OBJECTIVE
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.
LIMITATIONS
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.
SCOPE
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.
INTRODUCTION OF COMPENSATION MANAGEMENT
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.
Download Full 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.
LIMITATIONS
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.
SCOPE
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.
INTRODUCTION OF COMPENSATION MANAGEMENT
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.
Download Full Project Report
1 comments:
i need a project on effects of reward & compensation on employees performace plz mail me (sonal.sharma2013@gmail.com)
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