Reviewing Wag and Salary Program

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Compensation Management (823)

Reviewing the organizationscurrent wage and salary

program

Introduction:-

Wages, as a means of providing income for employees and as a

cost of doing business to the employer, constitute one of the most

important subjects in the filed of personnel management. Wages

can provide a source of motivation for employees to performeffectively. The wage rate offered is one of the most important

considerations to a person who is taking a new job.

The term compensation administration, or alternatively, wage and

salary administration, has come to be accepted as the designation

for that field of endeavor concerned with the establishment and

implementation of sound policies and methods of employee

compensation. It includes such areas as job evaluation,

development and maintenance of wage structures, wage changes

and adjustments, supplementary payments, profit sharing, control

of compensation costs, and other related pay items.

Employee compensation refers to all forms of pay or rewards going

to employees and arising from their employment, and it has two

main components. There are direct financial payments in the form

of wages, salaries, incentives, commissions, and bonuses, and

there are indirect payments in the form of financial benefits like

employer-paid insurance and vacations.

In tern, there are essentially two ways to base direct financial

payments to employees: on increments of time and on

performance. Most employees are still paid based on the time they

put in on the job. For example, blue-collar workers are usually paid

hourly or daily wages; this is often called day work. Some

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employees managerial, professional, and usually secretarial and

clerical are salaried. They are compensated on the basis of a longer

period of time (like a week, month, or year), rather than hourly or

daily.

The second option is to pay for performance. Piecework is an

example: it ties compensation directly to the amount of production

(or number of pieces) the worker produces, and is popular as an

incentive pay plan. Psychologists know that people have many

needs, only some of which can be satisfied directly with money.

Other needs for achievement, affiliation, power, or self-

actualization for instance also motivate behavior but can only be

satisfied indirectly (if at all) by money. Yet even with all our more

modern motivation techniques (like job enrichment), theres no

doubt that money is still the most important motivator.

GOALS of Wage and Salary Programs

There are four principal goals that compensation programs may

seek to accomplish.

First they seek to serve a labor market function of allocating people

among firms according to the perceived attractiveness of jobs as

expressed by the rat of pay and associated pay supplements.

Second, carefully designed compensation programs enable

management to control wages and salaries and control labor costs.

A third major objective ofwage and salary programs is to keep

employees content, to minimize quitting, and to reduce employee

complaints and grievances due to inadequate or inequitable wage

rates.

A fourth and final goal of compensation is to induce and reward

better performance. In other words, pay is looked upon as a

motivator.

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Factors affecting the Wage & Salary Programs(compensation)

Union influencesPay / salary / wages rates is the major issue in collective

bargaining. However, other issues include cost of living, income

security, time of with pay and health care.

Legal AspectAll the organizations are bound to follow the Government rules and

regulations while deciding the compensation for their employees.

Also labor laws and workers Act. are considered. In addition various

organizations have their own policies for compensation.

Compensation PolicyAn employer compensation policy also influence the wages and

benefits to the employees. One consideration is that whether the

organization is leader or the follower regarding pays / salaries /

wages. Other important policies include the basis for salaries

increases, promotion and demotion, over-time pay policy and

policy regarding probationary period and leave period.

Equity and Its Impact on Pay RatesThe need for equity is crucial factor in determining the pay rates,

specially external and internal equity. In case of external equity,

pays must compare favorably with other organizations. Whereas

internal equity means that each employee should view his or her

pay as equitable given other pay rates in the organizations.

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Process of establishing pay rats while insuring

external & internal equity

Step 1: Determine the critical factors.

A survey aimed at determining prevailing wage rates. A good

salary survey provides specific wage rates for specific jobs.

Different types of salary survey including formal, informal,

commercial and Government, are conducted in this regard.

Step 2: Determine the key Jobs.

Job evaluation is aimed and determining a jobs relative worth.

Here we determine the worth of one job relative to another and

eventually results in wages or salaries hierarchy. The job is

evaluative through the content of job in relation to one another or

through the comparable factors such as skills, efforts, responsibility

and working conditions.

Step 3: Apportion current wages for key jobs.

Similar nature and status jobs are grouped in one category of pay

grade. Meaning there by these jobs are paid equal amount of

salaries / wages and other allowances and benefits.Step 4: Price each pay grade

Assignee pay rates to each of pay grades. Individual pay rates

would have to be assigned to each individual job.

Step 5: Fine-tune the pay rates

As the inflation keep on increasing there is a need to fine-tune the

pay rates i.e. adjustment according to the inflation. It is a continues

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process which takes place with the time. Normally the

organizations undertakes this process on yearly basis.

Responsibility. $2.10

Skill. $3.00

Mental Efforts. $2.70

Physical Efforts. $1.90

Working Conditions. $1.30

Total Wage $11.00

C U R R E N T I S S U E S

Comparable worth of job.

Pay secrecy.

Inflation and salary compression.

Cost of living differentials.

Legal issue.

Organizations that are serious about performance, and

which often see performance management as the core

business process for achieving their strategy, are putting

much effort into taking different views of performance from

all of the stakeholders involved to ensure success.To

support and expand further on this issue, it is necessary to

enumerate certain conditions, which must be present for rewards

to elicit desired performance:-

Important rewards can be given and tied to performance.

Information can be made public about how rewards are given.

Superiors are willing to explain and support the reward system in

discussions with their subordinates.

Rewards can vary widely, depending on the individuals current

performance.

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Performance can be objectively and inclusively measured.

Meaningful performance appraisal sessions can take place.

High levels of trust exist or can be developed between superiors and

subordinates.

The reward systems must be clearly communicated, well understood

by those affected and accepted as relevant.

Finally, it is emphasized that all employees should be included in the

reward opportunities.

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PRACTICAL STUDYBANK ALFALAHHistory of Bank Alfalah:

Bank Al-Falah Limited was incorporated on June 21st, 1997 as a

public limited company under the Companies Ordinance 1984.

Its banking operations commenced from November 1st, 1997. The

bank is engaged in commercial banking and related services

as defined in the Banking companies ordinance, 1962. The Bank is

currently operating through 104 branches in 36 cities, with the

registered office at B.A.Building, I.I.Chundrigar, Karachi. Since its

inception, as the new identity of H.C.E.B after the privatization in

1997, the management of the bank has implemented strategies

and policies to carve a distinct position for the bank in the market

place.Strengthened with the banking of the Abu Dhabi Group and

driven by the strategic goals set out by its board of

management, the Bank has invested in revolutionary

technology to have an extensive range of products and

services.

This facilitates our commitment to a culture of innovation and

seeks out synergies with clients and service providers to ensure

uninterrupted services to its customers. We perceive the

requirements of our customers and match them with quality

products and service solutions. During the past five years, we

have emerged as one of the foremost financial institution in the

region endeavoring to meet the needs of tomorrow today.

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Bank Al-Falah limited was incorporated on June 21, 1992 as a public

limited Companies Ordinance 1984 and commenced banking

operation from Nov 1, 1992. The bank is growing rapidly in its

equity & asset base due to strategic managerial policies and

assistance of Abu Dhabi Group.

The strength and standing of Abu Dhabi Group, principal owners of

BAL have helped Bank Al-Falah Limited launch high quality

consumer and corporate banking operation in Pakistan. Bank Al-

Falah Ltd has embarked upon a rapid expansion program to make

sure that our services reach more and more peoples. We are

headed towards an optimum sized network reaching major urban

centers in Pakistan and soon to go International.ATM machines

locations have been increased inmost of the branches but still need

to expand their network in every branch and collaboration with

other commercial banks in ATM services. It is also introducing a

new; more advanced and latest funds settlement computerized

SWIFT program in late 2002. Which is a strong point of BAL that

makes it a sophisticated and highly technological oriented bank?

Regarding the investment and deposits portfolios BAL is playing

dynamic strategies to diversity their funds in more productive

assets like; investment in T. Bills and export related concerns,

which are producing healthy profits. But all this goes to the staff ofBank Al-Falah Ltd bank that is more proficient and good risk

managers.

BAL has numerous opportunities in future to increase the volume of

business because it has options to tap the market of its own peer

units (Al-Falah Car Financing, Al-Falah Visa, & also Al-Falah Home

Finance etc) beside BAL has strong assets base, it can diversify its

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funds in more lending & investment opportunities live; Petroleum

concerns, financial derivatives business through treasury.

In nutshell, BAL has been performing very well since its birth. Allfinancial institutions of Pakistan regarding commercial banking

concerns give Bank Al-Falah Ltd as a leading bank in domestic

sector title. Through SWOT analysis we have found that BAL has

competitive edge over other peer banks and it wants to tap the

prospects of foreign banks to achieve long-term objectives of the

bank it ought to have astute, well-designed, comprehensive and

dynamic frame of undertaking which might be established after

diagnosing the conditions of country and drawbacks due to which it

lags behind.

Title of Bank Al-Falah

Logo of Bank Al-Falah

Slogan of Bank Al-Falah

Bank Alfalah Branch Network:

The Bank is fully aware that the branch network has direct

implications on the services that it provides to its customers. We

offer services through a network of177 branches and 109 state of

the art ATM machines.

Conventional Branches

Overseas Branches

ATM machines

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ORGANIZATIONAL STRUCTURE

DEPARTMENTS

Bank Alfalah Limited has the following departments:

Account Opening Department

Human Resource Department

Trade Finance

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Credits

Accounts Department

Administration / Personnel

Special Asset Management (SAM)

MIS Department

Marketing

Cash & Deposits

Foreign Currency Accounts

HUMAN RESOURCE MANAGEMENT

The policies and practices involved in carrying out the People or

Human Resource aspects of a management position, including

recruiting, screening, training, rewarding, and appraising

The concepts and techniques need to carry out the people or

personal aspects of management job are:-

Conducting job analyses (determining the nature of each

employees job)

Planning labor needs and recruiting job candidates

Selecting job candidates

Orienting and training new employees

Managing wages and salaries (compensating

employees) Providing incentives and benefits

Appraising performance

Communicating (interviewing, counseling, disciplining)

Training and developing managers

Building employee commitment

PAY PLANS & INCENTIVES AT ALFALAHPay Plans:

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Pay plans Alfalah are establish on the basis of job ratings. All jobs

are ranked from top to bottom, on the bases of compensable

factor. Employee with higher rank gets highest pay and incentives.

Total Compensation:

Example:

60% Basic Pay 15-k

30% House Rent 7.5-k10% Utilities 2.5-k

OPD 2 Gross salaries

Hospitalization Employee siblings,Parents, Wife / Spouseand childrens

Provident Fund 50% Employee, 50%Org

Gratuity If work for 10 Months

Bonuses 1.4% Of Gross salaryIncentives Only Sales department

depend upon theirperformance.

Assistant Manager Level:

25000 Car allowance + 200 Liters petrol / Month

Manager level:

Car + Blackberry

Senior Manager:

Islamabad Club Membership + BMW Car + House + Foreign Tours

Food Subsidy:

S.E, Exe, M.T so on

Rs 65

Rs 95 CompanyA.M and Above 160 RS

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Increments:

The increments are totally based on the performance of the

employees and their seniority level.

If the scale is 15000-20000 then the increment is the 20% of the

base pay, but if any employee shows the performance then this

may increase up to 35% to 50%.

Managers: Innovative ideas

Silent Warriors

Recognition of The work:

Employees who is working in Bank Alfalah for seven years or more

then seven years gets Cash Rewards, Trophy, badges and other

things.

Leave fair assistance

1 year 20 holidays 1 Gross salary

40 leaves 2LFAs

Permanent Employees:

Number of employees:

Around 1500 2000

Minimum scale starts from 15000 20000

Maximum C.E.O (Not disclosed by the organization)

Bank Alfalah focuses on providing a large number of the

compensation and benefits to its employees in a form of the

following categories:

Minimum wage:The minimum salaryfor Drivers is Rs.7000

for Tea Boys it is Rs.6500, for Administrative Staff like HR,

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Finance, Marketing, etc it is Rs.20000 and for Engineering it is

Rs.20000 to 25000.

Medical Allowance:1 gross salary per year is given to each

employee; half is given in mid of the year and remaining half will

be given at the end of the year.

Health Insurance:Like all other , Bank Alfalah also provides

health insurance policy to its employees.

Loan Insurance:At Bank Alfalah loan insurance policy is also

provided to their employees.

Transport allowance:Rs 2500 are given to female employees

only, if they travel on local transport.

House Rent:10% of the basic salary is given to each senior/

executive level employee.

Overtime:All employees are entitle for the overtime more then

130 hours per month .For overtime Bank Alfalah have specific

formula that apply on the employees gross salary, due to which

every employee have different per hour overtime rate.

EOBI:EOBI is contributed as per the standard

Children Education allowance:1 gross salary per yearProvident Fund:All permanent confirmed employees are eligible

for membership of Bank Alfalah Employee Provident Fund Scheme.

An employee contributes 8.33% of month basic salary in a year and

an equivalent amount is being contributed by the employer.

Leaves:7 Casual and 10 sick leaves are given to each employee

at all level.

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Travel Policy:Revised and categorized different levels such as

the senior level, the middle level and the junior level staff.

Meal deduction Claims: Meal books are to be maintained of

each employee who issues it, their name, employee number,

designation, signature and number of book and date at which it is

issued has to be recorded. The reason for maintaining the record is

that the company pays 60% of the expense came over the food

while 40% has to be deducted from the employees salary.

Expense Claim:The expense Claims are the expenses which an

employee make on the behalf of the company E.g. fuel used forbusiness travel, overnight stays on a business tour etc, such claim

are made while returning back to the office , after the whole

process the HR pay them back the next month along with their

salary.

Overtime Claim: If an employee has worked for more than the

regular time, they claim for the overtime amount other than their

salary which they receive the next month. Overtime claim have to

be approved through HR department.

Medical Claim:Differentmedical facilities are provided to

employees at different level of hierarchy, so if any employees

make use of this facility they can claim for the amounts to be

return next the month while submitting the hospital receipt. Their

medical clearness is done by the HR department.

Mobile deduction Claim:Such an expense claims which are

made if an employee has made long duration call for the official

purpose and they have exceeded the limit given to them then they

can make a claim by attacking a copy of mobile bill and if its valid

then HR department approved it and pay the employee their

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claimed amount along with their monthly salary of the following

month.

Dispatching of Salary Slips:Vendor prepares the salary slipand dispatch it to the HR department, further HR head office send

it to the regional HR departments their concerned employees

salary slip and they either give their employees through cash or

transfer to their accounts.

Incentive Plans:

In Bank Alfalah, incentive are provided to

Managers and Executives

Middle and Lower Level Employees

EMPLOYEE BENEFIT & SERVICES

The employee benefits & services provided by Bank Alfalah are

Health & Life Insurance

Paid Annual Vacations, Leaves, Holidays

Health Insurance Of Parents

Pension & Provident Fund

Discount On Company Products

Annual Bonuses

Educational Plans Social Events

Customized Services

Creative, Learning & Healthy Environment

Highly Qualified, Experienced & Committed Staff

Profit & Gain Sharing Plans

Financial Benefits:

The financial benefits provided by Bank Alfalah to its employeesare

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Severance Pay

Severance Pay is given according to

1. Policy2. Give Full & Final Settlement

3. Half Salary As A Complementary (Optional)

Supplemental Unemployment Benefits

Supplemental Unemployment Benefits are given

1. During Annual Routine Audits

2. Other Privileges

Insurance Benefits:

Bank Alfalah gives insurance benefits on

Workers Compensation

Complete Life Insurance

Hospitalization & Medical Insurance

Other Benefits:

Other benefits provided by Bank Alfalah to its employees are

Pregnancy Compensation

2 Bonuses For Each Employee

Faster Promotion

Introduction OfMENTORS

Bank Alfalah MOHTISIB Staff Suggestion Scheme

Family Community Concept

Salary Of Own Choice

Job Rotation Facility

Prizes & Gifts

Refreshment Packages

Short Courses & Trainings + Training Material

Traveling & Stay Allowances

Communication Benefits

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Retirement Benefits:

Bank Alfalah gives retirement benefits on the basis of

Age Pension Plans

Provident Fund Facility

Early Retirement Window

No-golden Offerings & Defined Contrib. Plan

No-social Security & Deferred Profit Sharing

Services Benefits:

Following services benefits are provide by Bank Alfalah to the

employees:

Introduction OfMENTORS (HR REPRESENTATIVE)

Counseling Services -

Financial, Career, Job-placement, Grievances

Bank Alfalah Mohtisib

Lunch & Learn Program

Employee Transportation

Educational & Training Subsidies

Flexible Benefits Programs (Few-limitations)

No-subsidized Child & Elder Care

SWOT Analysis

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SWOT analysis is a process to identify where we

are strong and where we are vulnerable, where weshould defend and where we should attack. It tells us

our strengths, our weaknesses, the opportunities which

prevail in the market and the threats which we may face

from our competitors and other from other potential

factors.

This analysis can be performed on a product, on a service, a

company or even on an individual.

SWOT Analysis of Bank Al-Falah

Here we have applied this very useful technique to identify the

strengths, weaknesses, opportunities and threats of Bank Al-Falah.

Strengths:

Strong Financial Position

As we can see in the financial statements of the bank, the financial

position of the organization is very sound and its profitability is in

increasing. The Earning per share has been increased on a rate of

about 50%, which is a very positive sign.

Highly Qualified Employees

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The bank has highly qualified and skilled workforce and it has

succeeded to attract the best banking professionals from across

the country due to its growing pace and sound reputation.

Conducive Environment

The management of the bank is very much concerned with the

development of and improvement of the working environment. The

bank has state of the art and purpose built branches where all the

modern technologies are provided to get the efficiency of the

workforce and the customer satisfaction.

Govt. Support and Encouragement

As the owners of the bank belong to UAE and the type of their

investment in Pakistan is a foreign investment, the govt. is fully

supporting the bank management due to its policy to maximize the

foreign investment in the country, to get the economic prosperity.

Fastest Growing Financial Institution

Due to its successful business policies and the strong financial

position the bank has achieved the reputation of fastest growing

financial institution in the country. It has greatly increased the

customers confidence in the bank.

Huge Expansion Plan

Due to its strong financial position the bank has undergone ahuge expansion plan to compete with the existing bank all over the

country and with the passage of time the branch network is

expanding at a very good pace.

Young and Energetic Workforce

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As the bank is a newer one in the country, the bank has an

advantage over its competitors because the majority of its

workforce is young and not very much over aged. Thus the bank is

getting maximum out put from its young and energetic workforce

by spending comparatively less on their remunerations.

Islamic Banking Division

The bank is one of the pioneers of the commercial banks who have

started the Islamic Banking along with their conventional banking.

The bank has a separate network of its Islamic Banking Divisionwhich has 16 branches across the country and this network is also

expanding at a very good pace.

WEAKNESSES:

Waiver of charges

Currently the middle management of bank Al-Falah is the big

reason for waiver of charges. Bank Al-Falah loosing a lot of its

income likes (Cheque book charge, online charges, statement

charges, and other things) because of management. This is a

weakness of bank Al-Falah.

Inexperienced workforce

As the majority of the workforce consists of young professional,

they lack in their experience. And sometimes lack of experience

becomes a hurdle while serving to the customers. It is the point

where they feel difficulty while competing the other bank, which

have a very experienced workforce.

Over work Load on Employees

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It was observed in the branch that as compared to huge business

the bank is dealing in, the no. of employees is lesser and thus there

is an increased workload on the employees. Due to this the

efficiency of the employees is reduced.

Employees are not very much Motivated

As discussed before, the workload is high and the employees,

especially the credit department, have to do late sittings to

complete their tasks. On the other hand the bank has revised its

salary increments policy to decrease the increment rate, as a resulta decreased motivation level of employees is observed.

Opportunities:

Rapidly Growing Economy

At present the Pakistans Economy is growing on a very fast pace.

The rapid growth of economy has resulted in the increase in the

growth rate of all economic sectors especially in the banking sector

which is growing at a fastest speed than ever and in future the

growth is expected to increase even a higher rate.

Increased Interest Rates

The SBP has revised the interest policy and the interest rates have

been linked with the KIBOR rates. Due to which the banks interest

rate has been substantially increased which will greatly increase

the banks profitability.

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Mega Projects Financing

As the increase in overall business activity in the country, the

investors are launching various types of Mega Projects especially inhousing and textile the bank has a great opportunity to finance

these projects at very profitable term.

Huge Demand for Consumer Financing

The increase in per capita income and overall economy has

resulted into a great demand for the consumer financing especially

for home finance and car financing and it is said that this trend will

increase more in future. The bank can earn a lot by focusing on its

consumer financing sections.

Merger with UBL

After the privatization of United Bank Limited, the management of

the BAL has purchased the majority shares of the UBL, and it is

planning to merge these two banks. As UBL is the second largest

bank in the country, this merger can make the bank the largest

bank of the country.

Growing Trend of Islamic Banking

There is a very good growth trend in the Islamic banking in the

country and in the world as well. BAL has the advantage of having

full fledged Islamic Banking network and the growth in this

particular field can be very fruitful for the bank.

Spending Practices of Mass

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As the Pakistanis are known for their extravagant practices, and to

fulfill their funds requirements they dont hesitate from getting

loans from banks. Thus there is a very good scope for the bank to

run successful business in such circumstances.

Threats:

Uncertainty of Economy

Although the economy is growing at a good pace, but there are

many factors which results in the uncertain position of theeconomy. Such as political uncertainty, WTO, increase in poverty

etc. etc. As a result there are permanent threats of future risks and

losses for the bank.

High Rate of Inflation

The inflation rate of the country has gone above the 10%. This can

result into an unfavorable situation for the bank. And especiallywhen the ownership of the bank is UAE based, the net spread forthem can substantially decrease.

Trend of Mergers

There is a trend of mergers among the banks to become prominent

in the market and to get the maximum market share. This trend

can result into the union of some leading banks which can give

tough time to the bank and it will become difficult for the bank to

compete with them.

Privatization of Banks

Due to its privatization policy, the govt. is privatizing the state

owned banks. The change in management may result in the

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increase in the efficiency and productivity of the banks. Thus it can

become a threat for the bank.

Risk of Defaults

As discussed earlier that there is a trend of launching mega

projects in the country. And every one is involved in this trend

without taking any measure for the successfulness of these

projects. This can result into the failure of this project which can

make it difficult for the banks to recover their funds from these

defaulters.

CONCLUSION

HRM managers at Bank Alfalah are performing a great job as far it

is concerned

Motivating them and looking after them. Along with the other

managers and employees

HRM managers are also doing a great job in achieving company

goals and objectives. There is a very calm and friendly atmosphere

at Bank Alfalah because of the HRM department and their policies

for keeping their employees happy, productive and efficient.

RECOMMENDATIONS

It is observed that the employees were overburdened so they

have to stay at branch till late at night. In this way their efficiency

is affected and hiring more employees can reduce their work.

The banks management should give more incentives and pay

scale of officers should be revised & improved.

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The employees should be signed jobs for specific period and than

they should shifted to other department so that they gain

knowledge of other jobs.

Bank Alfalah Limitedshould properly advertise and Communicate

to public about the services provided by it, so that more customers

will be attracted.

System and operations should be more defined and organized.

IT draw backs should be improved.

Administration drawbacks should be improved by the strict

control of general issues.

Some employees waive the bank charges (Statement charges,

cheque book charges etc) that decrease the income of the bank.

References

Bank Alfalah (www.bankalfalah.com)

Wikipedia (www.wikipedia.com)

State Bank of Pakistan (www.sbp.org.pk)

Google (www.Google.com)

Documents

Reviewing Wag and Salary Program