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Packages compensation management .ppt 2010

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Packages compensation management .ppt 2010 aliraza afzal, miss amna anjum, pimsat, 923232142480

Text of Packages compensation management .ppt 2010

  • 1. Mr. Ali-RazaMr. Aabir-HusaainMr. Shahroz Khan

2. PACKAGES PRIVATE LIMITED 3. Established in 1956.Provides premium packaging solutions forexceptional value to individuals andbusinesses.Employ over 3000 people and had sales ofover US $ 100 million in 2004. 4. PAPER & BOARDSTATIONARYCARTON BUSINESS UNITUNIT FLEXIBLEBUSINESS UNITCONSUMER PRODUCTS 5. Manpower Less Than 10 Years Service1,358Between 11 And 20 Years 582Between 21 And 30 Years 512Above 30 Years439Executive And Management Staff 506Supervisors 246Workers 2,139TOTAL 2,891 6. Attracts and retains outstanding peopleby creating a culture that fostersopenness and innovation, promotesindividual growth, and rewards initiativeand performance.To develop a duality work force & tokeep them with the company 7. Every body works deliberately towards theenvironment for getting the reward.Different things motivates different sort of people.For some people money matters On the other handfor others verbal appraisal is of great importance. One of the most important thing which motivatesmajority of people is money. Pay in the other words. 8. Managing of benefits and compensation is a veryessential and important both for the employees andemployer.Its not an easy task to retain and maintain theskilled and capable employees.Compensation managers have to manage thisprogram in such a way which makes employees notonly to stay longer with the organization but alsoimproves productivity. 9. Mr. Ali-Raza 10. It is a very tricky and important phenomena.Packages considered all the internal and external factors likecompanies Market position,its resources, companys year performance and progress afterviewing all these factors pays has been decided and they tend tosatisfied every employees needs and expectationsInduction SalaryWorkers Min 9000/- per monthSkilled workers Min12000/- per monthExecutive Min25,000/- per month 11. There are two types of traditional bases for paySeniority pay systemSeniority pay system reward employees with additions tobase pay periodically according to employees length ofservice performing their job.Merit pay systemMerit pay programs assure that employees compensationover time should be determined, at least in part bydifferences in job performance. 12. Bases for Pay Cont....Most of the firms now-a-days using merit pay systemso do PACKAGES.Merit pay system has many advantagesIt rewards individual achievementPeople motivated when they were recognized.Its very good both for the employee and employersPeople start working more effectively if they know that their pay has been decided on the bases of their performance.Thats why this pay system has been used in packages. 13. Bases for Pay Cont....Seniority pay system has also beenused in packages but only for theexceptional case who work for theorganization for so many years andput extra effort and was very loyal soin those case seniority pay system canbe used. 14. Mr. Shahroz Khan 15. Incentive or Variable Pay PlansIncentive pay or variable pay rewards employees for partially orcompletely attaining a predetermined work objective.Companies use incentive pay to reward individual employees ,teams of employees, or overall companies based on theirperformance.Company only provides with bonuses to their employees on theirperformance. 16. Incentive cont....All confirmed employees avail annual bonuses.The criteria for the bonuses is that company give bonusesmaximum 7 multiply with their base salaryThe bonuses has been given twice a year in January and inaugust most probably.Its on the base of individual incentive plans, concept of groupincentive plan is not much used in packages. 17. Incentive cont....For example if someones salary is 9000 and get bonus 6 onits base salary then9000 x 6=54000 will be the bonus of that person.But again its performance base so getting the 6 or 7 is not aneasy task employees performance has been observed andevaluate very keenly.Many incentive plans apply to other categories of employeesincluding sales professionals, managers, and executives 18. employees are the people who actually do the work.The most widely used incentive for operational employees plan isthe PIECE WORK PLAN.In this plan worker is paid a piece rate for each unit he or sheproduces.Other is straight piecework in which a person is paid a sum foreach item he or she makes or sells.In packages these sort of incentives some times used but notfrequentlyIts been used when there is urgent need for more production etc. 19. Managers play a central role n influencing divisional and corporate profitabilityMost firms therefore put considerable thought into how to reward them.Most managers get short-term bonuses and long-term incentives in addition tosalary. 20. Mr. Aabir-Husaain 21. Salaries BonusesIncentives Premium payInsurance plansSocial Assistance AnalysisAmbulance and Dispensary 22. Common time-off-with-pay periods include 23. Benefits and welfare schemes used by packages and considered asone of the best firm for giving their employees such benefits.Long Service Award 30 Years Min Rs 20,000/- Max Rs150,000/-Haj (4 Persons / Year)Scholarship To Employees Children For Higher Education (42Scholarships Per Year)Day Care CenterSocial SecurityProvident Fund/Gratuity/ Pension Sports FacilitiesChildren Mela