SUBMITTED BY: SWATI VERMA MBA IIMT GREATER NOIDA

DECLARATION

I, Swati Verma , studying in the Second Year of M.B.A of course in the academic year 2011-2012 at IIMT College of Engineering Greater Noida, hereby declare that I have completed the project titled, Compensation And Leave Policy as a part of the course requirements of M.B.A of Mahamaya Technical University Noida.

I further declare that the information presented in this project is true and original to the best of my knowledge.

Date: Place: (Swati Verma)

CONTENT

 Acknowledgment  Preface  Introduction  Scope of study  Methodology  Company profile  Department detail  Objective of reliance  Man power resource of reliance  Policies or RIL  Compensation  Introduction of compensation  Component of compensation  Types of compensation  Compensation plans  Leave policy  Questionnaire  Survey conclusion  Suggestion  Limitation  Conclusion

ACKNOWLEDGEMENT
I express my profound gratitude to Mr.B.S.Bhaduria (Head

HR) at Reliance Synthetic Limited, Naini, Allahabad.

To Unit Allahabad for giving me opportunity to undergo Summer Training in the organization. The excellent facilities extended to us by the organization and friendly extended ambiance has help in the successful completion of our project. I extended my special thanks to Mr.N.S.Bhist (Manager HR)

Narendra Bahadur (Ex-HR), and Amrendra Tiwari (Ex-HR) for

sparing there valuable and giving me a proper direction to my project in spite their hectic schedule. I convey my heartily thanks to the staff of the management studies department who never hesitate to help us in the time in our difficulty. If, I dont thanks to this entire person, I would be failing in my duty.

PREFACE
The project contain a comprehensive study of compensation and leave policy of employee, without with employee, who are an asset of the company are worthless. Determination of adequate an equitable remuneration of the employee for their contribution to organization goal is one of the important function. Therefore employees compensation and leave policy need to be understood in a proper prospective. So, they achieve the goal of an organization. The Compensation helps an employee to motivate for their better performance, to reduce turnover and to retain the employee. So that they do not leave the organization frequently. In this project I have studied the different compensation and leave policy method followed at RIL and how they are carried on and with the changing time how the system has changed.

INTRODUCTION
Compensation of employee for their services is an important responsibility of HR Department and every organization need well-trained and experience people to perform the act and to achieve the goal of an organization .So, organization must offer good wages and fringe benefit to attract and retain the talented employee and also company grants leave of absence to its employee to meet personal, domestic, social necessities etc. In organization worker are compensated in the form of wages ,salary and other employee benefits such as paid vacation ,insurance ,monetary, maternity leave ,free travel facility and retirement benefit etc, monetary payment and financial reward are direct form of

compensation

and have a great impact on motivating employee . The compensation

techniques provide the linkage between the employee and the management which help to have good kind of industrial relation.

SCOPE OF THE STUDY

Generally , all companies provide good wages, salary and other benefit to the employee .It may be define as a wide range of financial and non financial reward to employee for their service rendered to the organization . Todays compensation and leave are provided, must focus on the effectiveness in the performance and to motivate the satisfaction of employee so that they put their best effort in the work and achieve objective of the organization. Compensation and leave policy methods also rectify the problem which are great hurdles in the organization .We can say that compensation and leave policy play a vital role at RIL Allahabad.

OBJECTIVES  To study compensation and leave policy at RIL.  

To find out the pattern, frequency and type of tend act at RIL.

To know the satisfaction level of employee related to compensation and leave policy act at RIL.

 

To find out the effectiveness of providing compensation and leave to employee. To modify (through negotiations) practices of unions.

METHODOLOGY
In order to conduct a systematic enquiry one has to adopt certain methods and techniques. Such method indicate the researcher the way of carrying out his research work. The study is designed to conduct an enquiry of compensation and leave policy, end program at RIL Allahabad. In this study the following procedure has been adopted. 1. POPULATION: Employees of the company working in RIL,Naini Allahabad. 2.SAMPLE : Since compensation and leave policy executive were in the process the researcher had an opportunity to gather the data at that time from all executives. Sampling Unit: This included HR employees of companies. Sample Unit Employees 30 Sample Size

3) DATA COLLECTION METHOD:

y Primary data Primary data were obtained through questionnaire with

employees

companies.

Secondary data
y

Data obtained from articles and journals (References

given at the end of the report).

COMPENSATION
Preface In an developing era compensation play a very crucial role in any organization. Compensation is a medium to motivate and retain the employee in the organization. And with the help of compensation it is possible to obtain maximum output from the working employees. Success in the life requires not only qualities but also suitable condition for work. Every industry tries to provide its employee with a good working environment and a happy surrounding. As sir Einstein said, Makes things as possible but no simpler. With the objective in mind RIL made HRD department. RIL follows the rule of Sir Einstein same as possible but no simpler. Compensation is way to attract the talented employee and also to motivate for their better performance. Compensation includes topics in regard to wage and/or salary programs and structures, for example, salary ranges for jobdescriptions, merit-based programs, bonus-based programs, commission-based programs, etc.

INTRODUCTION OF COMPENSATION
Compensation of employee for their services is an important responsibility of HR department.Compensation refers to a wide range of financial and non- financial rewards to employee for their services rendered to the organization. It is paid in the form of wages ,salary and other employee benefits such as paid vacation ,insurance ,monetary, maternity leave, free travel facility and retirement benefit etc. Workers'Compensationis a form of insurance that provides compensation medical care for employees who are injured in the course of employment, in exchange for mandatory relinquishment of the employee's right to sue his or her employer for the tort of negligence. Employees' compensation laws are usually a feature of highly developed industrial societies, implemented after long and hard-fought struggles by trade unions. Supporters of such programs believe they improve working conditions and provide an economic safety net for employees.Compensation is a systematic approach to providing monetary value to employees in exchange for work performed. It may achieve several purposes assisting in recruitment, job performance, and job satisfaction. It is a tool used by management for a variety of purposes to further the existence of the company. Compensation may be adjusted according the business needs, goals, and available resources.Wages and salary to be paid to different categories of workers depend on the following factors:

I/ Based on work:

Work is the deciding factor that affects the salary level. Most of the companies pay attention to the significance of a specific work. There are many methods for evaluating work, but how to use methods such as job description table to analyze and evaluate work should be in a scientific and effective way. The work factors that need to be analyzed are:

1. Skills and abilities:

a) The demand of mental labor. b) The complexity level of the work. c) Individual necessary qualifications. d) Making decision skill. e) Management skill. f) Social knowledge necessary for the work.. g) Ability to perform work details. h) Creativity ability. i) Experience.

2. Effort in working:
a) Mental work requirement b) Physical work requirement. c) The pressure of work. d) The level of work detail required.

3. Working conditions:
a) Working environment. b) Risks.

II/ Based on each employee.

1. Their working productivity in working to meet the rate of progress. 2. Experience. 3. Seniority. 4. Ability to get promotion. 5. Individual preferences

III/ Company organizational environment:

1. The business policy, strategy of the company. 2. Company culture: for example: some companies emphasize on creativity, they are willing to offer a high salary for creativity work. 3. Company financial status. 4. Company organizational structure: companies with many intermediate department levels normally have many correlative levels of salary.

IV/ Labor market:

1. Official laws on wage and salary, labor contract, payment time, wage payment delay, working insurance, and so on. 2. Peoples standard of living in the areas where the offices of the company are. 3. Peoples living and consuming customary 4.The average wage rate in the labor market of similar work.

COMPONENTS OF COMPENSATION

Job Descriptions: A critical component of both compensation and selection systems, job descriptions

define in writing the responsibilities, requirements, functions, duties, location, environment, conditions, and other aspects of jobs. Descriptions may be developed for jobs individually or for entire job families.

Job Analysis: The process of analyzing jobs from which job descriptions are developed. Job analysis techniques include the use of interviews, questionnaires, and observation.

Job Evaluation: A system for comparing jobs for the purpose of determining appropriate compensation levels for individual jobs or job elements. There are four main techniques: Ranking, Classification, Factor Comparison, and Point Method.

y Pay Structures:

Useful for standardizing compensation practices. Most pay structures include several grades with each grade containing a minimum salary/wage and either step increments or grade range. Step increments are common with union positions where the pay for each job is pre-determined through collective bargaining.

Salary Surveys:

Collections of salary and market data. May include average salaries, inflation indicators, cost of living indicators, salary budget averages. Companies may purchase results of surveys conducted by survey vendors or may conduct their own salary surveys. When purchasing the results of salary surveys conducted by other vendors, note that surveys may be conducted within a specific industry or across industries as well as within one geographical region or across different geographical regions. Know which industry or geographic location the salary results pertain to before comparing the results to your company.

TYPE OF COMPENSATION
In industry worker are compensated in the form of following benefits: 1. Monthly wages and salary or total pay including basic wage and house rent allowances,

dearness allowances, city compensatory allowances etc. 2. Bonus at the end of the year. 3. Economic benefit such as paid holidays, leave travel concession. 4. Contribute towards insurance benefit such as PF( 5. Transport & other medical facility. 6. Overtime Pay. 7. Stock Options. provident fund) pensive.

COMPENSATION PLANS
1. Develop a program outline.
y y y

Set an objective for the program. Establish target dates for implementation and completion. Determine a budget.

2. Designate an individual to oversee designing the compensation program.

y Determine whether this position will be permanent or temporary. y who will oversee the program once it is established. y Determine the cost of going outside versus looking inside. y Determine the cost of a consultant's review.

3. Develop a compensation philosophy.

y

Form a compensation committee (presumably consisting of officers or at least including one officer of the company).

Decide what, if any, differences should exist in pay structures for executives, professional employees, sales employees, and so on (e.g., hourly versus salaried rates, incentive-based versus no contingent pay).

y y

Determine whether the company should set salaries at, above, or below market. Decide the extent to which employee benefits should replace or supplement cash compensation.

4. Conduct a job analysis of all positions.

y

Conduct a general task analysis by major departments. What tasks must be

accomplished by whom?

Get input from senior vice presidents of marketing, finance, sales,

administration, production, and other appropriate departments to determine the organizational structure and primary functions of each.
y

Interview department managers and key employees, as necessary, to determine

their specific job functions.

y

Decide which job classifications should be exempt and which should be

nonexempt.
y

Develop model job descriptions for exempt and nonexempt positions and

distribute the models to incumbents for review and comment; adjust job descriptions if necessary.
y y y

Develop a final draft of job descriptions. Meet with department managers, as necessary, to review job descriptions. Finalize and document all job descriptions.

5. Evaluate jobs.
y

Rank the jobs within each senior vice president's and manager's department,

and then rank jobs between and among departments.

y

Verify ranking by comparing it to industry market data concerning the ranking, and adjust if necessary.

y y

Prepare a matrix organizational review. On the basis of required tasks and forecasted business plans, develop a matrix

of jobs crossing lines and departments.

y

Compare the matrix with data from both the company structure and the

industrywide market.
y

Prepare flow charts of all ranks for each department for ease of interpretation

and assessment.

Present data and charts to the compensation committee for review and

adjustment. 6. Determine grades.

y

Establish the number of levels - senior, junior, intermediate, and beginner - for

each job family and assign a grade to each level.

y

Determine the number of pay grades, or monetary range of a position at a

particular level, within each department. 7. Establish grade pricing and salary range.
y y y

Establish benchmark (key) jobs. Review the market price of benchmark jobs within the industry. Establish a trend line in accordance with company philosophy (i.e., where the

company wants to be in relation to salary ranges in the industry). 8. Determine an appropriate salary structure.
y y y y y y

Determine the difference between each salary step. Determine a minimum and a maximum percent spread. Slot the remaining jobs. Review job descriptions. Verify the purpose, necessity, or other reasons for maintaining a position. Meet with the compensation committee for review, adjustments, and approval.

9. Develop a salary administration policy.

y y y

Develop and document the general company policy. Develop and document specific policies for selected groups. Develop and document a strategy for merit raises and other pay increases, such

as cost-of-living adjustments, bonuses, annual reviews, and promotions.

y

Develop and document procedures to justify the policy (e.g., performance

appraisal forms, a merit raise schedule).

Meet with the compensation committee for review, adjustments, and approval.

10. Obtain top executives' approval of the basic salary program.

y

Develop and present cost impact studies that project the expense of bringing the present staff up to the proposed levels.

y y

Present data to the compensation committee for review, adjustment, and approval. Present data to the executive operating committee (senior managers and officers) for review and approval.

11. Communicate the final program to employees and managers.

y

Present the plan to the compensation committee for feedback, adjustments, review, and approval.

Make a presentation to executive staff managers for approval or change, and

incorporate necessary changes.

y

Develop a plan for communicating the new program to employees, using slide

shows or movies, literature, handouts, etc.

y y y

Make presentations to managers and employees. Implement the program. Design and develop detailed systems, procedures, and forms. Work with HR information systems staff to establish effective implementation

procedures, to develop appropriate data input forms, and to create effective monitoring reports for senior managers.
y y y y

Have the necessary forms printed. Develop and determine format specifications for all reports. Execute test runs on the human resources information system. Execute the program.

12. Monitor the program.

y y y y

Monitor feedback from managers. Make changes where necessary. Find flaws or problems in the program and adjust or modify where necessary.

METHODS OF PAYMENT OF WAGES

(1)Time rate System:Under this system worker are paid according to work done during a certain or fixed period of time at the rate of per hour, per day, per week, per forth-night, per month or any other fixed period of time. The essential point in this method that production and productivity of worker performance is not taken into a consideration while fixing the wages and wages are paid after the time fixed for work is completed irrespective of output or result. Wages can we calculated by following formula: Wages = No. of hours work rate per hours (2) Piece rate system: Under this system the output of work is the basis of wages payment and worker are paid according to amount of work done for the number of unit produced irrespective of time taken. So, the time is not of essence method in this System it is assume that the worker will not take more then average time to complete job and the earning of work is depend upon the speed of this work, his own skill and his own efficiency. Under this system wages vary according to the no. of units produce and wages may becalculated by: Wages = No. of unit produced rate per unit.

LEAVE POLICY
Company grants leave of absence to its employees to meet personal, domestic, social necessities etc. Leave is a benefitto certain extent, is protected by statute. However, availing of the same is not a matter of right for the employee. The availing of leave is subject to exigencies of work. Individual needs will obviously be taken into consideration. However, Management expects its employees to use this benefit prudently and judiciously without jeopardizing the work interest. In this regard, for privilege leave, Management also expects employees in the area of their work, to accordingly plan their leave, considering their individual requirements in such a manner that it does not affect functioning of the Organization. Management expects honesty on part of the employee when applying for a leave type vis--vis the corresponding reason for the said leave. In other words, the Management does not expect its employee to apply for a Sick Leave when in actual effect he may be carrying out some personal /domestic work. Management also expects the employees to keep the superiors informed about the availing of leave before taking the same or when the circumstances do not permit an advanced intimation, immediately at the earliest opportunity.

POLICY:
This policy covers All Employees in the Supervisory Category, Trainees & Full Time Consultants / Retainers, at all locations of Reliance Group. A. Classification of Leave: The following types of leave are admissible: 1) Casual Leave 2) Sick Leave 3) Privilege 4) Compensatory Off 5) Special purpose Leave such as Joining leave, Maternity leave 6) Leave for GETS/ PGETs/ GELs/ FOEs/ FOPEs/ PG-FOPEs/ TMTs / BMT / MT / CA Trainees / Any other similar Group(hereinafter collectively referred to as Trainees) 7) Leave for Full-time Consultants / Retainers (hereinafter referred to as Retainers). B. Rules Applicable For Different Types of Leave: 1) Casual leave : a) Casual leave will be granted upto 8 [Eight] days per calendar year, on full pay. Where an employee serves only part of the year, the leave eligibility will be arrived at proportionately (for example, if an employee joins the Companys services on 1st July, he will be eligible upto 4 days Casual Leave i.e. proportionate for 6 months.)

b) Casual Leave for a year will be credited to the employees account in advance on the first of January each year and for new employees on the date of their joining pro rata. c) Casual Leave will be granted by the L1/L2/Superior officer as per local guidelines prevailing, only for casual exigencies, such as, religious functions, sickness of family members, personal or domestic reasons. An employee, however, shall not avail of more than three days Casual Leave at a stretch. d) Casual Leave cannot be clubbed with any other leave except compensatory off. CL can either be prefixed or suffixed with the compensatory off whereverapplicable as per prevailing guidelines. Clubbing of Casual leave with any otherkind of leave will not be allowed. e) Sundays, holidays and other weekly off days falling before, after or within the period of Casual leave shall not be counted as part of Casual leave f) Normally a half-day Casual leave shall not be given. Only for emergencies such half Day Casual leave may be sanctioned by the approving authority. However, this will be applicable only at locations other than ManufacturingSites. In other words halfday Casual Leave will not be allowed at Manufacturing Sites.

g) Casual Leave not availed during the current year WILL LAPSE, i.e. it will not be carried forward as accumulated Casual Leave nor will it be converted and merged to PL, as hitherto followed.

2) Sick Leave: a)Sick Leave will be 10 (Ten) days per calendar year (January to December) onfull pay. b)Sick Leave accrued for a year will be credited to the employees account on thefirst of January of the subsequent year. c) Where an employees service falls short of a full year, on 1st January, theeligibility will be

reduced proportionately. For example, if an employee joins the Companys services on 1st July, he gets 5 (Five) days Sick Leave on 1 stJanuary of the following year. d)Pro rata reduction on account of Absence without Leave or Leave withoutPay will be done before arriving at the accrued SL for the year. e) Sundays, Holidays and other weekly off days falling before, after or within theperiod of

Sick Leave shall not be counted as part of Sick Leave. f) Sick Leave beyond 2 (Two) days will be granted by the approving authority onlyagainst a

Certificate of illness from a Registered Medical Practitioner. g) Accumulation:An employee will be allowed to accumulate Sick Leave of up-to60

days.Sick Leave exceeding 60 days will Lapse

3) Privilege Leave:

a) Employees will be eligible for 24(Twenty four) days per calendar year (January to December) on full pay.

b) Privilege Leave accrued/earned for a year will be credited to the employees account on the first of January of the subsequent year. c) Employees who join during the year will be credited pro rata leave from the date of joining.

d) Pro rata reduction on account of Absence without Leave or Leave without Pay will be made before arriving at the accrued PL for the year. e) Employees resigning during the course of calendar year will be entitled to Privilege Leave for that year on a proportionate basis. f) Privilege Leave cannot be availed on more than three occasions in a year. g) Sundays, Holidays and other weekly off days falling before, after or within the period of Privilege Leave shall not be counted as part of Privilege Leave. h) A minimum of 15(Fifteen) days notice is required for availing of privilege leave. However, the approving authority, at the beginning of the year will formulate Leave Plan for various employees working under him and make adjustments accordingly. i) Accumulation: Employees will be allowed to accumulate this PL up-to a maximum of 60 days. Any such leave in Excess of 60 days. LEAVE PLAN: The approving authority, at the beginning of the year MUST formulate A LEAVE PLAN for ALL employees working under him and make adjustments accordingly. The LEAVE PLAN must be reviewed once again mid-year, i.e. in June, to ensure that all employees do not avail of leave at the same time. Refusal of Leave : In the event of an employee applying for leave and such leave not being granted due to exigencies of services the following procedure shall be adopted:

i.

The leave sanctioning authority upto L2 will have to record in writing (a provision is being made in ESS), the details of the reasons why the leave is not being sanctioned.

ii.

Except in emergencies leave applied for not being in the original leave plan will be a valid reason for refusal and shall not attract this proviso.

iii.

Leave applied for and refused by the L1/L2 on account of exigencies, will be encashable as per the Encashment rules mentioned herein above.

iv.

Rejection of Leave on account of unauthorized absence will not be allowed to

be encashed.

v.

A Half yearly report of such refusal will be audited by the Shared Services

Audit Team & put up to Apex.

4) Compensatory Off: Employees in the Manager Job Family and below [who have been hither to availing this facility] will earn Compensatory Off for extra hours of work as under: i) Continuous extra work of 4 hours but less than 8 hours - Half day. ii) Continuous extra work of 8 hours but less than 12 hours - One day. iii) Working on a paid Holiday/ Weekly off half day for half day working. iv) While (i) to (iii) is applicable at the Manufacturing Locations, at the Head Office & Other Locations only [iii] will apply. One day for full day working &

v) For HO& Other Locations Full / Half Day working is defined as belowas below: Continuous extra work of 4 hours but less than 7.5 hours -Half day. Continuous extra work of 7.5 hours and more -One day.

vi) At Manufacturing Sites where a Paid Holiday falls on a weekly off One day. 5) Special Purpose Leave: a) Recall from Leave: If an employee, due to exigencies of work is recalled

fromleave and if the employee was not at the Headquarter while on leave, he will beentitled to draw TA/DA as per rules for the period from the date he starts from thestation of leave till his reaching the headquarters and resuming duty. Theemployee shall also be considered on duty during this travel period.Consequently, such unavailed leave will stand cancelled and credited to back tohis account. b) Joining Leave: An employee who has been recruited from outstation and/or being transferred to another outstation will be eligible for joining leave for purposes of relocation and settling down in the new location up-to a maximum of 8 days. This leave is not applicable to employees on deputation to other locations. It will applicable to Retainers taken for long tenure against regular position, but will not be applicable for Retainers taken for short term requirement. Joining Leave cannot be clubbed with any kind of Leave except for Sick Leave which will need to be supported by a Medical Certificate from a

registered Medical practitioner and signed off by the company Medical doctor in addition to L1/L2. c) Maternity Leave: The Company provides continuity of service to married female employees during their absence from work for confinement due to pregnancy by giving maternity leave to cover such absence.

i.

Female married employees covered under the Employees State Insurance Scheme statute will be governed by the provisions of the Act in regard to maternity benefits.

ii.

For the female married employees not covered by the employees State Insurance Scheme, the following will apply:

iii.

Maternity leave not exceeding 12 weeks shall be granted with full pay. This may be granted in conjunction with any earned privilege leave and un-availed sick leave

iv. v.

provided the total period of absence does not exceed 17 weeks Maternity leave will not commence earlier than 6 weeksprior to expected date of delivery.

6) Leave for Trainees:

a) The following Leave Rules will be applicable to all Trainees under various Training Schemes of the Company (e.g. FOPE/GET, TMTs, Business Management Trainees , Management Trainees , CA trainees or any other Trainees, etc.) as defined from time to time irrespective of whether such trainees are governed by statute like the Apprentices Act 1961 or otherwise).

Quantum of Leave: A trainee, as defined under various trainee schemes of the company shall be eligible to following leave during the period of his training i. For all Trainees who are already on the payroll of the Company ason 31.12.2009, all Leave rules outlined in this policy shall apply.

All Trainees recruited / appointed in future i.e. after January 01, 2010, will be entitled to a TOTAL OVERALL LEAVE of 18 days per annum which can be availed 5 times over the year. ii. This Leave cannot be accumulated nor encashed under anycircumstances and un-availed leave will Lapse at the end of the trainingperiod. iii. In the event of the training period being extended, the Trainee will beentitled to pro rata leave of such extension.

7) Leave for Retainers For the purpose of Leave, (eligible) Full Time Retainers will be governed by the same leave rules as those for regular employees.

QUESTIONNAIRE For survey on: compensation and leave policy

2) How long have you been working with the company?

3) Does your company utilize a traditional salary grade system? (a) YES (b) NO 4) Do you feel that your job suits your educational qualification? (a) YES (b) NO 5) Are you satisfied with your pay package? (a) SATISFIED (b) PARTIALLY SATISFIED (c) DISSATISFIED 6) What is your level of satisfaction regarding superior subordinate relationship? (a) SATISFIED (b) PARTIALLY SATISFIED (c) DISSATISFIED

7) Does your company provides fringe benefits to the employee? (a) YES (b) NO 8) Does your company have a bonus or incentive plan. (a) YES (b) NO If yes, please answer the following questions.
y

What type of bonus? [ ] Annual/Year End Bonus [ ] Incentive Bonus [ ] Other ________________ What was the average bonus paid last year? _____________________________

9) Can employees retain for long period of time ? (a) YES (b) NO If NO , give reason 10) Are you satisfied with the leave policy of company? (a) YES (b) NO 11) Does the company grants leave when you require? (a) YES (b) NO 12) Does sick leave is sanctioned only respect to medical certificate ? (a) YES (b) NO

13) Please mark the benefit plans offered by company to the employees: Benefit Plan y Pension Plan y Retirement Profit Sharing y Medical y Short Term Disability y Long Term Disability y Life Insurance y Vacation y Holidays y Sick Time 14) Can company follow the rule equal pay for equal work? (a) YES (b) NO 15) Any further suggestions that you would like to put forward?

The survey conclusion are reported here with: WHETHER THE INDUSTRIAL RELATION IS GOOD?

DATA INTE P ETATION

Accordi to above diagram it can be said t at t e industrial relation is good. 80% employees

are said t at is good and 10% employees are said t at is not so good as would be while 10% employees could not say anything.

DOE YOUR COMPANY SALARY GRADE SYSTEM?

UTILIZE

TRADITIONAL

DATA INTERPRETATION
From the above diagram it can be said that company utili es a traditional salary grade system. It can be seen that 95% employees agree with this statement and 5% employees is not agree.

ARE YOU SATISFIED WIT

YOUR PAY PACKAGE?

DATA INTERPRETATION
From the above diagram it can be seen that 70% employeesare satisfied with pay package while 20% are partially satisfied and 10% employees are not satisfied.

DOES YOUR COMPANY PROVIEDS FRINGE BENEFIT TO T E EMPLOYEE?

DATA INTERPRETATION
From the above graph it can be seen that the 80% employees said YES and 20% employee said NO. So that most of the employees are satisfied with the fringe benefit provided by company.

CAN EMPLOYEES RETAIN FOR LONG PERIOD OF TIME?

DATA INTERPRETATION
From the above graph it can be seen that the 90% employees can retain for long period of time in company and 10% can not retain. It mean that company provided good salary and other

facilities to their employees . So that they do not leave the organi ation frequently.

ARE YOU SATISFIED WIT COMPANY?

T E LEAVE PLOICY OF

DATA INTERPRETATION
According to above graph 60% employee are satisfied with the leave policy of company because company can provide leave when they require and 30% employee are partially satisfied.

DOES SICK LEAVE IS SANCTIONED ONLY RESPECT TO MEDICAL CERTIFICATE?

DATA INTERPRETATION
From the above diagram it can be seen that 90% employee are said thatsick leave is

sanctioned only respect to medical certificate and 10% employee said NO.

CAN COMPANY FOLLOW T E RULE EQUAL PAY FOR EQUAL WORK?

DATA INTERPRETATION
From the above graph it can be seen that the 90% employee said that company can follow the rule equal pay for equal work and 10% employee said company not follow this rule.

BENEFITS OFFERED BY COMPANY TO T E EMPLOYEE

DATA INTERPRETATIONFrom the above graph it can be seen that the most of the employee are satisfied with the benefit plan offer by the company like 30% employee said medical facilities provide time to time to their employees and other facilities such as pension plan, paid holiday and vacation etc.

DO YOU WANT TO GIVE SUGGESTION IN T E CHANGE OF COMPENSATION AND LEAVE POLICY?

`
DATA INTERPRETATIONThe above diagram shows that 40% employees want to change in the compensation and leave policy of the company while 60% employees are satisfied

SUGGESTION
Human resource is more valuable than other resource for the development and performance of the company because all the other resource is used by human for achieving the goal of the company. Thus the company uses the various techniques for the better use of human resource and to motivate for their better performance. Of these, compensation is most important technique that determine the efficiency and effectiveness of the employee and ultimately of the company. After doing summer training of a month I have gone through various techniques of compensation and leave policy methods which are being used by the Reliance Industries Limited, Naini Allahabad for their employee and I do suggest some measures which are here as under:

1. RIL should provide the facilities at the proper place and proper time.

2.RIL should satisfy the employee by removing the problem of impartiality which dissatisfies to some employees.

3. RIL should determine the number of pay grades, or monetary range of a position at a particular level, within each department.

4.Should develop a plan for communicating the new program to employees, using slide shows or movies, literature, handouts, etc. 5.RIL should have provide transport facility to its those workmans also who are residing so away from the factory campus at least in radius of 10km well in time.

6.Develop and document a strategy for merit raises and other pay increases, such as cost-of-living adjustments, bonuses, annual reviews, and promotions. At last I would like to suggest that in every decision making process management invites the opinion of the workmens so that a collective decision could be made which causes the harmonious environment in the company.

LIMITATION
 The biggest limitation was time factor 45 days is an insufficient to understand a vast and complex organization at RIL.

Human nature was my second limitation no matter how well we questioned the executives.

People response may be based owing to a variety of reasons such as common beliefs and education background.

People could not give adequate time to the questionnaire owing to the work load.

CONCLUSION
In the end I would like to conclude that it has been great experience doing my summer training at RELIANCE INDUSTRIES LIMITED. And the study on compensation and leave policy was unique . Every employee have their own targets and really work hard to achieve it within the given time period. All requisition and communication at RIL is through on line system which was

time saving and helpful. After a detail study on compensation and leave policy at reliance, one thing is sure that the policy is definitely the way to bright future of reliance, so right step should be taken in order to improve the compensation and leave policy. Reliance is one of the companies that has release the fact at that have made their required improvement in the compensation and leave policy. And this has become possible by the hard work and the efforts put in by the people working at different level of the company. I analyzed that industrial relation is good as most of them is agreed to this statement. Further is was found that the job suits the educational qualification of employee working at reliance. Most of the employee were satisfied with the pay package and few were partially satisfied. Through this survey I viewed that the level of satisfaction regarding superior subordinate relation was satisfied i.e.. they were equally comfortable while performing the job at reliance. The fringe benefit to the employees were provide at the most. The reliance also provide bonus and incentive plan too which include annual/year end bonus etc The employees at reliance said that they can retain for a longer period of time. Further the population at reliance were partially satisfied with leave policy, some suggested yes rest no.

Reliance provides leave whenever an employee required and sick policy is also sanctioned with attachment of medical certificate. So, with the detail study it is clear that compensation and leave policy is most worthy towards their employees and thus hoping the in future I conclude this project.