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
BASIC PAY
Category
Workers
Designation
Workers / Supervisors
Pay in Rs.
4000 9000
%age Increase
-25%
Lower Management
7000 9000
-28%
Middle Management
14000 17000
55% 21%
Manager
Top Management DeputyGen. Manager / General 22000 25000 29% 14%
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 Rs.4,50,000 15% of the car price as down 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 employees 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.
Hajj
10 employees each year from Hajj 3 people from executives and 7 from workers
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
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