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Acknowledgement
Praise is to ALLAH ALMIGHTY, the one testing us all at all times and making decisions about what we dont know and cant know. Writing this report appeared to be a great experience to us. It added a lot to our knowledge while we were working on this report. If we say that this report is one of our memorable experiences in student life, then it would not be wrong. When first we were given this project, it seemed very difficult to be completed but by the grace of ALMIGHTY ALLAH today it is accomplished. Without the help of our friends and teachers we would never have been able to successfully finish this strenuous project. Firstly we would like to mention the name of our instructor Mam Samia jamshed whom we bothered the most and without whose assistance the completion of our project was not possible.
After discussing about different National and Multinational Companies, and the factors related to those companies, the company that we have selected for our Final Project is a National Company and that is ALI AKBAR GROUP PAKISTAN. It is one of the well reputed companies of Pakistan and is playing a very positive role in different fields, by providing different quality products and services, for the betterment of the country. In a short span of time, Ali Akbar Group has achieved the top position among multinational and national companies of Pakistan. Today, with the largest infrastructure and human resource base, Ali Akbar Group is second to none in quality and quantity of products
Company Background:Agriculture is the backbone of Pakistan's economy. Keeping in view the ever increasing demand for quality agricultural inputs, the company was established in 1993. Initially, the core business of the company was manufacturing and marketing of agrochemicals.
Purpose
Enhancing quality of life for the betterment of tomorrow
Vision
To become internationally recognized company, delivering excellence to all stakeholders through innovation and human capital
Values
Customer First (Going Extra Miles, Keep Promises) Act Responsibly (CSR, Ethical Behavior, Ownership) Quality (Products/ Services, Practices) Togetherness (Team Spirit, Mutual Support)
Ali Akbar group comprises a number of companies today, Ali Akbar Group is a leading crop protection company in Pakistan and comprises of a diversified group of companies having its Head Office in Lahore, including:
Pak Chemicals
ChinaDada Corporation
JeeAli Seeds
AkbarAli Enterprises
AkbarLinks International
Pak Polymer
ChinaAli Textiles
AkbarPak
Manufacturing
Ali Akbar Group has following products and services: Products: Agro Chemicals Seeds Fertilizers
PET
Bottle
MFC
LPG
Distribution
Mirage
Services: Ali Akbar Group is also providing services for Farmers. There are currently three types of services Ali Akbar group is providing which includes: Farmers Education
Ali Akbar Group's latest initiative to help farmers get expert advice and medicine from our Target Mobile Labs that visit different villages. Spray Machines Target Centers provide spray machines to farmers.
They also give bonuses to their employees at different occasion .e.g. Eid, Christmas etc. Rewards are also deemed fair employees take part in making decisions and the supervisors try to be supportive with them this helps employees to believe that we val ue their contributions and cares about their well-being.
The
total
of
allowances, overtime
pay, commissions, and bonuses, and any other amounts, before any deductions are made.
In Ali Akbar Group Gross pay is paid on monthly basis. 66.7% of total gross pay paid to an employee is the basic pay remaining 33.3% includes (pay adjustments).
HR practices of the Organization For Instance an employee is being paid 20,000 rupees a month, 13,340 rupees is the basic pay and remaining 6,660 is pay adjustments (COLA, Merit pay, etc.)
There are six types of monetary or core compensation. 1. Cost of living allowance 2. Seniority pay 3. Merit pay 4. Incentive pay 5. Pay for knowledge plans and 6. skills based pay
Ali Akbar Group encourages Merit pay the more an employee performances the more he/she going to get paid, Mr. Awais told us that increments are given to employees at the end of the fiscal year. If an employees gets 10% increase in his pay that 10% is given on Gross pay that employee is getting.
Compensation philosophy
Philosophy of the Group High employee satisfaction through hassle free environment and promote performance base culture.
In Ali Akbar Group retention strategies are used only when the organization feels that if an employee leaves the organization and due to which the department will collapse and organization has to suffer high financial damages then they compensate that employee by increasing 50% of his pay. If an employee is leaving the organization just because of financial problem (the pay he is getting is less as compared to market value) they do not force them to stay. Mr. Awais justified this statement by saying that if the company profit has not increased this year so how the company can increase the pay of the employee.
If an employee has some family issues say that some medical issues due to which employee is leaving the organization then the company retain that employee by compensating with the medical allowance.
Disadvantage: o I believe that there is no disadvantage of having no union in our organization because employees problems are completely taken care off.
3. Performance appraisal and incentive pay To maintain individual equity. 4. Communications, grievance mechanisms, and employees participation To help ensure that employees view the pay process as transparent and fair.
When people work together in groups conflicts always arise in the workplace. We make sure that our employees deal with these conflicts and disagreements in proactive, productive ways.
The following are the steps we at ALI AKBAR Group follow when any conflicts arise in between the work force within the organization.
i.
Identify the problem: We try to make sure everyone knows exactly what the issue is and why they are arguing. Employees are given the right to clarify their perspectives and opinions and given time to express their thoughts.
Final Project Report | Compensation 9
ii.
Plan to Achieve Everyone's Goals: We try to figure out what can be done to achieve everyones goals. If action is taken, how will this affect the organizations performance, objectives and projects?
iii.
Find an area of compromise: Conduct a meeting with the employees who have the conflict and try to find a solution where everyone agrees.
iv.
Favoritism:Its the human nature to like some people more than others so we try to make sure that there is no favor given to anyone who does not deserve.
v.
Internal Lobbies:We do not allow our employees to form any unions or to make internal lobbies and any sort of gang ups. We try to be genuine, take preventive measures to solve the conflicts and remind everyone that be in your best behaviors because manners matters.
Management development
Team development
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Paying people fairly is good for business. Underpay, and employees will eventually look for a better offer. Overpay, and the payroll budget and profitability will suffer. That's why companies use market data to research the value of their jobs Ali Akbar Group practice different types of surveys within the organization by their employees and outside the organization (market data, competitors analysis)
It was unable for us to calculate the compa ratio of entire organization so we have calculated for few job levels and we will assume the result as the compa ratio of the company
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Sales executive / sales man Team Leader Performance Hr Manager Franchise Manager
Total
200,000
220,000
The compa ratio of Ali Akbar Group is less than 1 so they are on the below side as compared to the Average market value of these job levels.
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Annexure
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