Compensation and Benefits

2. Project HR and CommunicationCompensation and Benefits(KTML) Presented To Sir Azmat Hayat Presented By Group Leader Muhammad Javid Nawaz (30234) Muhammad Idrees (29957) Muhammad Nouman (30427) Muhammad Zaheer (30428)

3. What is Compensation & Benefits ? Compensation and Benefits in HRM refer to the salary, monetary, and as well as non-monetary privileges provided to the employees at the workplace by the organization. It is a primary tool of the Human Resource Managers to bring out the best potential of the employees in their work..

4. Policy Documents (KTML) Compensation policy is a principle of action recommended by an organization regarding employee pay, benefits and bonuses. There are many different forms of compensation and each is subject to different state laws and regulations in addition to the company's culture and insurance policies. Employee benefits are indirect and non-cash compensation that is paid to the employee. These benefits are given to employees on their salaries and wages. They are also called fringe benefits that are offered to attract and retain employees. Compensation is the reward that an employee receives for their valuable efforts in performing various tasks in the Organization HR Policies About KTML • Performance Appraisal Management System • Promotion policy • Engage in management trainee policy. • Car policy • Travel policy in the country • Transfer policy • Development of training • Retirement policy • Security policy • Grade pay structure • MIS-Human

5. Vision The company is fully equipped to transform itself into a modern and vibrant fiber, textile and processed fabric and finished products manufacturing company with top professionals and to play a meaningful role in Pakistan's economy on a sustainable basis. Transforming the company into a state-of-the-art and dynamic power generation company equipped with top professionals and to play a meaningful role in Pakistan's economy on a sustainable basis. Mission The company will achieve its mission through continuous process of acquiring, developing, implementing and managing the best leading technology, industry best practices, human resources and innovative products and services and will be able to reach its customers, suppliers and stakeholders. At Kohinoor, we consider our employees to be our most valuable asset. Through HRM, we are able to ensure that business goals are achieved through our employees, fulfilling their personal desires. This further ensures that only motivated and professionally qualified people are employed

6. What is Organization Objectives of Compensation and benefits give to Employees • Get qualified people. • Maintain existing employees. • Ensure equity. • Revenge of the desired behavior • Control costs. • Comply with legal regulations. • Make it easy to understand. • Further administrative performance. • Encouraging staff. • Consistency in compensation • To be appropriate. Control costs. Maintanexisting employees. Ensure equity. Qualified People Comply with legal regulations. Effective Compensation & Benefits administrative performance. Revenge Control To be appropriate. Encouraging staff. Consistency in compensation

7. Types of Compensation & benefits 1-Financial Compensation • Direct Compensation • Wages and salaries: • Incentives: • Allowances: • Claims: • Indirect Compensation • Perquisites • Fringe Benefits 2-Non-Financial Compensation • Challenging Job Responsibilities • Recognition of Merit • Growth Prospects • Competent Supervision • Comfortable Working Conditions • Job Sharing • Flextime, etc.

8. Compensation Management Process • Job analysis The first step in the compensation management process is job analysis. This should be done to determine the content and context of each task, including its duties, responsibilities and accountability. • Evaluation of the Job  After analyzing jobs based on job description statements, the second stage of pay management involves estimating the value of jobs from the point of view. • Develop a salary structure The salary structure determines what is paid to an individual. Once the internal relationship between jobs is determined based on their relative value, the organization determines the pay structure and pay scales for jobs of similar importance and difficulty. • Survey of wages and salaries At this stage, an organization conducts a survey of wages and salaries in the labor market to gather information on the compensation provided by similar companies in the industry for similar jobs. • The cost of the job Employment Pricing Determines the rate of wages for jobs within the organization based on the job evaluation and salary survey. • Review and control over compensation In many organizations, employee pay makes up a large portion of total operating expenses. Therefore, it is important to develop an appropriate mechanism for effectively monitoring labor costs.

9. Compensation Management Process

10. Objective of studying the organization My objective of studying the Kohinoor Mills Limited Industries is to Know about the following things • Salary structure • Salary Disbursement • Security scheme • Group Health Insurance • Annual Increment • Old-age Pension • Group Life Insurance • Children’s Education • Personal Protective Equipment • Contributory Provident Fund

11. Objective of studying the organization 12. Working Hours 13. Workers Participation in Company’s profit 14. Leaves 15. Canteen 16. Water Purification Plant 17. Recreational/Sports Facilities 18. Carriage of Dead Body 19. Colony 20. Utilities 21. Transportation 22. Dowry - Daughter Marriage

12. STRATEGIC OBJECTIVES(KTML) Following are the main areas that constitute the strategic objectives of Kohinoor Textile Mills Limited: - Short Term Objectives • Efficient use of available resources. • Utilize the best capacity of the company's production facilities. Medium Term Objectives • Effective marketing and innovative concepts. • Modernization of production facilities to ensure highly efficient production; • Further improvements in the implementation of the Code of Corporate Governance through administrative reforms; • Strengthen independence in terms of safe delivery of low cost services and resources, including energy supply, transportation and logistics services; Long Term Objectives • Discover alternative sources of energy. • Implementing effective technical and human resource solutions. Creating an environment conducive to the professional development of highly skilled professionals, ensuring a safe working environment, competitive compensation to staff and social benefits according to the scope and quality of their work.

13. KTML Manpower

14. Compensation & Benefits Details (KTML) There are two types of compensation and benefits 1- Monetary Reward 2- Non-Monetary Reward • Salary-Salaries varies pay to pay scale. • Salary Disbursement-Only Bank account • Security scheme-The company pays employees, spouses, children and parents 7% of the wages for medical services. Dispensary / Injury Treatment Center in Colony • Group Health Insurance-Other employees are covered by group hospitalized insurance. • Annual Increment-Annual increment based on Performance appraisal

15. Compensation & Benefits Details (KTML) • Old-age Pension -The company pays 5% of the wages per employee for pensions for male and female employees aged 60 and 55, respectively. • Group Life Insurance-All employees insured ranging from 100,000 to 400,000 for various categories. • Children’s Education-Company contribute Rs. 100 per year for each employee, which provides grants and scholarships to employees children. • Personal Protective Equipment -All employees provided PPC • Contributory Provident Fund-8.3% deducted from wages with equal amount contributed by the company.

16. Compensation & Benefits Details (KTML) • Canteen -Self-service canteen where subsidized meal is served round the clock. • Dowry - Daughter Marriage-Besides dowry Funds paid by the Social Security Rs. 3000/- each is paid by the Mills for first two daughters. • Water Purification Plant • Recreational/Sports Facilities • Carriage of Dead Body -Payment is paid by the mills according to the distance covered • Colony- Employees provided free accommodation with recreation facilities.

17. Compensation & Benefits Details (KTML) • Working Hours-8hr/shift (included of lunch tea breaks) • Workers Participation in Company’s profit- 5% profit is contributed towards the fund. • Leaves- 8 sick; 10 casual, 14 earned leaves annually and 12 Weeks maternity leaves. • Utilities- Free Electricity, gas and water to colony residents. • Transportation -Pick and drop facility for female employees

18. Conclusion • KML places great emphasis on HR practices and the HR department is concerned about employee well-being. KTML believes in an encouraging workforce and a safe and healthy environment. • The key to its success is that HR policies are reviewed every two years. Kohinoor Provides free accommodation to all its employees in safe colonies, medical insurance, Education of children and establishment of provident and workers. Participation funds. • Hospitals and schools have also been built within it. The colonial TML currently employs over 4,200 people. Is a comprehensive. HRIS which helps all its employees to manage and also help in performance • KML, being Pakistan's largest and oldest textile company, has obtained all the quality Control and quality assurance certificates required for the company to succeed in the competitive global market. Employees are involved in decision-making at every stage through a variety of employee engagement programs. • The top management with the board develops the strategy, but the supervisory division is also involved. KML is doing a great job of making its employees safer and more secure when it comes to jobs.

19. Recommendation for improvement- • Large or small for-profit or non-profit organizations have problems and there is always room for improvement. The same is true of Kohinoor Textile Mills Limited. • As the problems and difficulties have been pointed out, here are some suggestions that can help improve the organization. The same is true of Kohinoor Textile Mills Limited. As the problems and difficulties have been pointed out, here are some suggestions that can help improve the organization. • After required training make temporary employees permanent and give all the compensation and benefits to the temporary employees who are giving permanent employees. • This will encourage his employees and he will do perform the work diligently. And along with the management, the common worker should also be allowed to have a family. so that he can perform his better work without hesitation.