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management in NALCO
Compensation Managementis an organized
practice that involves balancing the workemployee relation by providing monetary and
non-monetary benefits to employees.
Compensation is the total amount of the
monetary and non-monetary pay provided to an
employee by an employer in return for work
performed as required.
Types of Compensation
Direct Compensation: Base salary, premium
Research Methodology
The term Research Methodology indicated an exhaustive and
searching investigating into some accepted principles and
conclusions. The first step of any research is to identify the
problem and look at it objectives.
Following steps to be finalized as follows:
The sample is to be surveyed as to get the reliable result
Methods to be used for collecting required information
Interpretation of data to get the required result through an analysis
Provide the necessary recommendation and suggestions
Data:
questionnaire
Secondary
Finding
It is found that the company has provided all the facilities
and benefits to their employees like :
Salary: 78.6% are strongly agree and agree with this
statement
Increment : 85.7% are highly satisfied and satisfied
Bonus , loan facility, leave facility, medical facility, club
and guest house facility, gratuity, post retirement
medical facilities : more than 90% of employees are
satisfied
Opinion of employees: 85.7% having good opinion
regarding NALCO.
Personal care : 56% are agree
Pension : 57.1% are agree and 42.9% cant say
salary
increment
bonus/ex-gratia
gratuity
Interpretation
Overall , NALCO gives a fair wage to its employees
Conclusion
Compensation must motivate the employees to contribute their
best and it must be fixed as per their needs and aspirations and
should be based on their merit. There is need for innovative tools
and techniques and strategies in compensation management that
customize the individual needs of the employees for ensuring better
productivity and performance at the workplace.
To conclude, the need to regularly carry out detailed compensation
reviews both within and without, and with full support &
commitment from the top is essential. The specific needs of the
organization must be identified and addressed during such reviews.
Openness and transparency are important to the managers in the
very sensitive and personal issue of management remuneration.The
remuneration & the rewarding systems have to be, and seen to be,
fair and just, non bureaucratic & dynamic, and which are dealt with
human feelings and necessary speed, and still remain competitively
attractive - quite a management challenge in today's tough &
highly aggressive scenario!
Recommendation
As the data shows that Nalco is very good organization and
Bibliography
NALCO WEBSITE (www.nalcoindia.com)
WIKIPEDIA
GOOGLE IMAGES
GOOGLE.COM
HUMAN RESOURCE MANGEMENT BY V.S.RAO (TEXT
BOOK)
Thank you