBC based 47 MW
1 x 35 MW
Mission
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“Optimum utilization of resources using sustainable environmental friendly practices”
Vision
“To become a highly respected organization that improves the quality of life for all
stakeholders by sustainable business and industrial growth.”
Industry: Steel
Email: skyalloys@yahoo.in
Phone: 0771-4046097
Founded: 19 May 2009
Specialties: Steel manufacturer
Type: Partnership
Location: Raigarh, Chhattisgarh
Head Office: Plot No. 16, House No. 15/1049, Choubey Colony, Raipur, Chhattisgarh.
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SWOT Analysis of the Company
A SWOT analysis is a strategic planning and strategic management approach that helps to
determine a person's or an organization's Strengths, Weaknesses, Opportunities, and Threats
(SWOTs) in connection to business competitiveness or project planning, strategists use a
SWOT analysis. It is also known as a scenario analysis or situational evaluation. In order to
determine a person's or an organization's Strengths, Weaknesses, Opportunities, and Threats
(SWOTs) in connection to business competitiveness or project planning, strategists use a
SWOT analysis. It also goes by the titles of scenario evaluation and situational analysis.
Strengths
1. Availability of iron ore and coal.
2. Low labor wage rates.
3. Abundance of quality manpower.
4. Mature production base.
Weaknesses
1. Unscientific mining.
2. Low productivity.
3. Coking coal import dependence.
4. Low R&D investments.
5. High cost of debt.
6. Inadequate infrastructure.
Opportunities
1. Unexplored rural market.
2. Growing domestic demand.
3. Exports.
4. Consolidation.
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Threats
1. China becoming net exporter.
2. Protectionism in the West.
3. Dumping by competitors.
ANALYSIS
Over the past ten years, the steel sector has grown significantly, with Indian firms becoming
global participants and India turning into a net exporter of steel as Indian exports increase.
Despite this, India still accounts for a tiny portion of global steel commerce and consumption.
Even while India might not overtake the United States as the global steel market leader, it has
the potential to grow into a significant force.
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PROJECT PROFILE
Chapter - 01: Introduction to Topic
Compensation is based on their coworkers and industry norms.. It's not always possible to fully
compensate employees in a satisfactory manner. However, it's crucial to take it into account
when employing new employees or raising the pay or salary of current employees.
Employees must receive fair compensation for their labor, abilities, and knowledge. In order
to recruit and retain the best people and to maintain the organization's competitive advantage
in a market that is becoming more and more cutthroat, compensation is a crucial consideration.
Employee resentment over pay can result in absenteeism, turnover, job resentment, subpar
performance, strikes, and grievances. The majority of labor-management disagreements centre
on pay.
Compensation can range from income or compensation to anything that improves the health,
mind, and overall well-being of employees. Non-monetary remuneration refers to pay that is
not monetary in nature and may be customized to the employee's preferences. Here it is: Bonus,
reward, recognition, role in decision making, discounts, training in other business sectors,
work/life balance, and benefit packages are some examples.
Many organizations tie employee pay directly to work performance by combining incentive
packages with wages. Bonuses and profit-sharing schemes, for example. This assists
employees in aligning their professional goals with those of the organization, while also
recognizing and incentivizing top achievers.
Wages, pay, or basic compensation should be determined in accordance with government
regulations. The worker should be paid on time by the firm. There will be no more wage
payments delays. If an employee works extra, the firm will pay the bonus on time. If the firm
has regulations that pay for work, then pay for the real job that the person does. If the payment
mechanism is time-based, then keep track of the time.
Compensation advantages and packages for themselves based on the amount of money saved
on the costs of selection, recruiting, and training of new workers and staff. Compensation also
ensures that businesses comply with labor rules such as the Labor Act and the Equal Pay Act.
1.1 Compensation Objectives and Policies
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Compensation goals should support the efficient use and management of a company's human
resources while also advancing the organization's overarching goals. Therefore, a
compensation programme needs to be customized to an organization's and its employees'
needs.
Organizations frequently have very clear objectives for their remuneration scheme.
Managers can use formalized compensation goals as a guide to make sure that pay and benefit
policies serve the intended purpose. The following objectives of compensation policy are more
typical:
1. To honor previous performance of employees
2. To ensure employee pay equity
3. To keep the labor market competitive
4. To inspire employees' future performance
5. To keep the budget in check
6. To recruit new hires
7. To lessen needless turnover
Policies must be set to direct management in making decisions in order to accomplish

these aims. The following is often included in formal announcements of pay policies:
1. The organization's pay scale and if it will be above, below, or at the going rate in the
neighborhood.
2. The pay program's capacity to win employee acceptance while inspiring workers to give
their best effort
3. The salary scale at which employees may be hired as well as the wage gap between junior
and senior personnel
4. The frequency of salary increases and the degree to which merit and/or seniority will be
taken into consideration when determining raises
5. The pay scales need to help attain a sound financial position in respect to the given goods or
services.
Early on in the process of managing compensation, policies must be set.
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1.2 Benefits of Compensation
Today's workers expect "extra" and are not content to labor solely for pay. Employee benefits
are the name for this perk. Employee benefits, also referred to as fringe benefits, are non-
financial forms of payment provided in addition to cash wages to improve the lives of
employees.
What advantages would you provide to your staff? Of course, you would provide the
salespeople and the receptionist with various advantages. When choosing who should receive
what benefit and on what grounds, problems will always arise. Employee perks are
membership-based rather than performance-based. Benefits are given to employees regardless
of how well they perform. Overall, employee perks do not directly influence employee
performance, but inadequate benefits do raise absenteeism and turnover rates and lower
employee satisfaction (De Cenzo and Robbins; 2007).
Consequently, your benefit package would need to be properly created. Each employee may
receive a cell phone as part of your package, and other options could include taking them to a
training session or seminar, giving them a day or two off each month, etc. Do take the
accompanying costs into account while choosing the benefits package.
1.3 ADVANTAGES OF COMPENSATION
1.3.1 Advantages to Organization:
An effective wage and benefits strategy may help your business recruit, inspire, and keep talent
(which is my Wear). The Organization will gain from a well-designed compensation & benefits
plan in the following ways.
1. Job satisfaction: Employees will be satisfied in their positions and want to stay with you
if you pay them fairly for their services.
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2. Motivation: Each of us has various needs. Because we desire money and they do, some of
us work at the company that pays them more. Some people value achievement more highly
than money, and they opt to work for organizations that provide them greater chances for
professional development, education, and personal progress. Employees are more likely to act
as expected if their needs are met by their compensation structure.
3. Low Absenteeism: Why would someone want to skip the day and watch their least favorite
TV show at home if they are happy with their work environment, their pay, and their access to
everything else?
4. Low Turnover: If you provide your employees fair compensation, would they want to work
for any other boutique? Rewards they believed they deserved, don't they?
1.3.2 Advantage to Employee:
1. Peace of Mind: Your ability to provide a variety of insurance options to your employees
allays some of their worries. As a result, your employees are now more at ease as they work.
2. Increases self-confidence: Every person wants their efforts to be recognized. If they receive
fair compensation, workers become more and more confident in themselves and their skills.
They consequently perform at a higher level.
1.4 Compensation Model
The Compensation model should be closely knitted with following three elements i.e.
 Management Strategy.
 Compensation Plan Design.
 Performance.
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1.4.1 Types of Compensation
This pertains to the fundamental purpose of any business, its aims and goals, i.e., the
enterprise's vision and mission, for which human resources are engaged, and the compensation
the organization gives to its staff to keep them motivated to achieve those specified objectives
in an affordable way.
The management of benefits and compensation is a crucial responsibility of organization with
global operations. Employee compensation is crucial to recognize their contribution to the
company's business operations. The term "compensation" refers to all financial benefits that
employees receive. It starts with the job they have. It has a big role on both the employee's
personal and professional life.
It comes with a hefty price tag for the managers. Organizations use compensation as one of
their primary human resource management methods. An company must make sure that its pay
system is not an island unto itself if it wants to get its money's worth and motivate and retain
qualified workers. It is crucial for a company to connect compensation to its overarching
objectives and plans, and for its pay scheme to be in line with its human resources plan.
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1.5 Compensation Management Process
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COMPESATION
BASE SUPPLEMENTRY
WAGES & FRINGE

SALARY BENIFITS
1.5.1 Base
Compensation
Wage and Salary
The term "wage" refers to compensation for workers who perform creative or bodily labor.
Unskilled personnel are thus compensated with salaries for the services they render to the firm.
These pay scale options include hourly, daily, weekly, and even monthly. However, the
definition of "pay" in most contexts includes compensation for office workers, foremen,
managers, and professional and technical staff.
Typically, it is paid on a weekly, monthly, or annual basis. As a result, the time period for
paying salaries is typically longer than for paying wages.
The amount paid may depend on the quantity produced (i.e., a piece-rate system) or the amount
of time spent working. But salary is always based on time spent on the job. Where it is
challenging to assess an employee's output, a salary is paid as compensation. Wages and
salaries make up a large element of how businesses are run.
1.5.2 Supplementary Compensation
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Fringe Benefits
To retain personnel over the long term in modern firms, supplementary compensation is used
in addition to base pay. Supplementary pay includes "fringe benefits" such as lodging,
discounted meals, medical assistance, a daycare centre, and other services provided by various
employers. In the business world, supplemental pay has been referred to by a variety of names,
including "service programmes,""employee benefits," and "hidden payroll."
The basic purposes of fringe benefits or supplementary compensation are: -

(i).To brings in and keeps effective human resources for the company.
(ii). To encourage the workforce..
1.5.2.1 Types of supplementary Compensation
All employee expenses that go beyond ordinary base pay and directly variable remuneration
tied to output are referred to as fringe perk. Edwin B. Flippo claims that fringe benefits can
include the following:
a. Payment for time not worked : Examples in this field include paid lunch breaks, paid
rest breaks, paid get-ready breaks, paid clothes-change breaks, paid wash breaks, paid
holiday breaks, paid sick days, paid personnel leaves, paid voting breaks, etc. The variety
of new excuses for avoiding working for money seems to have no end.
b. Hazard protection: There are numerous risks that someone could encounter. The goal of
fringe benefits is to maintain income throughout this time while protecting against the risks
of disease, injury, debt, unemployment, permanent disability, old age, and death.
c. Employee Services: Large organizations regularly provide services to some of its
employees, including housing, food, medical care, recreation, and so on. They offer
extracurricular benefits such cafeterias, career counseling, educational assistance, housing
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assistance, medical services, low-cost loans of company vehicles for staff usage, daycare
facilities, and paid membership in particular professional organizations.
d. Legal payments: In the majority of nations, the government has passed a number of laws
to protect workers from the major risks in life. Payments under this category may include
layoff or unemployment benefits, employee insurance, old age benefits under social
security, etc.
Over the years, there have been several additions to the list of fringe benefits, and the cost of
such programmes has frequently equaled or even surpassed that of base pay for employees.
Because of this, the term "fringe" is no longer considered appropriate and has been substituted
with phrases like "employee benefits" and "employee services."
1.6 Incentive Wage Plans
Earnings are tied to productivity through incentive pay, which may include premiums, bonuses,
or a range of rates to reward exceptional performance. The incentive programmes thus provide
the allure of further compensation for increased productivity or efficiency. Incentive wage
plans are popular alt over the world and are used extensively for raising productivity. They
include the possibility of variable compensation based on either individual or collective output.
Any incentive program's primary goal is to boost output by providing workers with an incentive
in the form of higher pay. An effective strategy must include a minimum guaranteed wage
based on an hourly rate as well as additional compensation for higher output.
In other words, an incentive plan must cover the elements of time-based and output-based
salary payout schemes. These days, industrial organizations use many different kinds of such
plans. But first, let's go over the advantages of incentive plans before we talk about these
programmes.
1.7 Kinds of Incentive Plans
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Plans for incentives might be either production- or time-based. A standard time for completing
a task is established under time-based incentive systems. The basis for awarding bonuses to
employees who meet or surpass the benchmark is a standard time. If a worker completes a task
quicker than is typical, that person is considered to be efficient. He may receive a bonus under
a suitable incentive plan as compensation for his efficiency. The key time-based incentive plans
include:
 Halsey Plan
 Rowan Plan
 Bedeaux Plan
In accordance with the production-based incentive schemes, a standard of output is established

on a scientific foundation, and salaries are paid according to the quantity of units a worker
produces. The productive employee receives a greater rate per unit of work.
1.7.1 Halsey Premium Plan
The Halsey premium plan is a straightforward fusion of time-based and speed-based payment
methods. Every employee is entitled to a minimal time salary under this arrangement. A regular
time is established for the job's completion. A bonus is provided to a worker who completes
his work in less time than is required. However, there is no penalty if the task is completed
earlier than the allotted time. The time pay is paid to the slow worker, and a bonus is also paid
to the efficient worker. The bonus is calculated as a percentage of the wages he could have
made in the period saved.
Merits of Halsey Plan
 Halsey's plan is pretty easy to comprehend. Payroll may be calculated with ease.
 Time saved benefits both the employee and the employer.
 Every employee is guaranteed a minimum pay under the Halsey plan.
 It motivates employees to be effective since doing so is rewarded with money.
Demerits of Halsey Plan
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 The workers only receive 50% of the benefits from their efficiency, not the entire amount.
 Workers could rush through their work, which could lower the calibre of their output.
Increased waste and ruined work are also possible.
 It is necessary to keep a variety of records pertaining to each employee's time spent in the
area.
 Setting standard times for distinct jobs may be challenging.
1.7.2 Rowan Plan
The Halsey plan has been altered by the Rowan plan. Additionally, it prevents penalizing a
slow worker and guarantees the minimal time wages. A standard time is set for a task's
completion, and a worker receives a bonus based on the amount of time they saved. In this
case, the bonus is that amount of the hourly pay that the time saved relates to standard time.
Thus, efficiency is assessed using,
Savings in time/ Standard time
The bonus would rise at a decreasing rate as the amount of time saved increased and the amount
of time taken decreased. This will prevent excessive speeding and fix the Halsey Plan's main
flaw.
Merits of Rowan Plan
 Every employee is guaranteed a minimum wage, and if they are more productive than
average, they will receive bonuses at a decreasing rate. This ensures they don't overwork
themselves and uphold standards.
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 This plan is advantageous to both efficient workers and employees.
Limitations of Rowan Plan
 The workers find it difficult to comprehend this plan.

 It discourages very efficient workers. Employee bonuses are given out at a decreasing rate
when saved time exceeds 50% of standard time. Therefore, it is discouraged for a worker
to save more time than 50% of the normal time.
1.7.3 Bedeaux Point Plan
The minute is the time unit designated as the standard minute and calculated as Bedeaux point
B in this scheme. The operating and resting times are taken into consideration when calculating
the Bs. As a result, B can be defined as a minute's worth of work plus a minute's worth of
relaxation that always add up to one. After conducting a time and motion research, the standard
time for each job is determined and stated in terms of B. The number of Bs permitted to finish
a task determines the standard time for that task.
Therefore, if a project requires 5 hours of standard time, it will be stated as 300 Bs. The
personnel who can't or can only finish the job in standard time are paid at the regular time rate.
If someone is able to finish their work earlier than expected, they will receive a bonus
equivalent to the wages for the time saved, as shown by the excess of B points over the actual
time required.
In most cases, the worker receives a bonus equal to 75% of the salary for the time saved. The
foreman receives the final 25 percent.
Benefits of Bedeaux Point Plan
 Even if they are unable to finish their work by the deadline, employees are still promised
a minimum salary.
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 The foreman is encouraged to increase worker productivity since he receives one-fourth
of the salary for time saved.
 When a worker is required to accomplish a variety of tasks, the Bedeaux point scheme is
appropriate as well. This is true since the jobs can be broken down into B standard pieces.
1.8 The Bases for Compensation
The majority of corporate, governmental, and non-profit organizations have historically paid
their workers on an hourly basis. It is known as hourly or day work in contrast to piecework,
when workers are paid according to the number of units they create. But when it comes to
determining employee remuneration, hourly employment is significantly more typical than
piecework.
1. Payment Of Wages Act 1936
2. Employee Compensation Act 1923
3. The Minimum Wages Act, 1948
1.8.1 Payment of Wages Act 1936
This is applicable to a person employed in a factory, whose wage do not exceed

Rs.10, 000/PM
The act provides mainly:-
i. Responsibility of payment on employer.
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ii. Fixation of wage payment and Time of payment of wages.
(a) No wage period shall exceed one month .
(b) Where the number of employees not exceed 1000 before 7th day of next month and in above
1000 employees by 10th of next month.
iii. Authorized deduction fines, absence, damage/loss of goods house accommodation,
amenities and services, recovery of advance, cooperative societies ,LIC and, Trade Union
contribution (on authorization), Insurance premium of fidelity guarantee bond, etc.
1.8.2 Employee Compensation Act 1923
Compensation to be payable to employee / dependent if the personal injury is caused resulting

disablement / death of the employee in an accident arising out of and or in course of
employment.
In case of death, the amount of 50% of the monthly wages of diseased employee multiplied by
the relevant factors or an amount of Rs.120, 000 whichever is more.
In case of permanent disablement an amount equal to 60% of the monthly wages of injured
employee multiplied by the relevant factors or an amount of Rs.140, 000 whichever is more.
In case of permanent partial disablement, compensation will be in such percentage as specified
in Schedule-1.
In case of permanent temporary disablement, half monthly payment will be given amounting
25% of the monthly wages.
All calculation will be made maximum Rs.8000PM.
1.8.3 The Minimum Wages Act, 1948
In accordance with Indian labour legislation, the Minimum Wages Act of 1948 establishes the
minimum wages that must be provided to both skilled and unskilled labourers.
According to the Indian Constitution, a "living wage" is the amount of money that a worker
must earn to maintain a minimal quality of living, including good health, dignity, comfort, and
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education, as well as to cover any unexpected expenses. However, the constitution has
specified a "fair wage" in order to take into account an industry's ability to pay.
A fair salary is one that takes into account the capacity of the industry to pay while also
attempting to raise employment levels. According to public opinion, the government should
set an annual wage change like other nations do because of unfair attention given to the
decades-old regulation, which is currently being misused by large corporations to underpay
their employees.
1.9 Compensation Theories
1.9.1 Reinforcement and Expectancy Theory: According to this notion, an employee will
repeat actions for which he has already gotten praise since reward-earning conduct is likely to
be repeated.
Similar to this, the employee is driven to complete a given work in the case of Vroom's
Expectancy Theory if he is certain that performance will result in a clear reward or
consequence.
1.9.2 Equity Theory: According to this principle, the pay scale used to determine an
employee's salary should be fair or consistent. If an employee believes his salary does not
reflect the quantity of labor he accomplishes in a day, lower productivity, more turnover, and
increased absenteeism will result. The compensation system should take into account the three
main forms of equity.
Internal Equity: Based on the nature of the work involved, the employee evaluates the fairness
of the pay differences between positions, thus he must believe that these pay differences are
reasonable.
A. External Equity: The employee should believe that their pay is fair and in line with
what other companies in the same industry are paying their staff members for similar
jobs.
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B. Individual Equity: Employees inside the same organization who are performing the
same type of work are paid differently, according to the employee. Regardless of the
type of profession, a person with greater experience often receives higher pay than a
fresher.
1.9.3 Agency Theory: According to this idea, the employer and the employee are both
corporate stakeholders, and the compensation given to the employee represents the agency cost.
The employee, in contrast to the employer, will make an effort to raise the agency fee. As a
result, the compensation should be set up to reflect the interests of both parties. These ideas
claim that an employee's income or compensation may be dependent on their conduct or
performance.
Chapter - 02: Objective of the Study
2.1 Background of the study
Many individuals take their compensation for granted. It is an important organizational tool.
Compensation is crucial in connecting employee behavior with corporate goals. Man, Material,
Machine, and Money have been the four Ms of company management since the industrial
period. Among them, man is regarded as the most essential factor influencing organizational
effectiveness and efficiency.
2.2 Broad objective
Sky Alloys & Power Private Limited’s compensation administration to obtain experience in
the real world. Compensation has four primary goals: predicting employee effort, luring
exceptional hires, keeping top performers, and inspiring employees. To learn about the
advantages. Sky Alloys & Power Private Limited's compensation procedures.
2.3 Specific Objective
 To study if there is a significant difference in the views of employees on the basis of

various categories of demographics regarding compensation practices of Sky Alloys &
Power Private Ltd.
16 | P a g e
 To know the overall employees satisfaction for compensation practices of Sky Alloys &
Power Private Ltd.
 To know the various Compensation Practices of Sky Alloys & Power Private Ltd.
On the basis of the above mentioned objective given below hypothesis has been formulated.
H0: There is no significant difference between views of Employees on the basis of various
categories of demographics regarding the Compensation Practices of Sky Alloys & Power
Private Limited.
Chapter-03: Research Methodology
3.1 Type of Research: Descriptive Research
Descriptive research includes various types of surveys and fact findings. The primary goal of
descriptive research is to describe the condition of circumstances as it is at the moment. As it
will describe facts and other characteristics associated with employees of Sky Alloys & Power
Private Limited. The study is descriptive in nature where the data was collected through a well-
structured Questionnaire and Interview
Sample Size: A sample size of 60 Employees was selected for the purpose of the study.
3.2 Data Description
Documents, yearly reports, archive records, and observational data were used to gather data.
Open-ended interviews and observation are the primary data sources I had to spend a lot of
time with the factory's personnel and the system to figure out the inefficiencies. Sky Alloys &
Power Private Limited was where the study was carried out. It is difficult to express in detail
the wide aspect of defining the study's scope. I received a lot of assistance in writing the report
from the human resources division, though. However, it was somewhat challenging to learn
some information because of some confidential resolutions.
3.3 Ways of Data Collection
17 | P a g e
3.3.1 Primary Data:
Primary information gathered in-person to offer Sky Alloys & Power Private Limited
Companies' employees and benefits package. It is the methodical gathering of data via
surveys directly from respondents.
 Discussion with senior executives, executives, and the HR Manager.

 Interviewing the worker and the employee.
 Maintenance of daily notes.
3.3.2 Secondary source of Data:
Some secondary information was gathered from several sources. This data was used to create
the report.
 Sky Alloys & Power Private Limited's policy book.

 Different Sky Alloys & Power Private Limited documents and manuals.
3.4 Information Processing Methods:
I used primary and secondary research sources to give this report meaning and a professional
presentation. The majority of the data I gathered came from my job and observational
experiences. My personal experience, observations, and an unstructured interview provided the
primary data. As opposed to this, secondary data has been gathered through the internet, various
publications, and routine reporting.
Statistical Tools Employed:

Jamovi was the statistical software used to analyze the data in the current study. Jamovi was
used to validate the data collected from respondents.
The tools mainly used for this study are:
 Percentage Analysis
 T-test
18 | P a g e
 ANOVA Test
3.5 LIMITATIONS
Every attempt has been taken to make this Project error free and obtain meaningful results but
no study is flawless or inclusive of all possible aspects. I believe that there will be chances for
error on account of following limitations-
 Insufficient time for doing the study.
 Limited access to data
 There may be errors due to biasness of respondents
Chapter-04: Data Collection and Analysis
4.1 Data Collection
Nowadays, everyone uses the questionnaire survey method for data collection. So I also applied
this technique here.
A scale's content is evaluated subjectively yet systematically to see how well it corresponds to
the current measuring job. The literature, database, annual report, text, employee, and staff
were used to develop the questionnaire's contents for this purpose, as well as books.
4.1.1 Salary and Wage:
 The split of wages and salaries is 60% Basic and 40% Allowances.
 There are two categories of duty (a) General Shift (b) Rotating Shift
 General shift is of 8 hours & Rotating shift is of 12 hours.
 There is no OT for General Shift and for Rotating Shift any work done beyond 12 hours is
considered as OT.
 It should be noted that there is a daily maximum of 10 hours of labour and a weekly
maximum of 60 hours.
 Overtime calculation: Basic ÷ 312 ×actual O.T. hours. 208 means total working hours in a
month = (26 × 12 =312).
19 | P a g e
 One day is designated as a weekly holiday out of each seven-day workweek as per the
choice of the employee.
4.1.2 Incentives Facilities:
 Company provides accommodation facility as per the requirement of the employees like
Family lodging or Bachelor lodging.
 Company provides Transportation facility.
 Medical Insurance (ESIC), Provident Fund.
 Every employee receives incentives each year.
4.1.3 Leaves & Holidays:
 Paid Leaves - Up to 8 days with full Payment as per availability.

 Festival Leaves - Leave on the festival day with full Payment.
4.1.4 Annual Increment:
 According to company policy, annual raises are offered. Additionally, people who have
remarkable experiences or skills receive a special increase.
 Increment is done every year in the month of January.
4.1.5 Canteen Facility & Safety Equipment's:
 Employees are provided with food facilities 3 times a day.

 Breakfast in the Morning, Lunch in Afternoon and Dinner in the Night.
 Safety Equipment's are provided by the company to the workers and labors.
20 | P a g e
Scale Reliability Statistics:
RELIABILITY SCORE
Cronbach’s Alpha
0.522
Interpretation:
Cronbach’s alpha values for all factors in the above table are more tables 0.5.
As a result, the level of association for the all the factors is average.
21 | P a g e
4.2 Employee Compensation Practices Percentage Analysis
 Tables and Figures
Table 1. Classification of the Respondents on the basis of their Marital Status
Levels Counts % of Total Cumulative %
1=Married 43 71.6 71.6
2=Unmarried 17 28.4 100.0
Marital Status
17, 28%
Married
43, 72% Unmarried
Interpretation: According to the above table 1, 43 (71.6%) of the 60 respondents are

Married. And 17 (28.4%) of respondents are Unmarried. Thus, it can be deduced that majority
71.6% of respondents are Married.
22 | P a g e
Table 2. Classification of the Respondents on the basis of their Age
1= 21-30 30 50.0 50.0
2= 31-40 13 21.6 71.6
3= 41-50 7 11.7 83.3
4= 50 &above 10 16.7 100.0
10, 17%
AGE
30, 50%
21-30
7, 11%
31-40
41-50
50 & above
13, 22%
Interpretation: According to the above table 2, 30 (50.0%) of the 60 respondents are between
the ages of 21 to 30 years old. 13 (21.6%) of respondents are between the ages of 31 to 40. 7
(11.7%) of respondents are over the age of 41 to 50. And 10 (16.7%) of respondents are of age
50 and above. Thus, it can be deduced that majority 71.6% of respondents are young and
middle-aged.
23 | P a g e
Table 3. Classification of the Respondents on the basis of their Qualification
1=Postgraduate 5 8.3 8.3
2=Graduate 35 58.4 66.7
3=Diploma 20 33.3 100.0
Qualification
5, 8%
20, 33%
Postgraduate
Graduate
Diploma
35, 59%
Interpretation: According to the above table no. 3 There are 5 (8.3%) of the 60 respondents
are Post Graduate. 35 (66.7%) of respondents are Graduate and 20 (33.3%) of respondents
holds Diploma. Thus, it can be deduced that majority 66.7% of respondents are well qualified
and posses minimum qualification.
24 | P a g e
Table 3. Classification of the Respondents on the basis of their Designation
1= HOD 15 25 25.0
2= AM 15 25 50.0
3= GET 13 21.7 71.7
4= DET 17 28.3 100.0
Designation
15, 25%
17, 28%
HOD
AM
GET
DET
15, 25%
13, 22%
Interpretation: According to the above table 4, 15 (25%) of the 60 respondents are Head of
the Department. 15 (25%) of respondents are Assistant Managers and 13 (21.7%) of
respondents Graduate Engineer Trainee. Whereas, 17 (28.3%) of the respondents are Diploma
Engineer Trainee. Thus, it can be concluded that each levels of the upper hierarchy has been
covered for the Analysis and respondents are well aware of Management.
25 | P a g e
Objective: To analyze the level of satisfaction of the employees about statements on
Compensation Management of Sky Alloys & Power Private Limited.
Table No. 1 Test for Equality of variance
STANDARD
STATEMENTS MEAN
DEVIATION
1 The company provides basic salary is appropriate for you 2.43 1.51
2 I believe promotions are given to staff often. 3.15 1.47
3 Company has a good working environment for Employees. 2.57 1.44
4 The organization provides a bonus on time. 2.77 1.32
5 The company provides reward on time. 3.12 1.30
6 The company provides overtime regularly. 2.77 1.32
7 Company has a good compensation structure. 2.95 1.17
8 I believe that company offers several insurance and medical

3.12 1.51
facilities.
9 The Company provides a good incentive. 3.02 1.37
10 I believe that employee performance reviews are accurate. 2.90 1.32
11 Different groups are treated appropriately. 2.58 1.53
12 The range of high-to-low compensation is too excellent. 3.18 1.42
Compensation should be based more on group performance

13 2.77 1.53
and less on individual contribution.
The compensation-setting group is thorough in collecting

14 2.97 1.48
performance information.
We need to change the way the compensation committee is

15 2.92 1.27
chosen
26 | P a g e
Interpretation: In the above table no.1 for most of the s of Mean value is nearby two and three
for the responses of employees regarding Compensation Practices. It has been concluded that
the level of satisfaction of the employees about Compensation Practices will remain unstable
for the future also as in the table for most of the statements, it is greater than 1. More than 1
SD indicates that respondent’s response can vary in future from the current state. As generally
it has been concluded that SD value in between 0-1 always indicates stable responses from the
respondent for the future.
27 | P a g e
Table No. 2: Test for Equality of variance, Welch, ANOVA and mean value of Marital Status.
Mean
Statement T-test Decision
Married Unmarried
The company provides basic salary is appropriate for
2.35 2.65 0.496 Accepted
you
I believe promotions are given to staff often. 0.916 Accepted

3.16 3.12
Company has a good working environment for

2.51 2.71 0.642 Accepted
Employees.
The organization provides a bonus on time. 0.278 Accepted

2.88 2.47
The company provides reward on time. 0.667 Accepted

3.16 3.00
The company provides overtime regularly. 0.132 Accepted

2.60 3.18
Company has a good compensation structure. 0.603 Accepted

3.00 2.82
I believe that company offers several insurance and

3.14 3.06 0.854 Accepted
medical facilities.
The Company provide a good incentive. 0.236 Accepted

2.88 3.35
I believe that employee performance reviews are

3.02 2.59 0.255 Accepted
accurate.
Different groups are treated appropriately. 0.700 Accepted

2.53 2.71
The range of high-to-low compensation is too

3.02 3.59 0.167 Accepted
excellent.
Compensation should be based more on group

2.95 2.29 0.135 Accepted
performance and less on individual contribution.
The compensation-setting group is thorough in

2.74 3.53 0.064 Accepted
collecting performance information.
We need to change the way the compensation

2.77 3.29 0.148 Accepted
committee is chosen
28 | P a g e
Interpretation: The table no. 2 demonstrated the marital status impact for the various
statements of compensation practices. It has been found that all 15 statements have no
significant impact with reference to Marital Status. So all the statement have Accepted decision
which indicated that there is no significant difference between the married and unmarried
employees views regarding the compensation practices.
29 | P a g e
Table No. 3: Test for Equality of variance, Welch, ANOVA and mean value of Age.
Sr. MEAN
NO. STATEMENTS 21- 31- 41- LEVENE ANNOVA WELCH
50+
30 40 50
1 The company provides basic 2.54 2.00

2.60 2.10 0.836 0.695
salary is appropriate for you
2 I believe promotions are 3.15 3.57 2.70

3.20 0.759 0.682
given to staff often.
3 Company has a good 2.67 2.69 2.71 2.00

working environment for 0.107 0.613
Employees.
4 The organization provides a 2.67 3.08 2.57 2.80

0.552 0.798
bonus on time.
5 The company provides 3.13 2.92 2.57 3.70

0.408 0.324
reward on time.
6 The company provides 2.87 2.38 2.43 3.20

0.296 0.432
overtime regularly.
7 Company has a good 3.03 3.31 2.43 2.60

0.711 0.307
compensation structure.
8 I believe that company offers 3.03 2.31 3.57 4.10

several insurance and 0.240 0.029
medical facilities.
9 The Company provide a 3.07 2.46 3.29 3.40

0.809 0.366
good incentive.
10 I believe that employee 2.73 3.00 3.43 2.90

performance reviews are 0.353 0.655
accurate.
11 Different groups are treated 2.87 2.92 1.14 2.30

< .001 < .001
appropriately.
12 The range of high-to-low 3.33 3.15 2.57 3.20

compensation is too 0.888 0.661
excellent.
13 Compensation should be 3.10 2.54 2.14 2.50

based more on group
0.705 0.374
performance and less on
individual contribution.
14 The compensation-setting 3.20 2.92 2.00 3.00

group is thorough in
0.977 0.297
collecting performance
information.
30 | P a g e
15 We need to change the way 3.40 1.92 2.00 3.40
0.929 < .001
of compensation committee.
Interpretation: The table no 3 demonstrated the impact of Age on various factors of

Compensation Practices. It has been resulted from the Levene’s test for equality of variance
that statement no.11 has its p-value less than 0.05. So, it has been assumed that there is
significant variance regarding this statement. So, here on it Welch (equal variance not assumed)
has been applied. For other factors it has been assumed that value is greater than 0.05. So,
Fisher test (equal variance assumed) has been applied. Further after the application of ANOVA
and Welch and viewing its p-value the post-hoc Games Howell has been applied. So on
statement 8 & 15 Tukey has been applied and on statements no. 11 Games Howell has been
applied.
Table no. 3.1 Tukey Post-Hoc Test – S8
1 2 3 4
1 Mean difference — 0.726 -0.538 -1.067
p-value — 0.427 0.806 0.184
2 Mean difference — -1.264 -1.792
p-value — 0.246 0.021
3 Mean difference — -0.529
p-value — 0.876
4 Mean difference —
p-value —
31 | P a g e
1 2 3 4
1 Mean difference — 1.48 1.4000 0.00
p-value — < .001 0.017 1.000
p-value — 0.999 0.011
p-value — 0.055
p-value —
Interpretation: As it has been observed from the table no. 3.1 and 3.2 that as Tukey Post-Hoc
Test have been applied because while applying ANOVA test, we found that the value S8 &
S15 is less than 0.05. So, for it we tested for multiple comparisons for different categories of
age. For S8 statements it has been found that for age category ’31-40’ (2) has its significant
difference with age category ‘50 and above’ (4). For the statements 15, age category ’21-30’
(1) has its significant difference with age category ’31-40’ (2) & ’41-50’ (3). More over for the
same statement age category ’31-40’ (2) has also significant difference with category of age
‘50 and above’ (4) as the value is less than 0.05.
32 | P a g e
Table no. 3.3 Games-Howell Post-Hoc Test – S11
1 2 3 4
1 Mean difference — -0.0564 1.72 0.567

p-value — 0.999 < .001 0.700
2 Mean difference — 1.78 0.623
p-value — 0.003 0.699
p-value — 0.099
p-value —
Interpretation: As it has been observed from the table no. 3.3 that as Games-Howell Post-Hoc
Test has been applied because while applying Welch test, we found that the value S11 is less
than 0.05. So, for it we tested for multiple comparisons for different categories of age. For S8
statements it has been found that for age category ’21-30’ (1) has its significant difference with
age category ‘41-50’ (3). For the same statement 11, age category ’31-40’ (2) has also its
significant difference with age category ’41-50’ (3).
33 | P a g e
Table No. 4: Test for Equality of variance, Welch, ANOVA and mean value of Designation
MEAN
STATEMENTS HOD AM GET DET LEVENE ANNOVA WELCH
The company provides basic

2.07 2.47 2.85 2.41 0.937 0.612
I believe promotions are given

2.80 3.40 3.15 3.24 0.837 0.730
to staff often.
Company has a good working

1.80 3.13 2.23 3.00 0.044 0.22
environment for Employees.
The organization provides a

2.73 3.00 2.69 2.65 0.334 0.888
bonus on time.
The company provides reward

3.47 2.73 2.92 3.29 0.220 0.402
on time.
The company provides

2.67 2.67 2.85 2.88 0.223 0.953
overtime regularly.
Company has a good

2.60 3.13 2.92 3.12 0.938 0.570
I believe that company offers

several insurance and medical 3.73 2.67 2.92 3.12 0.111 0.259
facilities.
The Company provides a good

3.33 2.60 2.54 3.47 0.621 0.129
incentive.
I believe that employee

performance reviews are 3.20 2.93 2.77 2.71 0.316 0.745
accurate.
Different groups are treated

1.93 2.67 2.77 2.94 0.085 0.281
appropriately.
The range of high-to-low

3.00 3.07 3.23 3.41 0.994 0.855
compensation is too excellent.
Compensation should be based

more on group performance
2.40 2.47 3.00 3.18 0.689 0.408
and less on individual
contribution.
The compensation-setting
group is thorough in collecting 2.53 2.93 3.54 2.94 0.687 0.366
34 | P a g e
We need to change the way the
3.07 1.80 3.54 3.29 0.761 < .001
compensation committee is opt.
Interpretation: The table no. 4 demonstrated the impact of Designation on various statements
of Compensation Practices. It has been resulted from the Levene’s test for equality of variance
Fisher test (equal variance assumed) has been applied.
1 2 3 4
1 Mean difference — 1.27 -0.472 -0.227
p-value — 0.014 0.673 0.937
p-value — < .001 0.002
3 Mean difference — 0.244
p-value — 0.931
p-value —
Interpretation: As it has been observed from the table no. 4.1 that as Tukey Post-Hoc Test
has been applied because while applying ANOVA test, we found that the p value of S15 is less
than 0.05. So, for it we tested for multiple comparisons for different categories of designation.
For S15 statements it has been found that for designation category ‘HOD’ (1) has its significant
difference with age category ‘Assistant Manager’ (2). For the same statement 15, designation
35 | P a g e
category ‘Assistant Manager (2) has also its significant difference with designation category
‘GET’ (3) & ‘DET’ (4).
Table No. 5: Test for Equality of variance, Welch, ANOVA and mean value of Qualification
MEAN
STATEMENTS PG GRAD LEVENE ANNOVA WELCH
DIP.
The company provides basic
1.93 2.84 2.30 0.046 0.178
I believe promotions are given

2.93 3.20 3.25 0.457 0.805
to staff often.
Company has a good working

1.93 2.84 2.70 0.489 0.138
environment for Employees.
The organization provides a

2.33 3.04 2.75 0.626 0.264
bonus on time.
The company provides reward

3.20 3.04 3.15 0.835 0.925
on time.
The company provides

2.73 2.60 3.00 0.335 0.604
overtime regularly.
Company has a good

2.87 2.96 3.00 0.469 0.946
I believe that company offers

several insurance and medical 2.53 3.24 3.40 0.880 0.213
facilities.
The Company provides a good

3.53 2.44 3.35 0.934 0.018
incentive.
I believe that employee

performance reviews are 2.93 2.84 2.95 0.087 0.958
accurate.
Different groups are treated

2.47 2.36 2.95 0.576 0.421
appropriately.
The range of high-to-low

2.73 3.32 3.35 0.817 0.372
compensation is too excellentt.
Compensation should be based

more on group performance
2.40 2.80 3.00 0.256 0.521
and less on individual
contribution.
The compensation-setting
group is thorough in collecting 2.60 3.16 3.00 0.952 0.517
36 | P a g e
We need to change the way the
compensation committee is 2.40 2.84 3.40 0.606 0.061
chosen
Interpretation: The table no. 5 demonstrated the impact of Qualification on various factors of
Compensation Practices. It has been resulted from the Levene’s test for equality of variance
Fisher test (equal variance assumed) has been applied. Further after the application of ANOVA
and Welch and viewing its p-value the post-hoc has been applied. For only statement no. 9
Tukey has been applied.
1 2 3
1 Mean difference — 1.09 0.183
p-value — 0.033 0.911
p-value — 0.059
p-value —
Interpretation: As it has been observed from the table no 5.1 that as Tukey Post-Hoc Test has
been applied because while applying ANOVA test, we found that the p value of S9 is less than
0.05. So, for it we tested for multiple comparisons for different categories of qualification. For
S9 statement it has been found that for qualification category ’Post Graduate’ (1) has its
significant difference with qualification category ‘Graduates’ (2).
37 | P a g e
Chapter - 05: CONCLUSION
5.1 Findings
 The workers at Sky Alloys & Power Private Limited believe their pay is too low. They feel
that they should be paid more. Some of them laid the responsibility on the person who
holds any other similar position.
 Most of workers believe that the organization should constantly offer promotions. They
believe that the company doesn't provide them the necessary advancement they deserve.
 I learned while working there that Sky Alloys & Power Private Limited does not offer any
type of life insurance coverage. They have a fund set out for the workers. However, they
must provide their workers with insurance.
 In conclusion, our analysis's findings indicate that Sky Alloys & Power Private Limited
employees believe their company offers an average package of benefits for remuneration.
 There is no trade union but employees are happy & they don’t have any conflict issues.
5.2 Recommendation
 Increase employee pay since employees are unhappy with it. Competitors may use this
chance to employ Sky Alloys & Power Private Limited's talented staff members by making
them competitive wage offers.
 Employee safety has to be improved. They currently only have a little fire escape.
 Bonuses and overtime payments must be made on time. No employee should be owed any
payment. Considering the negative impact it will have on staff performance.
 Performance reviews ought to follow a 360-degree structure. It will assist the business in
learning more about an employee's actual performance.
 The incentives system has to be improved. There should be some compensation.
38 | P a g e
 I learned while working there that Sky Alloys & Power Private Limited did not provide
life insurance coverage. They have a fund set out for the workers. However, they do not
provide their workers with insurance.
 There need to be a Trade union in the industry.
5.3 CONCLUSION
A company must focus on all areas of the business if it wants to develop. The organization is
constantly open to new opportunities for growth. Sky Alloys & Power Private Limited is
making a lot of effort to establish itself as a steel producer with a solid reputation and a clientele
that includes some of the biggest names in the industry. Sky Alloys & Power Private Limited
is aware that in this cutthroat marketplace, product excellence and national and international
competitiveness will determine winners. The workforce and team played a crucial part in
transforming the perception of Sky Alloys & Power Private Limited as a reliable supplier with
improved client connections and a collaborative working approach throughout the generally
pervasive uncertainties and imminent liberalization.
This is a hopeful sign for the future growth of Sky Alloys & Power Private Limited's Human
Resource Management and all other divisions. In conclusion, my education has become more
comprehensive and applicable as a result of my internship at Sky Alloys & Power Private
Limited Compensation Management Practices within the Human Resource Department.
39 | P a g e
REFERENCES
1) Aswathappa, K. E. M. A. L. (2013). Human resource management: Text and cases. Tata

McGraw-Hill Education.
2) De Cenzo, D. A., & Robbins, S. P. (2007). Fundamentals of Human Resources
Management, John Wiley & Sons. Inc,: United States Of America.
3) Prasad, L. M. (2006). Human Resource Management (Sultan Chand & Sons).
4) Money Control
5) Sky Alloys & Power Private Limited Policy Book
6) http://www.dspmuranchi.ac.in/pdf/Blog/unit%203%20p1.pdf
7) https://www.zaubacorp.com/company/SKY-ALLOYS-AND-POWER-PRIVATE-
LIMITED/U27100CT2009PTC021184
8) http://www.environmentclearance.nic.in/writereaddata/modification/PreviousTOR/03112
017NERKI879UpdatedFormIECExtensionSkyAlloys.pdf
40 | P a g e
ANNEXURE
Name:
Age: a) 21-30 b) 31-40 c) 41-50 d) 50 & Above
Marital Status: a) Married b) Unmarried
Designation: a) HOD b) Assistant Manager c) G.E.T. d) D.E.T.
Qualification: a) Post Graduate b) Graduate c) Diploma
1 The company provides
Strongly Strongly
basic salary is Agree Neutral Disagree
agree Disagree
appropriate for you
2 I believe promotions are Strongly Strongly

Agree Neutral Disagree
given to staff often. agree Disagree
3 Company has a good

Strongly Strongly
working environment Agree Neutral Disagree
agree Disagree
for Employees.
41 | P a g e
4 The organization
Strongly Strongly
provides a bonus on Agree Neutral Disagree
agree Disagree
time.
5 The company provides Strongly Strongly

reward on time. agree Disagree
6 The company provides Strongly Strongly

overtime regularly. agree Disagree
7 Company has a good Strongly Strongly

compensation structure. agree Disagree
8 I believe that company

Strongly Strongly
offers several insurance Agree Neutral Disagree
agree Disagree
and medical facilities.
9 The Company provide a Strongly Strongly

good incentive. agree Disagree
10 I believe that employee

Strongly Strongly
performance reviews Agree Neutral Disagree
agree Disagree
are accurate.
Different groups are Strongly Strongly

11 Agree Neutral Disagree
treated appropriately. agree Disagree
The range of high-to-

Strongly Strongly
12 low compensation is Agree Neutral Disagree
agree Disagree
too great.
Compensation should
be based more on group
Strongly Strongly
13 performance and less Agree Neutral Disagree
agree Disagree
on individual
contribution.
The compensation- Strongly Strongly

14 setting group is Agree Neutral Disagree
agree Disagree
thorough in collecting
42 | P a g e
performance
information.
We need to change the

Strongly Strongly
15 way the compensation Agree Neutral Disagree
agree Disagree
committee is chosen
43 | P a g e

Backbone of The Indian Economy"

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Backbone of The Indian Economy"

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The Indian steel industry – “Backbone of the Indian economy”

Steel Authority Of India Bhilai, Bokaro, Burnpur,

Tata Steel 243,959 34 Tata Steel

Jindal Steel and Power 51,085 8.1 Raigarh, Angul, Patratu

Rashtriya Ispat Nigam Rashtriya Ispat Nigam Ltd.

JSW Steel Limited 146,371 17.62 Mumbai

ABOUT THE COMPANY

1. Sponge Iron through DRI Kilns 4 x 100 TPD 1,20,000 TPA

Billets through Induction Furnace with

Rolled product such as TMT

FeMn – 30,000 TPA

5. Power Plant (55 MW) 1 x 12 MW &

Chapter - 01: Introduction to Topic

1.1 Compensation Objectives and Policies

Policies must be set to direct management in making decisions in order to accomplish

1.3 ADVANTAGES OF COMPENSATION

1.3.1 Advantages to Organization:

1.3.2 Advantage to Employee:

1.4 Compensation Model

WAGES & FRINGE

Wage and Salary

1.5.2 Supplementary Compensation

The basic purposes of fringe benefits or supplementary compensation are: -

1.5.2.1 Types of supplementary Compensation

1.6 Incentive Wage Plans

1.7 Kinds of Incentive Plans

In accordance with the production-based incentive schemes, a standard of output is established

Merits of Halsey Plan

Demerits of Halsey Plan

1.7.2 Rowan Plan

Savings in time/ Standard time

Merits of Rowan Plan

Limitations of Rowan Plan

 The workers find it difficult to comprehend this plan.

1.7.3 Bedeaux Point Plan

Benefits of Bedeaux Point Plan

1.8 The Bases for Compensation

1. Payment Of Wages Act 1936

2. Employee Compensation Act 1923

3. The Minimum Wages Act, 1948

1.8.1 Payment of Wages Act 1936

This is applicable to a person employed in a factory, whose wage do not exceed

i. Responsibility of payment on employer.

1.8.2 Employee Compensation Act 1923

Compensation to be payable to employee / dependent if the personal injury is caused resulting

1.8.3 The Minimum Wages Act, 1948

1.9 Compensation Theories

Chapter - 02: Objective of the Study

2.1 Background of the study

2.2 Broad objective

2.3 Specific Objective

 To study if there is a significant difference in the views of employees on the basis of

Chapter-03: Research Methodology

3.1 Type of Research: Descriptive Research

3.2 Data Description

3.3 Ways of Data Collection

 Discussion with senior executives, executives, and the HR Manager.

3.3.2 Secondary source of Data:

 Sky Alloys & Power Private Limited's policy book.

3.4 Information Processing Methods:

Statistical Tools Employed:

 Insufficient time for doing the study.