Hrm

INTRODUCTION

  EVOLUTION OF HUMAN RESOURCE DEPARTMENT

In 1973, Millat Tractors Limited was nationalized and started its operation under Ministry of Production In 1992, Millat Tractors was denationalized and was purchased by its own employees      Salary Packages    Compensation Packages  Retirement Funds Appraisals

REWARDING Millat Tractors Limited is among one of the companies who can proudly say that they are having satisfied workforce. They only reason for this achievement is that the company has proper rewarding and compensation packages for all levels of employee

Introduction

REWARDING Millat Tractors Limited is among one of the companies who can proudly say that they are having satisfied workforce. They only reason for this achievement is that the company has proper rewarding and compensation packages for all levels of employee

PERFORMANCE EVALUATION Executive Performance Evaluation Workers Performance Evaluation

COMPENSATIONS All kind of monetary incentives or any other facility which the company provides to its employees Direct Compensation basic pay, house rent etc

BASIC PAY Category Increase Workers

Designation

Pay in Rs.

%age

Workers / Supervisors

4000 9000

-25%

Lower Management

Asst. Manager/ Deputy Manager

7000 9000

-28%

Middle Management

Manager /

14000 17000

55% 21%

22000 25000

29% 14%

Senior Manager

Top Management

DeputyGen. Manager / General mnager

House Rent 45% of their basic pay.

Indirect Compensation Millat Tractors offers very attractive incentives as indirect compensation to its employees and they are:

Transportation •                     Top Management  Rs.6,00,000 to Rs.10,00,000 •                     Middle Management Rs.4,00,000 to Rs.6,00,000 •                     Lower Management  Rs.3,00,000 to 15% of the car price as down Rs.4,50,000 1/3 of the remaining 85% in six years. The supervisors and senior workers are provided with motorcycles on very easy terms.

Medical Also two different hospitals are on the panel of Millat Tractors for the treatment of workers families.

Gratuity 10% of each employee’s basic salary goes to this fund every month by the company each month

Benevolent Fund 10 Years 1 salary each year 12 Years 1.5 salaries each year 15 Years 2 salaries each year Employee can get this money at the end of his service with the company.

Pension retirement age 60 years Pension Fund = (2.5 x Number of Years of Service x Last Salary) 25 years of service

Entertainment 10% of their basic salary each month to entertain their guests in the company

Self Development Provide opportunity for further study by sponsoring them

Bonus 2.9% of total profitability

Disable Fund All employees contribute small portion of their salary each month in this fund.

Fair Price Shop No profit no loss price

Hajj 10 employees each year from Hajj 3 people from executives and 7 from workers

ORIENTATION AND TRAINING “Familiarization with and adaptation to a situation or an environment”

•                 •                 

    Inside Millat Tractors Limited    Outside Millat Tractors Limited

CAREER PLANNING AND DEVELOPMENT EMPLOYEES RIGHTS AND DISCIPLINE concept of “organizational man”

LEAVES   Sick Leaves (14 days side leave is allowed to executives and 10 days to workers ) Casual Leaves (20 days casual leave is allowed to executives and 14 days to workers ) Earned Leaves (33 days earned leaves are given to executives and 21 days to workers)

DISCIPLINE   Punctuality Pilferage Safety measures

LABOUR ISSUES, PROBLEMS & POLICIES PROTECTING HUMAN RESOURCE EMPLOYEE SAFETY AND HEALTH

IMPORTANCE OF HUMAN RESOURCE DEPARTMENT IN THE EYES OF TOP MANAGEMENT

HUMAN RESOURCE DEPARTMENT PERFORMANCE INDICATORS

TURNOVER RATE SALARY REVENUE RATIO distributing 2.9% of its net profit to the workers every year 

EMPLOYEES SATISFACTION AT MILLAT TRACTORS SATISFACTION LEVEL OF TOP MANAGEMENT   1.              SATISFACTION LEVEL OF MIDDLE & LOWER MANAGEMENT SATISFACTION LEVEL OF WORKERS

  RECOMMENDATIONS   RECOMMENDATIONS Our recommendations to the Millat tractors limited are as follows

:   Increase the number of fresh graduates for internship because at present MTL is selecting few graduates and after 6month internship they select 5-6 employees so we recommend MTL to give fair chance to as many fresh graduates as possible for selecting right person for the right job.   MTL should increase the direct and indirect compensation with this MTL workers will be more motivated and productive.   Turnover rate in executives should be minimized.

REWARDING Millat Tractors Limited is among one of the companies who can proudly say that they are having satisfied workforce. They only reason for this achievement is that the company has proper rewarding and compensation packages for all levels of employee

REWARDING Millat Tractors Limited is among one of the companies who can proudly say that they are having satisfied workforce. They only reason for this achievement is that the company has proper rewarding and compensation packages for all levels of employee