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Monday, July 16, 2012

Compensation Management at HDFC Bank Project Report

This project attempts to understand the objectives:-
• To understand in details how to establish pay rates to different level of employee.
• To understand the impact of compensation management on performance level.
• A comparative study of the compensation management strategies followed in different banks.

Everything has some pros and cons and so certain limitations of this study that we could observe are as follows:
The area of project work is banking sector so, the data or result may be approximate as the conclusion is based on the survey method i.e. primary & secondary source (filling of questionnaire from the employees) may be hypothetical (imaginary) data.
• The organizations which have been studied and surveyed are not providing us with full information which has hampered the result and conclusion.
• Exact data was not been provided.

The scope of   this project is to study of the compensation management strategies in HDFC bank & to evaluate the behaviour & performance of employee on their work.

Compensation Management is an integral part of the management of the organization. Compensation is a systematic approach to providing monetary value to employees in exchange for work performed. Compensation may achieve several purposes assisting in recruitment, job performance, and job satisfaction. To be effective, the managers must appreciate the value of competitive pay, their human resources, and have an investment view of payroll costs. It is of prime importance for an organization to maintain pay levels that attract and retain quality employees while recognizing the need to manage payroll costs.

The literal meaning of compensation is to counter-balance. In the case of human resource management, compensation is referred to as money and other benefits received by an employee for providing services to his employer. Money and benefits received may be in different forms-base compensation in money and various benefits, which may be associated with employee's service to the employer like provident fund, gratuity, insurance scheme and any other payment which the employee receives or benefits he enjoys in lieu of such payment.

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Sunday, July 15, 2012

Job Description, Job Role and Responsibilities Project Report

A Job is a collection of tasks and responsibilities that an employee is responsible to conduct. Jobs have titles. A task is a typically defined as a unit of work, that is, a set of activities needed to produce some result, e.g., vacuuming a carpet, writing a memo, sorting the mail, etc. Complex positions in the organization may include a large number of tasks, which are sometimes referred to as functions. Job descriptions are lists of the general tasks, or actions, and responsibilities of a position. Typically, they also include to whom the position reports, specifications such as the qualifications needed by the person in the job, salary range for the position, etc. Job descriptions are usually developed by conducting a job analysis, which includes examining the tasks and sequences of tasks necessary to perform the job. The analysis looks at the areas of knowledge and skills needed by the job.
Job Description is the method to analyze the designations in the Departments. It indicates what the employees of a particular designation has to do. The purpose of Job Description is create and maintain an standard job description template to all the employees of the particular designation in the department and to make them prior aware what skills they need to do the particular job and what are their roles and responsibilities .

 • To study the designations of the employees in the organization.
• To know the various departments within the organization.
• Interacting with various employees within each department.
• To understand and redefine the existing roles & responsibilities of the existing job’s.
• To clearly identify and spell out the responsibilities of a specific job.

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