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A SUMMER TRAINING REPORT ON

EMPLOYEE SATISFACTION WITH COMPEBSATION MANAGEMENT AT PANTALOONS

IN THE PARTIAL FULFILLMENT FOR THE DEGREE OF MASTERS IN BUSINESS ADMINISTRATION (MBA) FROM PTU (2012-2014)

UNDER THE GUIDANCE OF: DR. R.P SINGH (HOD, MANAGEMENT DEPT) SBSSTC

SUBMITTED TO: DR. R.P SINGH (HOD, MANAGEMENT DEPT) SBSSTC

SUBMITTED BY: ARSHPREET KAUR MBA 3 1275176

Declaration

I, Arshpreet Kaur , University Roll No. 1275176 hereby declare that the project titled Employee Satisfaction with compensation management at pantaloons under the guidance of Sr. Iqbal Singh Channa; Prop. ISC consultancy firm, is the original work done by me to the best of my knowledge. A similar work has not been earlier submitted to any Institution or any other University.

Arshpreet Kaur

Acknowledgement
I acknowledge here the names of those people who have been instrumental in preparation of my project. I acknowledge my gratitude to my parents whose support, dedication and honest efforts have given me an immense help in doing this project. I express my deepest gratitude and veneration to my project guide Sr. Iqbal Singh Channa(Prop. ISC consultancy firm) for providing his valuable guidance, continuous motivation and genuine suggestions without which this project would not have seen the light of the day. I take the opportunity to thanks to H.O.D, management wing, Dr. R.P. Singh, S.B.S.S.T.C., Ferozepur. for motivating, encouraging, guiding and supporting at every step and sparing their valuable time for me. Last but not the least I record my sincere thanks to all beloved and respectable persons who helped me and could find any separate mention. Above all I thank GOD the most beneficial, the most merciful that I have been able to complete my training project successfully.

Arshpreet kaur

Abstract
The work done in this project is to find out the level of employee satisfaction towards the compensation management services provided by ISC. The basic focus of the study is to find out whether the employees are satisfied with the amount of salary and benefits they are receiving as well as to know whether they have any problems in the calculation of their salaries and other benefits. The study covers various aspects like satisfaction in respect of amount, time of increment, solution to their compensation related issues, whether they are satisfied or not.

TABLE OF CONTENTS CHAPTER-1 INTRODUCTION


Chapter-1 1.1 Organizations introduction introduction to the topic Page no.

8-12 13-24

1.2

CHAPTER -2 REVIEW OF LITERATURE


2.1 2.2 Introduction 25 Evidence supporting to 25-31 the studies

CHAPTER -3 RESAEARCH METHODOLOGY


3.1 3.2 3.3 3.4 Need of study Objectives of study Limitations of study Research methodology 32

32 32 33-35

CHAPTER -4 DATA ANAYSIS AND INTERPRETATIONS LIST OF TABLES


Table no: 4.1.1 Contents: Page no: Since how many years have you been working for 36 this company
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4.1.2 4.1.3 4.1.4 4.1.5 4.1.6 4.1.7 4.1.8 4.1.9 4.1.10 4.1.11 4.1.12

Is this your first job I am paid fairly for the work I do My salary and benefits are comparable to similar organisations I am satisfied with my benefit plan Favoritism is not an issue in benefits, raises and promotion My job performance affects compensation I receive I receive my salary, bonus and other benefits on time I can ask for the details of my monthly salary I am given increment after a fair interval of time Company gives me bonus whenever it has enough money I never had any problem with the amount of salary I receive.

37 38 39 40 41 42 43 44 45 46 47

LIST OF CHARTS
Table no: 4.1.1 4.1.2 4.1.3 4.1.4 4.1.5 4.1.6 4.1.7 4.1.8 4.1.9 4.1.10 4.1.11 Contents: Since how many years have you been working for this company Is this your first job I am paid fairly for the work I do My salary and benefits are comparable to similar organisations I am satisfied with my benefit plan Favoritism is not an issue in benefits, raises and promotion My job performance affects compensation I receive I receive my salary, bonus and other benefits on time I can ask for the details of my monthly salary I am given increment after a fair interval of time Company gives me bonus whenever it has enough money
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Page no:

36 37 38 39 40 41 42 43 44 45 46

4.1.12

I never had any problem with the amount of salary I 47 receive.

No.

topic ANALSIS USING STATISTICAL TOOLS

Page no. 48-50

CHAPTER -5 FINDINGS AND SUGGESTIONS


Chapter no. 5.1 5.2 Topics Findings Suggestions Page no.

51-52 53-55 CHAPTER-6 CONCLUSION

Chapter no. 6.1

Topics Conclusions

Page no.

56

ANNEXURE
Bibliography Questionnaire

57 58

CHAPTER -1 INTRODUCTION 1.1 ORGANISATIONS INTRODUCTION:


I have completed my training session in ISC group of associates. ISC and associates is one of the most reliable firms engaged in providing labour law and consultancy services professionally to its esteemed customers since 2006. ISC Endeavour to reduce the workload and be an integral part of the organizations so that organizations can concentrate on their core activity thereby increasing their business and profitability. Their services include: 1. Registration 2. Maintenance of records 3. Consultancy regarding all labour laws and acts. Since its inception in 2006, ISC and associates, has achieved great milestones with an enviable track record having more than 100 clients. All its clients are enjoying experience and benefit of their services in Punjab and Chandigarh.

KEY FEATURES:
1. Fully computerized 2. Experience of more than 12 years in the field 3. Good liaison with PF/ESI and labour dept in all over Punjab and Chandigarh.
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4. All time availability of 15 experienced executive officers those are capable of solving any related problems.

SERVICES OFFERED: 1. ESI- EMPLOYEES STATE INSURANCE:New Company Registration Filing of necessary papers and obtaining ESI registration code number for new establishment within prescribed time as per Act. Online Registration of the employees Online date entry of the Insured Persons on ESI web portal as per new amendment. Scanning of Individual/Family Photographs and Signatures of the Insured person and uploading it for obtaining ESI Numbers. Online Temporary Identity Card (TIC) Printing. Obtaining Permanent Identity Card (PIC) from the ESI Branch office Monthly Process: Preparing and Maintain of Form No. 7( ESI Regulation No. 32) Form No. 3 (Regulation 14) Online preparation of Challan thru ESIC web portal & deposit into bank within prescribed time as per Act. (Effective from August-10 as per new amendment) Provide help and prepare the documents in case of accident or demised employee. All assessment & inspection from ESI department, when required. Reply of Notices etc. from the concern authorities. Information with regard to any amendment/changes in the act will be
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informed immediately. Half yearly Process: Prepare Form 6 (Statutory half yearly return) for Main code and sub codes nos. Form No. 01-A (Annual Return)

2. EPF- Employees Provident Fund Act 1952


New Company Registration Filing of necessary papers and obtaining PF registration code number for new establishment within prescribed time as per Act. Form 5A (Return of ownership) Form 9 (Revised) Submission of Specimen Signature Monthly Process Preparation of monthly Challan for EPF & deposited into bank within prescribed time as per Act. Prepare Monthly Return online as per new amendment PF Eligibility Register Maintenance of all statutory registers required by the PF authorities. Nomination & Declaration Forms in Form No. 2 (Revised) of the new employees Declaration form in Form- 11(Revised) Attend PF inspector for inspection of records, appearing before the concerned authorities on behalf of the employer in 7-A proceedings under EPF Act All assessment & inspection from EPF department, when required. Information with regard to any amendment/changes in the act will be informed immediately. PF Withdrawals & Transfers Receipt of forms (19 & 10-C) after 60 days of leaving of the employee making
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settlement. Receipt of PF transfer forms (Form 13) from new appointees and sending them to RPFC/Ex-Employers trust for getting the fund transferred through the concerned RPFC office. Taking care the process of PF withdrawals and Transfer within prescribed time as per Act. Scrutiny of papers to ensure that same are within the norms as specified under the rules. Acknowledging the transferred received.

3. Payroll Processing Services


We at I.S. Channa & Associates provide End-to-End Payroll Services and Solutions incorporating the following: 1. Receiving input data from client i.e. attendance Register, detail of Resigned / newly joined employees. 2. Preparation of monthly payroll with detail break-up i.e. department wise, location wise & cost center wise. 3. Circulation of Monthly Payroll Sheet. 4. Payroll Statement for Bank Transfer. 5. Monthly Report of Statutory Deductions i.e. E.P.F., ESIC, Professional 6. Tax & Labour Welfare Fund for timely payment. 7. Full & Final Settlement Letter of Resigned employees. 8. Update Leave Register, Salary & Wages Register. 9. Calculation of Overtime, Bonus etc.

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10.Computation of Leave Encashment Annually/Periodically as per Company Leave Policy. 11. Handling queries of the employees related to their salary, reimbursement, Tax related issues etc.

4. FACTORY ESTABLISHMENT COMPLIANCE SERVICE Services Highlights The various activities covered under these tiers include: Registration and Licensing of existing and new branches under Labour Laws. Renewals of Registrations. Periodic compliances under Shops and Establishments Act across India. Monthly Compliances under the Professional Tax. Obtaining of Trade Licenses under the relevant Act/ Rules. Filing of Annual Returns and Reports timely under relevant Act. Maintaining of all Statutory Registers, Records under relevant Laws. Calculation of Periodical Liability & Preparation of Challan accordingly. Handling visits and inspections by inspectors under various Labour laws. Handling Labour Statutory Compliances for the following ActsPayment of Wages Act Employees State Insurance Act
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Shop and Establishment Act Maternity Benefit Act Contract Labour Act Labour Welfare Fund Act etc.

Minimum Wages Act Payment of Gratuity Act Payment of Bonus Act Employees Provident Fund Act

1.2 INTRODUCTION TO THE TOPIC EMPLOYEE SATISFACTION:


What does the term Satisfaction imply to an employee? It implies nothing else than the feeling of either being contended or non-contended on using a product. Employee Satisfaction is a prerequisite for the customer satisfaction. Enhanced employee satisfaction leads to higher level of employee retention. A s ta bl e a n d co m mi tt e d w o r kf o r c e e ns ur es s u c ces s f u l k no w l e dg e transfer, sharing, and creation --- a key to continuous improvement, innovation, and knowledge-based total customer satisfaction. When companies are committed with providing high quality products and services; when companies set high work standards for their employees; and when employees are empowered through training and development, provided with knowledge and information, permitted to make mistakes without punishment, and trusted; they will experience an increase in their level of satisfaction at work. This level of satisfaction can be enhanced further i f they are offered competitive salary and benefit packages. Continuous improvement comes from the efforts of the empowered employees motivated by visionary leadership. This is supported by the findings that empowerment and visionary leadership both have significant correlation with employee satisfaction. Teamwork is also supported by the findings. In addition, the study found significant correlation between employee satisfaction and employees intention to leave. The success of a corporation depends very much on customer satisfaction. A high level of customer service leads to customer retention, thus offering growth and profit opportunities to the organization. There is a strong

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relationship between customer satisfaction and employee satisfaction. Satisfied employees are more likely to stay with company. job satisfaction describes how content an individual is with his or her job. It is a relatively recent term since in previous centuries the jobs available to a particular person were often predetermined by the occupation of that persons parent. There are a variety of factors that can influence a persons level of job satisfaction. Some of these factors include the level of pay and benefits, the perceived fairness o the promotion system within a company, the quality of the working conditions, leadership and social relationships, the job itself (the variety of tasks involved, the interest and challenge the job generates, and the clarity of the job description/requirements). The happier people are within their job, the more satisfied they are said to be. Job satisfaction is not the same as motivation, although it is clearly linked. Job design aims to enhance job satisfaction and performance methods include job rotation, job enlargement and job enrichment. Other influences on satisfaction include the management style and culture, employee involvement, empowerment and autonomous workgroups. Job satisfaction is a very important attributes which is frequently measured by organizations. The most common way of measurement is the use of rating scales where employees report their reactions to their jobs. Questions relate to relate of pay, work responsibilities, variety of tasks, promotional opportunities the work itself and co-workers. Some questioners ask yes or no questions while others ask to rate satisfaction on 1 5 scale 9where 1represents not all satisfied and 5 represents extremely satisfied).

Definitions
Job satisfaction has been defined as a pleasurable emotional state resulting from the appraisal of ones job; an affective reaction to ones job; and an attitude towards ones job. Weiss (2007) has argued that job satisfaction is an attitude but points out that researchers should clearly distinguish the objects of cognitive evaluation which are affect (emotion), beliefs and behaviors. This definition suggests that we from attitudes towards our jobs by taking into account our feelings, our beliefs, and our behaviors. Affect Theory Edwin A. Lockes Range of Affect Theory (1976) is arguably the most famous job satisfaction model. The main premises of this theory are that satisfaction is determined by a discrepancy between what one wants in a job and what one has in a job. Further, the theory
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states that how much one values a given facet of work (i.e. the degree of autonomy in apposition) moderates how satisfied/dissatisfied one becomes when expectations are/are not met. When a person values a particular facet of a job, his satisfaction is more greatly impacted both positively (when expectations are met) and negatively (when expectations are not met), compared to one who does not value that facet. To illustrate, if Employee A values autonomy in the workplace and Employee B is indifferent about autonomy, then Employee A would be more satisfied in a position that offers a high degree of autonomy compared to Employee B. this theory also states that too much of a particular facet will produces stronger feelings of dissatisfaction the more a worker values that facet.

Employee satisfaction is defined as a companys ability to fulfill the physical, emotional, and psychological needs of its employees. But this term can mean different things to different people. According to Wilson Learning, they believe that if you can identify and measure a more meaningful definition of satisfaction, you will find a closer causal relationship to organizational performance. They call this Fulfillment Satisfaction, which is different from the traditional meaning of satisfaction. An employee must have satisfaction with the job. In order for that to be fulfilled, they need to value their day-to-day work activities, and need to feel a sense of accomplishment or pleasure from the work itself. Employees need to have satisfaction with relationships within the workplace. They want to enjoy working with their co-workers. There needs to be satisfaction with leadership. People need to be managed effectively to fulfill that satisfaction. Evolution of Employee Satisfaction The idea of employee satisfaction can be traced back to a significant movement that helped in the evolution of understanding and managing people: the Human Relations Movement. The Human Relations Movement included the Hawthorne Legacy and McGregors Theory X and Y. The Hawthorne Legacy results concluded that individual needs, supportive supervision, and group dynamics had an extremely powerful effect. Focusing more on an individuals needs was the beginning to the idea of
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employee satisfaction. This was also apparent in comparing and contrasting McGregors Theories X and Y. McGregors Theory X assumes that most people disliked work and would avoid it when they could. People must be coerced and threatened with punishment before they would do work. Employee satisfaction was not a concern in Theory X. It was in McGregors Theory Y that employee satisfaction started to show. Work was a natural activity, like play or rest. People were viewed as creative and imaginative. Companies cared more about the people who worked for them. The Total Quality Management Movement included the Deming Legacy, which emphasized formal training for employees, helpful leadership rather than order giving and punishment, elimination of fear so employees can feel free to ask questions, and teamwork. When people are managed according to Total Quality Management principles, everyone is more likely to get the opportunities and goods and services they demand, ultimately resulting in a much higher level of employee satisfaction.

Compensation and benefits


Compensation and benefits is a sub-discipline of human resources, focused on employee compensation and benefits policy-making.It is also known in the UK as total reward and as remuneration in Australia and New Zealand. COMPENSATION: Would the three salespersons and the receptionist work for free? No. They would, like us all, expect something in return. You must have heard a common phrase: Give and Take. You always have to give things to people in return to what you take from them. Compensation refers to this exchange, but in monetary terms. Compensation is the employer's feedback for an employee's work. It simply is the monetary value you would give to your four employees in return of their services. Gary Dessler in his book Human Resource Management defines compensation in these words "Employee compensation refers to all forms of pay going to employees and arising from their employment." The phrase 'all forms of pay' in the definition does not include non-financial benefits, but all the direct and indirect financial compensations.

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Compensation is the HRM activity that deals with every type of reward that individuals receive for performing organizational tasks. It is basically an exchange relationship. Employees exchange their labour for financial and non-financial rewards. Financial compensation is both direct and indirect. Direct financial compensation consists of the pay an employee receives in the form of wages, salary, bonuses, and commissions. Indirect financial compensation (also called benefits) consists of all the rewards that are not included in direct compensation, such as vacation time and insurance coverage.

From the employees perspective, pay is a necessity in life. The compensation received from work is one of the chief reasons people seek employment. Pay is the means by which they provide for their own and their families needs. For some people, compensation may be the only (or certainly a major) reason why they work. Others find compensation a contributing factor to their efforts. But pay can do more than provide for employees psychological needs. It can also indicate their value to the organization.

Compensation Policy has the objective to establish and maintain a compensation program that will: Attract and retain qualified employees at all levels of responsibility who perform in a manner that permits the College to achieve its objectives and goals; Reflect the relative value of jobs; Be externally competitive and internally consistent and fair; Provide the flexibility (based upon availability of funds) toward employees on the basis of individual performance and contribution to the achievement of college goals; Foster good employee understanding and relationships; and Comply with all Board of Regents, State, and Federal Laws and regulations.

Traditionally, the focus of compensation management has been primarily on enabling an organization to recruit and retain employees while complying with legal and statutory requirements. Pay was primarily related to status and hierarchical position. It is now being viewed increasingly as the key to acquire a competitive advantage.
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Innovations in compensation are considered necessary to do more with less by reducing labour cost per unit of output, motivating employees to higher performance, providing an impetus to skill development and higher quality and so on.

Some Basic principles 1. There general level of wages and salaries should be reasonably in line with that prevailing in the market. The labour market criterion is most commonly used. 2. There should be definite plan to ensure that differences in pay for jobs are based upon variations in job requirements, such as skill effort, responsibility or job or working conditions, and mental and physical requirements. 3. The plan should carefully distinguish between jobs and employees. A job carries a certain wage rate, and a person is assigned to fill it at that rate. Exceptions sometimes occur in very high-level jobs in which job-holder may make the job large or small, depending upon his ability and contributions. 4. Equal pay for equal work, i.e., if two jobs have equal difficulty requirements, the pay should be the same, regardless of who fills them. 5. An equitable practice should be adopted for the recognition of individual differences in ability and contribution. 6. There should be a clearly established procedure for hearing and adjusting wage complains. 7. The wage should be sufficient to ensure for the worker and his family reasonable standard of living. 8. Prompt and correct payments of the dues of the employees must be ensured and arrears of payment should not accumulate. BENEFITS: Employees today are not willing to work only for the cash alone, they expect 'extra'. This extra is known as employee benefits. Also known as fringe benefits, Employee benefits are non-financial form of compensation offered in addition to cash salary to enrich workers lives. What benefits would you offer to your employees at myWear? Off course, you would offer different benefits to the salespersons and the receptionist. Problem will arise when you begin to decide what benefit to give to whom and on which basis?
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Employee benefits are not performance-based, they are membership-based. Workers receive benefits regardless of their performances. Employee benefits as a whole have no direct affect on employee performance, however, inadequate benefits do contribute to low satisfaction level and increase absenteeism and turnover in employees (DeCenzo and Robbins; 2007). So you would have to carefully design your benefit package. Your package may include a cell phone to each worker, taking them to a training workshop or seminar, giving them a day or two off every month and so on. While deciding on the benefits package, do consider the associated costs.

Employee compensation and benefits are basically divided into four categories: 1. Guaranteed pay monetary (cash) reward paid by an employer to an employee based on employee/employer relations. The most common form of guaranteed pay is the basic salary. 2. Variable pay monetary (cash) reward paid by an employer to an employee that is contingent on discretion, performance or results achieved. The most common forms are bonuses and sales incentives. 3. Benefits programs an employer uses to supplement employees compensation, such as paid time off, medical insurance, company car, and more. 4. Equity-based compensation a plan using the employers share as compensation. The most common examples are stock options. Guaranteed pay Guaranteed pay is a monetary (cash) reward. The basic element of the guaranteed pay is the base salary, paid based on an hourly, daily, weekly, bi-weekly or a monthly rate. The base salary is typically used by employees for ongoing consumption. Many countries dictate the minimum base salary defining a minimum wage. Individual skills and level of experience of employees leave room for differentiation of income-levels within the job-based pay structure.

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In addition to base salary, there are other pay elements which are paid based solely on employee/employer relations, such salary and seniority allowance. Variable pay Variable pay is a monetary (cash) reward that is contingent on discretion, performance or results achieved. There are different types of variable pay plans, such as bonus schemes, sales incentives (commission), overtime pay, and more. An example where this type of compensation plan is prevalent is the real estate industry and real estate agents. A common variable pay plan might be the sales person receives 50% of every dollar they bring in up to a level of revenue at which they then bump up to 85% for every dollar they bring in going forward. Typically, this type of plan is based on an annual period of time requiring a "resetting" each year back to the starting point of 50%. Sometimes this type of plan is administered so that the sales person never resets and never falls down to a lower level. It also includes Performance Linked Incentive which is variable and may range from 130% to 0% as per performance of the individual as per his KRA. Benefits There is a wide variety of employee benefits, such as paid time-off, insurances (life insurance, medical/dental insurance, and work disability insurance), pension plan, company car, and more. A benefit plan is designed to address a specific need and is often provided not in the form of cash. Many countries dictate different minimum benefits, such as minimum paid timeoff, employers pension contribution, sick pay, and many more. Equity-based compensation Equity based compensation is an employer compensation plan using the employers shares as employee compensation. The most common form is stock options, yet employers use additional vehicles such as restricted stock, restricted stock units (RSU), employee stock purchase plan (ESPP), and stock appreciation rights (SAR).
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The classic objectives of equity based compensation plans are retention, attraction of new hires and aligning employees and shareholders interests. Organizational place In most companies, compensation & benefits (C&B) is a sub-function of the human-resources function. HR organizations in big companies are typically divided into three: HR business partners (HRBPs), HR centers of excellence, and HR shared services. C&B is an HR center of excellence, like staffing and organizational development (OD). Main influencers Employee compensation and benefits main influencers can be divided into two: internal (company) and external influencers. The most important internal influencers are the business objectives, labor unions, internal equity (the idea of compensating employees in similar jobs and similar performance in a similar way), organizational culture and organizational structure. The most important external influencers are the state of the economy, inflation, unemployment rate, the relevant labor market, labor law, tax law, and the relevant industry habits and trends. Bonus plans Bonus plans are variable pay plans. They have three classic objectives: 1. Adjust labor cost to financial results the basic idea is to create a bonus plan where the company is paying more bonuses in good times and less (or no) bonuses in bad times. By having bonus plan budget adjusted according to financial results, the companys labor cost is automatically reduced when the company isnt doing so well, while good company performance drives higher bonuses to employees. 2. Drive employee performance the basic idea is that if an employee knows that his/her bonus depend on the occurrence of a specific event (or paid according to performance, or if a certain goal is achieved), then the employee will do whatever he/she can to secure this event (or improve their performance, or achieve the desired goal). In other words, the bonus is creating an incentive to improve
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business performance (as defined through the bonus plan). 3. Employee retention retention is not a primary objective of bonus plans, yet bonuses are thought to bring value with employee retention as well, for three reasons: a) a well designed bonus plan is paying more money to better performers; a competitor offering a competing job-offer to these top performers is likely to face a higher hurdle, given that these employees are already paid higher due to the bonus plan. b) if the bonus is paid annually, employee is less inclined to leave the company before bonus payout; often the reason for leaving (e.g. dispute with the manager, competing job offer) 'goes away' by the time the bonus is paid. the bonus plan 'buy' more time for the company to retain the employee. c) employees paid more are more satisfied with their job (all other things being equal) thus less inclined to leave their employer. The concept saying bonus plans can improve employee performance is based on the work of Frederic Skinner, perhaps the most influential psychologist of the 20th century. Using the concept of Operant Conditioning, Skinner claimed that an organism (animal, human being) is shaping his/her voluntary behavior based on its extrinsic environmental consequences i.e. reinforcement or punishment. This concept captured the heart of many, and indeed most bonus plans nowadays are designed according to it, yet since the late 1940s a growing body of empirical evidence suggested that these if-then rewards do not work in a variety of settings common to the modern workplace. Research even suggested that these type of bonus plans have the potential of damaging employee performance.

ADVANTAGES OF COMPENSATION & BENEFITS Advantages to Your Boutique: A well designed compensation and benefits plan helps to attract, motivate and retain talent in your firm (which is myWear). A well designed compensation & benefits plan will benefit your boutique in the following ways. 1. Job satisfaction: Your employees would be happy with their jobs and would love to work for you if they get fair rewards in exchange of their services. 2. Motivation: We all have different kinds of needs. Some of us want money so they work for the company which gives them higher pay. Some value
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achievement more than money, they would associate themselves with firms which offer greater chances of promotion, learning and development. A compensation plan that hits workers needs is more likely to motivate them to act in the desired way. 3. Low Absenteeism: Why would anyone want to skip the day and watch not-sofavorite TV program at home, if they enjoy the office environment and are happy with their salaries and get what they need and want? 4. Low Turnover: Would your employees want to work for any other boutique if you offer them fair rewards. Rewards which they thought they deserved? Advantage to Your Employees: 1. Peace of Mind: your offering of several types of insurances to your workers relieves them from certain fears. Your workers as a result now work with relaxed mind. 2. Increases self-confidence: Every human being wants his/her efforts to get acknowledgment. Employees gain more and more confidence in them and in their abilities if they receive just rewards. As a result, their performance level shoot up.

Factors affecting wages or compensation or determinants of wages or compensation: 1) Productivity of workers: to get the best results from the employees and to increase the productivity compensation has to be productivity based. 2) Ability to pay: it depends upon the employers ability to pay wages to the workers. This depends upon the profitability of the firm. If the firm is marginal and cant afford to pay higher than the competitors then the employees will go to other firms while if the company is successful then they can easily pay their employees as they wish. 3) Government: government has also fixed the rules for protecting the interest of the employees. The organizations are liable to pay as per the government
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instructions. Wages can not be fixed below the level prescribed by the government. 4) Labor union: labor union also helps in paying better wages to the workers. Higher wages have to be paid by the firm to its workers under the pressure of the trade unions. 5) Cost of living: wages depends upon the cost of living if it is high wages will also hike. 6) Demand and supply of labor: it is one of the important factors affecting wages. If the demand of labor is more they will be paid high wages otherwise vice versa. If the supply of the employees is more than they will be paid less and vice versa. 7) Prevailing wage rate: wages also depends upon the prevailing wage rate as the organizations have to pay accordingly to keep the employees with them.

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CHAPTER-2 REVIEW OF LITERATURE

2.1 INTRODUCTION:
HRO is an integral part of the BPO industry and its scope is rapidly evolving to include areas such as payroll, benefits administration, training, recruiting, performance management, compensation management and so on. Employees typically get support through the Web, mail, phone and a limited amount of faceto-face interactions. Different authors have defined employee satisfaction with business outsourcing differently. Human Resource Outsourcing (HRO) is the process of transferring elements of a companys HRM functions or activities to a provider outside of the company itself. HRO is not new. For example, organizations typically engage law firms for advice regarding HR legislation.

2.2 EVIDENCE SUPPORTING TO THIS STUDIES:


Bob (2011) Compensation processes are based on Compensation Philosophies and strategies and contain arrangement in the shape of Policies and strategies, guiding principles, structures and procedures which are devised and managed to provide and maintain appropriate types and levels of pay, benefits and other forms of compensation.1
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Bob (2011) This constitutes measuring job values, designing and maintaining pay structures, paying for performance, competence and skill, and providing employee benefits. However, compensation management is not just about money. It is also concerned with that non-financial compensation which provides intrinsic or extrinsic motivation.2 Anyebe (2003) This work however is limited to financial compensation in Anambra State Civil Service as a recent study has shown that pay is the driving force for seeking employment in the Civil Service.3 Armstrong (2005) stated that compensation management is an integral part of human resources management approach to productivity improvement in the organization. It deals with the design, implementation and maintenance of compensation system that are geared to the improvement of organizational, team and individual performance.4 Pearce (2010) Compensation implies having a compensation structure in which the employees who perform better are paid more than the average performing employees.5 Armstrong (2005) Compensation Management is concerned with the formulation and implementation of strategies and Policies that aim to compensate people fairly, equitably and consistently in accordance with their value to the organization.6 Anyebe (2003) The task in compensation administration is to develop policies and the terms of attracting, satisfying, retaining and perhaps motivating employees.7 Anambra State Civil Service (1991) which the researchers examined originated from the Eastern Nigeria Government and the old Anambra State. The creation of this state led to the set up of the Anambra State Civil Service. Employing the tenets of traditional public administration, the state civil service was an instrument of the government authorities as well as an impartial interpreter and implementer of the policies and programmes of the State Government.8

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The concept of employee satisfaction has been a focus for research and practice for the last two decades in particular (Greasley, et. al., 2005) and considered to be a critical issue for organizational performance. A number of scholars and management gurus stressed the importance of employee satisfaction and its influences on organizational performance as much as customer satisfaction (Chen, et. al., 2006). The concept of employee satisfaction is a multi-dimensional and inter disciplinary term that has been attracted the attention of researchers and practitioners from different disciplines such as psychology, human resource management, organizational behavior, TQM and so fort. In literature there are a large number of studies that analyze the term from many different perspectives and its relationship with various organizational variables (Lund, 2003). However there is no universal definition of employee satisfaction that exposes all these dimensions at the same time (Bernal, et. al, 2005). Most of the definitions emphasize the importance of employees job-related perceptions that link the expectations of them and what they receive in return. Some researchers focus on the overall job satisfaction or even life satisfaction of employees (Judge, et. al, 2005) Locke, et. Al (1969) describes job satisfaction a pleasurable or positive emotional state resulting from the appraisal of one's job and job experiences. According to this, employee satisfaction is a function of the perceived relationship between what one wants from ones job and what one perceives it as offering Judge, et. al, (1993), on the other hand, mentions that employee satisfaction is positively correlated with motivation, job involvement, organizational citizenship behavior, organizational commitment, life satisfaction, mental health, and job performance, and negatively related to absenteeism, turnover, and perceived stress and identify it as the degree to which a person feels satisfied by his/her job. Cranny, et. al, (1992), suggests that employee satisfaction encompasses a lot of different facets. Hence overall employee satisfaction describes a persons overall affective reaction to the set of work and work-related factors whereas the facets of job satisfaction involve workers feelings toward different dimensions of the work and work environment.
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In contrast, Rousseau (1978) identified three components of employee satisfaction: they are characteristics of the organization, job task factors, and personal characteristics. Hagihara, et. al, 1998 According to Rousseaus identification the characterization of the organization and the job task factors can be regarded as work factors in job satisfaction, while personal characteristics can be regarded as non-work factors of job satisfaction (). Human Resource Management (HRM) literature underlines the importance of employee satisfaction as well. Edgar and Geare, 2005 The relationship between appropriate HRM practices and positive employee attitudes including employee satisfaction, loyalty and productivity have been widely analyzed. Silvestro, 2002 It is also suggested that treating employees as a valuable asset improves their commitment and loyalty which leads to higher performance and quality. Cranny, Smith & Stone 1992 These studies follow the assumption that when a certain set of job conditions are present a certain level of job satisfaction will follow. The Hawthorne Studies are considered to be the most important investigation of the human dimensions of industrial relations in the early 20th century. They were done at the Bell Telephone WesternElectric manufacturing plant in Chicago beginning in 1924 through the early years of the Depression. The Hawthorne plant created an Industrial Research Division in the early 1920s. Brannigan & Zwerman 2001 Simply stated when people realize that their behavior is being watched they change how they act. The development of the Hawthorne studies also denotes the beginning of applied psychology, as we know it today. These early studies mark the birth of research on job satisfaction relating to ergonomics, design and productivity. Gregson, 1991 This measure basis itself on five facets of job satisfaction. The first facet is the work itself, satisfaction with work itself is measured in terms of the core job characteristics such as autonomy, skill variety, feedback, task identity, and task significance.
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Hackman & Oldham, 1975 Supervision, the second facet, is measured in such ways as how supervisors provide feedback, assess employees performance ratings, and delegate work assignments. Coworkers, the third facet, are measured in terms of social support, networking, and possible benefits attached to those relationships. Cranny, Smith & Stone, 1992 Pay, the fourth facet, is an important source of satisfaction because it provides a potential source of self-esteem as well as the generic opportunity for anything money can buy. Cranny, Smith & Stone, 1992 Obviously satisfaction with pay is measured primarily by current income but also by opportunities for salary increases. Promotion is the final facet and the one that the JDI explicitly assesses how perceptions about the future can affect job satisfaction. Today the facets of the JDI are generally assessed by modifying the adjective checklist and using a Likert scale on statements such as, opportunities for advancement are plentiful Thompson & Blain, 1992 Another popular and highly researched measure of job satisfaction is the Minnesota Satisfaction Questionnaire (MSQ). The MSQ can be scored for twenty facets; scores from one question for each facet provide a single overall composite score. The MSQ is commonly used in conjunction with the Minnesota Importance Questionnaire (MIQ). These instruments were designed for use with adult career counseling clients with work experience. They are particularly useful for clients that might be called career changers, that is, adults with considerable work experience in one or more chosen occupations who are dissatisfied with their work and remain undecided about their career future Yankelovich Partners, 1998 p.42 A study conducted in Europe, Asia, Africa, and the Americas reported similarities among workers. 10,339 workers were surveyed across 10 European countries, Russia, Japan, and the United States. Researchers consistently identified the same top five key attributes in a job: ability to balance work and personal life, work that is truly enjoyable, security for the future, good pay or salary and enjoyable co-workers. Across the four major geographic regions studied, workers specifically emphasized the importance of
29

potential advancement and the opportunity to build skills as a way to maintain employability and job security. Cardona, 1996, p.9 A survey polling members of the Association for Investment Management and Research found that 81% of the managers said they were satisfied or very satisfied with their job. When asked to identify the factors that create positive feelings about their job, most managers named professional achievement, personal or professional growth, the work itself and their degree of responsibility more important than compensation. Factors they viewed as creating negative feelings about their jobs were company policies, administration, relationships with supervisors, compensation and the negative impact of work on their personal lives. Maurice, 1998, p.13 In order to decrease some of these negative feelings and increase productivity it has been proposed to reduce the number of work days employees miss by increasing job satisfaction, redesigning disability plans and involving supervisors in management. Walker, 1998, p.18 Employers interested in remaining competitive in todays world economy needs to concentrate on retaining quality employees. Rewarding employees for work well done increases satisfaction and productivity Metzler, 1998, p.37-42 Simple practices like this can aid the atmosphere of the work environment. Giving recognition and rewards outside the paycheck such as recognizing key employees by name may also help McDonald & Hutcheson, 1999, p.18 Other research indicates that customer satisfaction and loyalty are excellent predictors of profitabilitythe strongest predictors of customer satisfaction: employees general satisfaction with their jobs and employees satisfaction with their work/life balance Osipow, 1968 Again its important to note that job satisfaction is subject to change. Results of studies comparing differences between age groups and level of job satisfaction report an increases in job satisfaction with age
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Karl & Sutton, 1998, p.515 From an employees standpoint, job satisfaction is a desirable outcome in itself. From a managerial or organizational effectiveness standpoint, job satisfaction is important due to its impact on absenteeism (1) turnover, (2) and pro-social citizenship behaviors such as helping coworkers, helping customers, and being more cooperative. (3) Thus, to redesign jobs, reward systems, and human resource management policies that will result in optimum job satisfaction and productivity, managers need to know what employees value Wiggins & Bowman, 2000 The nine domains, ranked in order of importance, are cost/finance, leadership, professional staff interactions, healthcare delivery concepts, accessibility, ethics, quality/risk management, technology, and marketing. Wagner & Rush, 2000 Another study focusing on organizational citizenship behaviors (OCB) analyzing peer ratings of altruistic OCB in a sample of 96 U.S. nurses showed that the contextual variables of job satisfaction, organizational commitment, and trust in management were pertinent for the participants Williams & Anderson, 1991 OCB researchers have investigated context-relevant attitudes such as job satisfaction, pay satisfaction, trust in management and peers, and organizational commitment as antecedents of OCB in U.S. populations

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CHAPTER -3 RESEARCH METHODOLOGY

3.1 NEED OF STUDY:


1. The study is done to find out whether the services provided by ISC are contributing to the satisfaction level of employees of its client pantaloons. 2. ISC required new and updated information about its clients employees to design future services. 3. ISC wanted to know the view of employees towards various factors associated with the salary and other benefits .

3.2

OBJECTIVES OF THE STUDY:


pantaloons so that ISC can improve its services.

1. To find out employee satisfaction with salary and benefits of employees of 2. To find out and analyze the future expectations and opinion about the
present services rendered by ISC.

3. To attain basic information on the basis of which ISC can give suggestions
and recommendations to its client, Pantaloons,.

3.3 LIMITATION OF THE STUDY : 1. Weighted average analysis is used.

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2. All the factors affecting employee satisfaction is not taken into Consideration. 3. Some of the respondents were not cooperative.

3.4 RESEARCH METHADOLOGY:


Research Methodology is way to systematically solve the research problem. It guides the researcher to do the search scientifically. It contains of different steps that are generally adopted by a researcher to study his research problem along with the logic behind him. Data become information only when a proper methodology is adopted. The research methodology includes the logic behind the methods we use in the content of our research study.

3.4.1 DATA COLLECTION METHOD There are two types of data that are: 1. Primary data 2. Secondary data

(1) Primary data collection: Primary data is the data collected for the first time through field survey. The primary data was collected through an administered questionnaire. The questionnaire consisted of a variety of questions that lay consistent with the objective of the research. Source of primary data:
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1. Experimentation 2. Observation 3. Questionnaire schedule

(2) Secondary data collection: The websites of the service providers and various other researchers done in this area along with the websites. Besides this the availability of documents, files, notes and brochures served by the big bazaar and ISC served as an additional secondary data for this project.

3.4 SURVEY METHOD: One of the most commonly used primary data collection methods is used in the survey. With a survey we can gather wide range of valuable information.

3.4.1 SOURCES OF DATA: The data regarding employee satisfaction been collected through questionnaire method of primary source.

3.5 SAMPLING: Primary data can also be collected with the help of sampling method. Sampling is not something which is only followed in statistics, is used in everyday life. Sampling as a method is also used in a research.

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3.5.1 Sampling methods: 1. Random or probability sampling ( convenient random sampling) 2. Non random or non probability sampling 3.5.2 Sampling population: The pantaloons Ludhiana is having more than 50 employees and the questionnaire was given to the workers and employees of the company. 3.5.3 Sample size: Out of more than 50 workers and employees of Pantaloons in Ludhiana have successfully completed 50 samples i.e 50 workers and employees of the company has conveyed us the level of employee satisfaction obtained from the company.

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CHAPTER 4 DATA ANAYSIS AND INTERPRETATION

TABLE 4.1.1 1. Since how many years have you been working in this company?
S. No 1. 2. 3. 4. Total Criteria No. of respondent Below 1 year 17 1 2 year 23 2- 3 years 7 More than 3 years 3 50 Percentage 34% 46% 14% 6% 100%

Chart:

no. of respondents
25 20 15 10 5 0 below 1 year 1-2 years 2-3 years more than 3 years no. of respondents

INFERENCE: Out of sample of 50, 34% is below 1 year, 46% 1-2 year, 14% 2-3 year, 6% more than 3 Years.

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TABLE 4.1.2
2. Is this your first job? S. No 1. 2. Criteria yes no No. respondent 22 28 of Percentage 44% 56%

CHART 4.1.2:

Chart:

no. of respondents

yes no

INFERENCE: Out of 50 employees 22% are freshers.

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TABLE 4.1.3
3. I am paid fairly for the work I do? S. No 1. 2. 3. 4. 5. Total Criteria No. respondent Strongly agree 10 Agree 18 Neither agree nor 10 disagree Disagree 7 Strongly disagree 5 50 of Percentage 20% 36% 20% 14% 10 % 100%

CHART 4.1.3 Chart:

no. of respondents
strongly disagree

disagree

neither agree nor disagree

no. of respondents

agree

strongly agree 0 5 10 15 20

INFERENCE: Out of 50 employees 20% strongly agree, 36% agree, 20% neither agree nor disagree, 14% disagree, 10% strongly disagree.

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TABLE 4.1.4 4. My salary and benefits are comparable with similar jobs I might find elsewhere.
S. No 1. 2. 3. 4. 5. Total Criteria No. respondent Strongly agree 10 Agree 11 Neither agree nor 15 disagree Disagree 5 Strongly disagree 9 50 of Percentage 20% 22% 30% 10% 18% 100%

CHART 4.1.4 Chart:

no. of respondents
strongly disagree disagree neither agree nor disagree agree strongly agree 0 5 10 15 no. of respondents

INFERENCE: Out of 50 employees 20% strongly agree, 22% agree


30% neither agree nor disagree, 10% disagree and 18% strongly disagree.

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TABLE 4.1.5 5. i am satisfied with my benefit plan


S. No 1. 2. 3. 4. 5. Total Criteria No. respondent Strongly agree 23 Agree 10 Neither agree nor 00 disagree Disagree 11 Strongly disagree 06 50 of Percentage 46% 20% 0% 22% 12% 100%

CHART 4.1.5 Chart:

no. of respondents
strongly disagree disagree neither agree nor disagree agree strongly agree 0 5 10 15 20 25

no. of respondents

INFERENCE: Out of 50 employees 46% strongly agree, 20% agree, 22%


disagree, 12% are strongly disagree.

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TABLE 4.1.6 6. Favoritism is not an issue in benefits, raises or promotions.


S. No 1. 2. 3. 4. 5. Total Criteria No. respondent Strongly agree 15 Agree 15 Neither agree nor 3 disagree Disagree 10 Strongly disagree 2 of Percentage 30% 30% 6% 20% 4% 100%

CHART 4.1.6 Chart:

no. of respondents
srongly disagree disagree neither agree nor disagree agree strongly agree 0 5 10 15

no. of respondents

INFERENCE: Out of 50 employees 30% strongly agree, 30% are agree, 6%


are neither agree nor disagree, 20% are disagree, 4% are strongly disagree.

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TABLE 4.1.7 7. My job performance and contribution affects compensation I receive.


S. No 1. 2. 3. 4. 5. Total Criteria No. respondent Strongly agree 35 Agree 10 Neither agree nor 0 disagree Disagree 5 Strongly disagree 0 of Percentage 70% 20% 0% 10% 0% 100%

CHART 4.1.7 Chart:

no. of respondents
strongly disagree disagree neither agree nor disagree agree strongly agree 0 10 20 30 40

no. of respondents

INFERENCE: Out of 50 employees 70% are strongly agree, 20% are agree, 10%
are disagree.

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TABLE 4.1.8 8. I receive my salary, bonus and other benefits on time.


S. No 1. 2. 3. 4. 5. Total Criteria Strongly agree Agree Neither agree nor disagree Disagree Strongly disagree No. respondent of Percentage

28 12 1 9 0 50

56% 24% 2% 18% 0% 100%

CHART 4.1.8 Chart:

no. of respondents
strongly disagree disagree neither agree nor disagree agree strongly agree 0 5 10 15 20 25 30

no. of respondents

INFERENCE: Out of 50 employees 56% are strongly agree, 24% agree, 2% neither
agree nor disagree , 18% disagree.
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TABLE 4.1.9 9. I can ask for the details of my monthly salary or calculation for other benefits.
S. No 1. 2. 3. 4. 5. Total Criteria Strongly agree Agree Neither agree nor disagree Disagree Strongly disagree No. respondent of Percentage

5 12 3 19 11 50

10% 24% 6% 38% 22% 100%

CHART 4.1.9 Chart:

no. of respondents
strongly disagree disagree neither agree nor disagree agree strongly agree 0 5 10 15 20 no. of respondents

INFERENCE: Out of 50 employees 10% are strongly agree, 24% agree, 6% neither
agree nor disagree , 38% disagree and 22% strongly disagree.

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TABLE 4.1.10 10. I am given increment after a fair time interval.


S. No 1. 2. 3. 4. 5. Total Criteria Strongly agree Agree Neither agree nor disagree Disagree Strongly disagree No. respondent of Percentage

8 15 9 12 6 50

16% 30% 18% 24% 12% 100%

CHART 4.1.10 Chart:

no. of respomdents
strongly disagree disagree neither agree nor disagree agree strongly agree 0 5 10 15

no. of respomdents

INFERENCE: Out of 50 employees 16% are strongly agree, 30% agree, 18%
neither agree nor disagree , 24% disagree and 12% strongly disagree.
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TABLE 4.1.11 11. Company gives me bonus whenever it have enough money.
S. No 1. 2. 3. 4. 5. Total Criteria Strongly agree Agree Neither agree nor disagree Disagree Strongly disagree No. respondent of Percentage

5 9 12 18 6 50

10% 18% 24% 36% 12% 100%

CHART 4.1.11 Chart:

no. of respondents
strongly disagree disagree neither agree nor disagree agree strongly agree 0 5 10 15 20

no. of respondents

INFERENCE: Out of 50 employees 10% are strongly agree, 18% agree, 24%
neither agree nor disagree , 36% disagree and 12% strongly disagree.
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TABLE 4.1.12 12. I never had any problem with the amount of salary and bonus I received.
S. No 1. 2. 3. 4. 5. Total Criteria Strongly agree Agree Neither agree nor disagree Disagree Strongly disagree No. respondent of Percentage

4 14 7 18 7 50

8% 28% 14% 36% 14% 100%

CHART 4.1.12 Chart:

no. of respondents
strongly disagree disagree neither agree nor disagree agree strongly agree 0 5 10 15 20

no. of respondents

INFERENCE: Out of 50 employees 8% are strongly agree, 28% agree, 14% neither
agree nor disagree , 36% disagree and 14% strongly disagree.

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ANALYSIS USING STATISTICAL TOOL


FINDING WEIGHTED AVERAGE OF THE STATED DATA:

S.no. Variables Weights


1

4
17

3
23

2
07

1
03

Weighted average
3.08

2 3 4

5 6

10

11

How many years have you been working in this company? Is this your first job? I am paid fairly for the work I do My salary and benefits are comparable with similar jobs I might find elsewhere. i am satisfied with my benefit plan Favoritism is not an issue in benefits, raises or promotions. My job performance and contribution affects compensation I receive. I receive my salary, bonus and other benefits on time. I can ask for the details of my monthly salary or calculation for other benefits. I am given increment after a fair time interval. Company gives me bonus whenever it has enough money.

10 10

18 11

10 15

22 07 05

28 05 09

1.44 3.42 3.16

23 15

10 15

00 03

11 10

06 02

3.66 3.32

35

10

00

05

00

4.5

28

12

01

09

00

4.18

05

12

03

19

11

2.62

08

15

09

12

06

3.14

05

09

12

18

06

2.78

48

12

I never had any 04 problem with the amount of salary and bonus I received.

14

07

18

07

2.8

WEIGHTED AVERAGE SCORE TABLE


Table showing weighted average score of the statements rated by the respondents and their ranking accordingly.
Weighted average score is calculated as follows:

WAS = f w N Where, f = No. of respondents giving a particular rating to a statement. w = Weights assigned to different ratings on likert scale of 5 point, where 5= strongly agree 4= agree 3= neither agree nor disagree 2= disagree 1= strongly disagree N = Total number of respondents. When WAS score of each statement is calculated, the statements are lying between the following ranges: 4-5 highly agree
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3-4 moderately agree 2-3 slightly agree 1-2 disagree

TABLE SHOWING THE RANGE OF FINDINGS

S.no. Variables
1 How many years have you been working in this company? Is this your first job? I am paid fairly for the work I do My salary and benefits are comparable with similar jobs I might find elsewhere. i am satisfied with my benefit plan Favoritism is not an issue in benefits, raises or promotions. My job performance and contribution affects compensation I receive. I receive my salary, bonus and other benefits on time. I can ask for the details of my monthly salary or calculation for other benefits. I am given increment after a fair time interval. Company gives me bonus

Weighted average
3.08

Range
Moderately agree Disagree Moderately agree Moderately agree

2 3 4

1.44 3.42 3.16

5 6

3.66 3.32

Moderately agree Moderately agree Highly agree Highly agree Slightly agree

4.5

8 9

4.18 2.62

10 11

3.14 2.78
50

Moderately agree Slightly

12

whenever it has enough money. I never had any problem 2.8 with the amount of salary and bonus I received.

agree Slightly agree

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CHAPTER -5 FINDINGS AND SUGGESTIONS

1. The survey shows that 34% of the employees are working for this company
below 1 year, 46% of the employees are working for 1-2 year, 14% employees are working for 2-3 years and 6% of the employees are working for above 3 years in the company.

2. For 44% employees of the company it is their first job experience and 66%
of employees have the experience of working at some other organization.

3. The survey shows that employees are moderately agree with the
statement. 20% of workers strongly agree that they are being paid fairly, 36% person agrees, 20% are neutral, 14% disagrees and 10% strongly disagrees with this fact. So, the majority have keeps a positive attitude.

4. According to the survey, employees are moderately agree with the


statement. 20% of employees strongly agree, 22% agree, 30% are neutral, 10% disagree and 18% strongly disagree with the fact that they are getting a competitive salary as compared to similar organizations. This indicates that they may move to another organization if got a chance.

5. Acc. to the survey we can find out that there is moderate agreement of the
employees with the statement. This means that they are not dissatisfied with their benefit plan.

6. Acc. To survey we can find out that employees do not feel the presence of
strong favoritism as they are moderately agree to the statement that favoritism is not an issue.
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7. Employees are sure that higher performance will lead to growth. 8. Due to outsourcing of compensation management employees faces some
issues regarding acquiring salary details.

9. Employees also feel that company doesnt give appropriate bonus all the
time.

10.

They have some salary related problems which are not heard and solved.

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SUGGESTION OF EMPLOYEES SATISFACTION

1. Employees should be aware about the fact of outsourcing by pantaloons.

2. There should be more communication between pantaloons and ISC.

3. Pantaloons must forward compensation related issues of its employees to ISC. 4. ISC must timely address to the employees complaints.

5. They should be given full appreciation of work done that is by them.

6. ISC must suggest to pantaloons to increase the amount of bonus and other benefits at reasonable intervals.

7. ISC must suggest Pantaloons to communicate to its employees various standards and basis which will be counted while calculating benefits to put an end to feeling of favoritism.

8. Employees can be provided with work of their own interest so that they can perform job in an efficient manner and feel interested while doing a job.
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9. Proper communication skill enhancing training should be given to employees so that they can feel easy in communicating with different customers in different languages.

10.Good personality development class should be given to the team members to improve their knowledge.

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CHAPTER-6 CONCLUSION
The study it can be concluded that on an average most of the employees are satisfied with the services rendered by ISC. There are some minor problems and issue which can be solved by taking certain steps one of which can be more communication. It can be said that, in future ISC should conduct timely surveys to know the expectations of the employees. And after a detailed discussion with its client Pantloons, ISC should design the future benefit packages which can satisfy the interest of both the parties.

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ANNEXURE BIBLIOGRAPHY
1. Bob, N. (2011). Making employees suggestions Count, Journal of personnel management 17; 20 -41. 2. Bob, N. (2011). Making employees suggestions Count, Journal of personnel management 17; 20 -41. 3. Anyebe, A. (2003). The Nigerian Civil Service; Issues in structure and operation, journal of professional administration, 5; 11-17. 4. Armstrong, M (2005). A Handbook of Human Resources management practices. UK: Kogan page, 986 p. 5. Ejiofor P. (2010). Management in Nigeria: Theories and issues. Onitsha: Africana- Feb publishers limited, 295. 6. Armstrong, M. and Brown, D. (2005). Relating Competences to pay: The UK Experience, Compensation and Benefit Review, 18(2); 2905-310. 7. Brown, A. (2003). Reward strategies, Journal of personnel management, 1; 1729. 8. Dyer, and Schwab, P. (1991) Developing Job Evaluation, Journal of management, 5, 10- 14. 9. Fein, B. (2001). Compensation Management Strategies, Journal of personnel Administration, 18; 13-27. 10. Harrison, D.A and Liska, N. (2010). Promoting Regular Exercise in Occupational Fitness Programme, Journal of Personal Psychology, 5(5); 27-45. 11. Hewitt A.(2005). Managing performance with incentive pay, Journal of personnel Management, 7(1): 20
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QUESTIONNAIRE Name: Age: ... . Gender: .

Qualification: .

Designation: . Department: .

1.How many years have you been working in this company? Below 1 year 2-3 year 2. This is my first job yes no 6 1-2 year Above 3 years

4. I am paid fairly for the work I do. Strongly agree Neither agree nor disagree Strongly disagree 4.My salary and benefits are comparable with similar jobs i might find. Strongly agree Neither agree nor disagree Strongly disagree Agree Disagree Agree Disagree

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5.I am satisfied with my benefit plan Strongly agree Neither agree nor disagree Strongly disagree 6.Favoritism is not an issue in benefits, raises or growth. Strongly agree Neither agree nor disagree Strongly disagree 7.my job performance and contribution affects compensation I receive. Strongly agree Neither agree nor disagree Strongly disagree 8.I receive my salary, bonus and other benefits on time. Strongly agree Neither agree nor disagree Strongly disagree 9.I can ask for the details of my monthly salaryand benefits. Strongly agree Neither agree nor disagree Strongly disagree 10.I am given an increment after a fair interval.
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agree Disagree

Agree Disagree

Agree Disagree

Agree Disagree

Agree Disagree

Strongly agree Neither agree nor disagree Strongly disagree

Agree Disagree

11.Company gives me bonus whenever it has enough money. Strongly agree Neither agree nor disagree Strongly disagree 12.I never had any problem with the amount of bonus and salary I receive. Strongly agree Neither agree nor disagree Strongly disagree Agree Disagree Agree Disagree

Suggestions if any to the organization to development further. ... Thanking you.

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