lija report

7/26/2019 Lija Report

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CHAPTER I

1.1 INTRODUCTION

Compensation management is an integral part of the management of the organization. It

contributes to the overall success of the organization in several ways. Compensation management,

also known as wage and salary administration, remuneration management or reward management,

is concerned with designing and implementing total compensation package for the employees.

Compensation and salary of employee are one and the most important thing is to note that

compensation plays a major role in attracting talent from the market and compensation system of

the organization is key factor for creating employer brand which is most important for attracting

talent people. Having talent people for the organization on the major assets for the organization

development. Compensation or reward system of the organization is most influencing factor for

employee motivation must remember.

In the present era where high employee turnover and low retention rate turn into biggest

nightmare for the entrepreneurs, a sound compensation policy for the organization plays a greatrole in case of providing relief to them. Concepts like performance based pay system, knowledge-

based pay system, and market-based pay system are introduced by the employers to pay the

employees in different format. Apart from this various offers like commission, profit sharing,

health insurance schemes are also provided in order to attract employees. Some organizations also

prepare separate set of executive compensation policy for their top level executives, so that they

can attract and hire them in this time of cut throat competition. Various components of

compensation such as wage/salary, incentives, benefits, perquisites are properly taken into

consideration by the organization while designing the compensation policy for the employees. The

sole objective behind this is to make the employees satisfied in terms of compensation, which is

the major role player in influencing their professional and personal life. Because it is money,

which motivates the employees more, to perform better and better in the organization and through

this they get a status and recognition in the society. Owing to emphasis on literacy level, today

most of the employees are educated, well informed, and they are very much aware of their rights.


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As a result, it is now very difficult for the organizations to exploit them in any ground.

Similarly, due to the vast use of television and Internet, now it is not so difficult for them to access

any job belong to any organization at any place. Therefore taking all these into consideration a

sound compensation policy is a compulsory factor for every organization under compensation

management system, so that they maintain a stable and satisfied workforce.

Compensation Management Principles:

The basic principles of compensation management that you should understand in order to

get the most out of this book. Everything around us impacts our compensation. Its like the

butterfly effect. Butterfly effect refers to the idea that a butterfly's wings might create tiny changesin the atmosphere that ultimately cause a tornado to appear (or prevent a tornado from appearing).

The flapping wing represents a small change in the initial condition of the system, which causes a

chain of events leading to large-scale phenomena. Had the butterfly not flapped its wings, the

trajectory of the system might have been vastly different. A small change in the employees work

environment can significantly impact compensation.

Compensation Strategy:

To attract and retain employees that will help the company achieve business results. HR

practices vary across the world. In US, employment-at-will is the de facto norm where in

European and Asia Pacific countries, employee protection is a norm. In some countries, employee

needs to be given 6 months notice period before they are let go. There are some countries where

13 month pay is a norm. In other countries, if a particular bonus payment is made for more than 2

consecutive years, it becomes an entitlement that cant be taken away later. Compensation strategy

can be defined at a global level but local compensation plans need to tailor on local drivers.

Compensation System:

Compensation system is the backbone of compensation management. It needs to be

flexible as well as reliable to deliver the needs of an organization. There has been a great deal of

evolution is compensation system.


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Largely many of the computer systems were based on spreadsheets. The spreadsheet

based systems are easy to start-up but have a high degree of maintenance and are not as flexible as

one would expect. The employee data is not real-time i.e. the employee who just left might still

continue to appear of spreadsheet till someone either notices it or updated ones are distributed

again. The spreadsheet systems are difficult to replace since a lot of time and effort has already

been spent by the compensation team and they dont want to let go of it to create a new one. There

are a whole host of advantages to having a compensation system that is integrated with your HR

systems. Some of these include:

Real-time employee data

A better user interface

Complete data consistency

Integrated to payroll to distribute compensation in timely manner

Currency calculations

Multiple language support

Compensation management provides the eligible employee population with guidelines on

what they should be awarded and a mechanism for the managers to award and approve. The actual

payment is executed by Payroll Department, however, so its very important to ensure that your

compensation and payroll processes are aligned. Administration of compensation packages will

become more and more critical. There will be different kind of packages that will be required to

provide for the differentiation. The compensation packages could change regularly. Also the jobs

are more dynamic and they will change more often. This will make it a necessity that the

administration be easy and flexible. Stock options have been very popular form of compensation

and employees have reaped the benefits of this. This type of compensation has been very effective

for growth companies since there is a lot of potential for the stock price to raise and in turn give

employee a windfall. These are classified as long term incentives since there is no immediate gain

but can have a substantial future value. Approval of compensation is also one of the big items.

Depending on a company culture, more decentralized the company the greater authority is given to

the manager. Also the levels of approvals are limited. In certain cases, multiple approvals are

needed. With current issues with executive compensation, management boards are actively

involved in approving executive compensation.


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Compensation Elements:

The study comprises a quantitative and qualitative analysis focusing on the following:

(i)Quantitative analysis:

Total Fixed Cash Compensation (TFCC): This is a summation of basic salary, all fixed

cash allowances and any guaranteed payments made to employees.

Total Variable Pay (TVP): This refers to any bonus, long term/ short term incentive

payments made to an individual directly linked with company and/or individual

performance.

Total Cash Compensation (TCC): This is a summation of all pay components paid in cash

whether fixed or variable and is computed by adding up Total Fixed Cash Component and

Total Variable Pay. All benefits paid to the employees are over and above this.

Pensions: This includes any longterm contributions made for a retirement or superannuation plan.

(ii)Qualitative Analysis:

In addition to the quantitative analysis, there is also a qualitative trend analysis on overall

benefits packages, excluding pensions, from the participating organisations. This is primarily life,

personal accident/disability and health insurance benefits offered to employees as well as holiday

entitlement.

COMMUNICATION IN COMPENSATION MANAGEMENT

Communication about pay systems is often defined as exchanging information and forming

understanding about pay systems. In a compensation management context, communication

involves the delivery of pay messages from one person or group to another (the receiver) through

verbal, non-verbal and written communication. Specifically, a communication process may

increase employees understanding, appreciation and credibility of compensation practices in pay

administration. There are two major types of communication strategies adopted by most

organizations: communicating pay information from employees to the organization and

communicating pay from the organization to employees.


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Communicating pay information from employees to an organization involves

compensation analysts and other human resource/pay specialists to actively seek information from

employees. Under this communication system, most employers prefer to seek broad and specific

information from at least some of their employees. Compensation managers view this type of

information as useful as they seek to design pay systems that would satisfy employees needs and

would increase employee understanding of the system, thereby influencing procedural justice.

Communicating pay information from the organization to the employees relates to how

information is disseminated. This communication exchange emphasizes the degree of openness

and disclosure about the compensation system. An open communication system may clearly

expose the value of the compensation package quantitatively and qualitatively, deliver accurateinformation about pay and performance relationships, permit a voice in the system and increase

the ability to understand and perceive equity and fair treatment within the system. Implementation

of these two major types of communication strategies may help HR officers to increase

appreciation and credibility of pay systems.

Compensation Package:

Its easy to think dollars per hour when thinking about compensation. However, suc-

cessful compensation packages go a lot further and can be considered total rewards systems that

contain non-monetary, direct and indirect elements.

(i)Non-monetary compensation:

An employee receives from an employer or job that does not involve tangible value. This

includes career and social rewards such as job security, flexible hours, and opportunity for

growth, praise and recognition, task enjoyment, and friendships.

(ii)Direct compensation:

An employees base wage, which can be an annual salary or hourly wage, plus any

performance-based pay an employee receives, such as profit-sharing bonuses.


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(iii)Indirect compensation:

It includes everything from legally required public protection programs such as SocialSecurity to health insurance, retirement programs, paid leave, child care or moving expenses.

Determining the Cash Wage:

Ask ten different people what a fair wage is and youll get ten different answers. While

there are no hard and fast rules for determining a fair wage, the importance of the task is obvious.

Research indicates that employees expect wages to: 1) cover basic living expenses; 2) keep up

with inflation; 3) provide some funds for savings or recreation; and 4) increase over time.

Discussing wage expectations with employees can help determine what your compensation

package should look like.

The first thing employers should consider when developing compensation packages is

fairness. It is vital that businesses maintain internal and external equity. Internal equity refers to

fairness between employees in the same business, while external equity refers to wage fairness as

compared to other farms or businesses. No matter the compensation level, if either internal or

external equity is violated employees may become dissatisfied. This becomes apparent through

decreased productivity, absenteeism, or employees leaving the business.

So, what constitutes a fair wage? One approach to determining a fair wage is a market

survey. This is a fast and easy way to establish compensation guidelines for many businesses. A

few phone calls to other employers in similar businesses can determine the market value for a

specific job.

A MODEL OF EFFECT OF COMPENSATION ON WORK MOTIVATION

Compensation system is their effects on the satisfaction of psychological needs the key to

promoting autonomous work motivation, better performance and employee well-being. Therefore,

we propose that future research should examine the effect of compensation system on the needs

for autonomy, competence and relatedness. This will help explain why certain compensation

systems are more efficient for promoting the autonomous motivation of employees.


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The process has five dimensions

a) The absolute amount of pay in monetary value.

b) The perceived equity of the compensation, operationalized in terms of distributive justice.

c) The ratio of fixed amount of pay versus the amount of pay that varies according to a

certain criterion.

d) The objectivity of the performance appraisal that determines compensation.

e) The number of people whose performance is used to determine ones compensation.


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COMPANY PROFILE

Elim Meditech Pvt Ltd is Indias leading manufacturer, developer and distributor of

medical electronic equipment with subsidiaries in country. Our major product lines for export are

patient monitors, electroencephalographs, evoked potential and electromyography systems,

electrocardiographs, defibrillators, and haematology analysers. Elim Meditech equipment is well

known for its quality and ease of use.

Elim Meditech actively contributes to the advance of medical technology. Elim Meditech

researchers have published valuable research in some of the world's most prestigious medical,

engineering and scientific journals. Elim Meditech has significantly contributed to the

advancement of modern medical treatment with many innovative products and technologies. Pulse

oximetry, the technology to non-invasive measure oxygen in the blood. In addition to supplying

the world with our own high quality medical equipment, Elim Meditech imports outstanding

overseas products. Our wide range of imported equipment includes cardiology, urology,

respiratory care, anaesthesiology, emergency care, sports medicine and rehabilitation. Our

extensive domestic sales network consists of direct sales staff. Our mission is to improve the

quality of life through advanced medical technology.

In fulfilling our management philosophy:

Our fundamental goal is to establish trust and grow as a company that is recognized by its

customers, shareholders, business partners and society for its superior products, services,

technologies, financial standing and employees.

ME (Medicine and Engineering):

ME (Medical Electronics or Medical Engineering) is the union of medicine and

engineering. ME is a common abbreviation in recent years but the founders of Elim Meditech

began working in medical electronics. The neuromuscular tissue of a small bird was the impetus

behind the founding of Elim Meditech. The founder of Elim Meditech, was doing research in

electrical Engineering when one day he happened to see an experiment involving stimulation of

the neuromuscular tissue of a small bird.


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He was struck by the wonder of biology and remarked. That to measure part of a living

body requires several hundred times the sensitivity and At least two decimal places more than the

equipment developed by the leading electrical Engineering experts. He wondered if it might be

possible to apply a higher level of engineering to the subtleties of biology and study the human

body. And furthermore, if this union of medicine and engineering could be used for saving human

life. With this powerful inspiration, he Studied medicine and founded Elim Meditech. With the

unshakable conviction that curing disease is something that transcends politics and national

borders, and we will never have any regret putting all our energy into this goal.

Elim Meditech produced a number of state of the art medical Electronic instruments. As

medicine evolved, Elim Meditech products branched out into many areas. However, the original

vision did not change and it still inspires The Companys engineers. Elim Meditech will continue

growing as a company that contributes to the world by striving to use advanced technology based

on our experiences to fight disease and improve healthcare.

Mid-term Business Plan, Strong Growth 2017 (April 2013 to March 2017):

Elim Meditech mid-term business plan, Strong Growth 2017, is the second stage and the

coming four-year period is crucial for building a more solid foundation in order to realize its long-

term vision. Elim Meditech aims to achieve sustainable growth under the national future vision to

reorganize the medical and nursing care systems by 2025 and achieve strong growth in

international markets. The Company will also enhance its operating base to ensure its growth.

Basic Principles:

Each and every employee will act autonomously and implement the following principles

aimed at realizing the Companys long-term vision:

User oriented

Take all necessary actions for the customer.

Relationships

Strengthen relationships with customers and partners both inside and outside the Company.


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Global:

Enhance global communication skills as well as think and act with a global perspective.

Speed:

Strive to do everything with greater speed.

Key Strategies:

1. Pursue the highest level of quality in the world:

Ensure quality in every activity of every division across the entire Elim Meditech Group,from development to production, logistics, sales and services

2. Strengthen technological development capabilities:

Strengthen R&D organization to address the needs of clinical practice swiftly and flexibly.

Promote industry-government-academia collaboration as well as collaboration with other

companies both inside and outside India.

3. Strengthen business expansion by region:

Reinforce business expansion in Asia and emerging markets including BRICs.

4. Achieve further growth in core businesses:

Achieve further growth in 4 core businesses: Patient Monitors, Diagnostic Equipment,

Treatment Equipment, and Consumables and Services in order to expand global market share and

establish a stable and consistent revenue base.

5. Develop new businesses:

Develop new core businesses by self-development, alliances and M&A. Focus on solutions

to (i) help improve medical safety, (ii) address lifestyle-related diseases, dementia and intractable

diseases, and (iii) respond to an integrated community care system.


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6. Consolidate corporate fundamentals:

Foster a more robust business structure that is globalized, efficient and fast-pacedImplement CSR activities Strengthen human resource development initiatives.

Corporate Governance:

(1) Basic Approach to Corporate Governance:

Elim Meditech recognizes that corporate governance is one of its most important

management tasks and it has established a management control system for improving management

soundness and efficiency in order to fulfill its basic management philosophy.

(2) Corporate Organizational Structure:

Elim Meditech has adopted the audit & supervisory board system. Elim Meditech Board of

Directors consists of 10 corporate directors (of which two are outside directors). It meets at least

monthly to make decisions on legally stipulated matters and on important matters concerning the

management of the Elim Meditech Group. The board of directors also performs audits on whether

directors are executing their assigned duties. In order to execute management activities in

accordance with the basic policy determined by the board of directors, the Management Council,

which consists of each director and each operating officer, meets three times per month to expedite

decision making and ensure that operations are executed in an agile manner.

The number of corporate directors has been limited to 12 in order to help speed up decision

making, while directors terms have been set at one year to clarify the management accountability of

each director during the fiscal year. To enhance management transparency and soundness, Elim

Meditech appointed one outside director with no ties to the company in June 2010 and another in June

2012, for a total of two outside directors. As part of its efforts to strengthen corporate governance, the

company has also adopted the Operating Officer System in order to clearly separate managements

decision making and management audits from business execution.

Elim Meditech Audit & Supervisory Board consists of four audit & supervisory board

members, including two outside audit & supervisory board members.


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Each audit & supervisory board member attends board of directors meetings, Management

Council meetings, and other important company meetings where they comment when appropriate

on deliberations of resolutions. In accordance with the audit plan formulated by the audit &

supervisory board, auditors also investigate the status of business execution and corporate assets as

well as perform audits on directors execution of their assigned duties. In order to execute strict

and enhanced audit operations, audit & supervisory board members work closely with the

companys accounting auditor and Internal Audit Department to perform audits on Elim Meditech

subsidiaries in India including on-site audits.

Elim Meditech have two outside directors and two outside audit & supervisory board

members report to Stock Exchange as independent directors/auditors that have no conflict of

interest with general shareholders. Elim Meditech Corporate Planning Department is charged with

providing business communication and assistance to the companys outside directors and outside

audit & supervisory board members. The Corporate Planning Department also provides

information to the companys outside directors and outside audit & supervisory board members on

a regular basis by circulating monthly business reports compiled by business divisions and

subsidiaries, distributing meeting documents for board of directors meetings and Management

Council meetings in advance, and offering explanations where necessary.

Elim Meditech has also established an internal audit system in order to strengthen internal

control. The Internal Audit Department (staff of seven) has four main tasks. It regularly performs

internal audits on the appropriateness and efficiency of operations as well as on the status of

compliance at Elim Meditech and its subsidiaries. It collaborates with audit & supervisory board

members to help strengthen oversight of accounting and business execution. It reports internal

audit results to the president as well as audit & supervisory board members as they become

available. It reports quarterly on internal audit results and the progress of implementing changes to

the companys directors, audit & supervisory board members and operating officers at

Management Council meetings.


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Key Facts (March 31, 2014):

Name : Elim Meditech Pvt Ltd.

Type of Business : Development, production, and sales of medical electronic

equipment.

Paid-in Capital : 7,544 cores (as of March 31, 2014).

Net Sales : 153,194 cores (year ended March 31, 2014).

Shares of Common Stock:

Issued and outstanding : 45,765 thousand (as of March 31, 2014).

Stock Listing First Section of Stock Exchange:

Stock Code : 6849

Workforce:

Elim Meditech Group: 4,495 employees (as of March 31, 2014).

Philosophy and Policy:

(a)Management Philosophy:

We contribute to the world by fighting disease and improving health with advanced

technology, and create a fulfilling life for our employees.

In order to realize its management philosophy, Elim Meditech tackles the challenges of

healthcare through technological development deeply rooted in the front lines of medicine and

continually delivers safety and security to customers. This enables the Company to contribute to

society, continually grow as a corporate group, and enhance its corporate value.

(b)Elim Meditech Charter of Conduct:

Elim Meditech Charter of Conduct defines the following guidelines by which the company

and its executive officers and employees must abide to ensure that business activities are carried

out in line with the Companys management philosophy.


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(c)CSR Philosophy:

As a medical device manufacturer, Elim Meditech dedicates itself to contributing to allforms of life on earth through its business activities and citizenship activities.

Relationship with Employees:

A workplace conducive to drawing out the skills and abilities of each and every employee

is essential to continue contributing to the world as a truly global company in todays turbulent

times marked by a declining birth-rate, aging society, diversification of values and globalization.

Elim Meditech offers a positive workplace environment and employee development

programs, while also promoting diversity and striving to hire a broad range of human resources.

Elim Meditech also advocates a work-life balance to encourage employees motivation and sense

of worth.

International training program:

Elim Meditech offers a training program open to all junior and mid-career employees that

provides an opportunity to take part in language learning and practical work experience at one of

its overseas subsidiaries. This training serves not only to develop language skills, but also to foster

diverse values and understanding of different business customs through interaction with local staff.

In turn, this develops human resources capable of driving our business forward globally. Support

programs for personal development and learning. Elim Meditech fully supports employees who

proactively seek to build their skills independently. We offer more than 200 correspondence

education courses that are paid for by the company. In 2013, 164 employees took correspondence

education courses mainly in language learning. Elim Meditech also has a program where it paysfor a certain percentage of the costs associated with obtaining a public certification or credential

recognized by the company as necessary.

Diversity:

Elim Meditech dedicates a great deal of effort to promoting diversity. We are

implementing initiatives not only to help female employees thrive in the workplace, but also to

fully leverage the skills and talents of our diverse pool of human resources in all aspects of our

business, regardless of gender, age, nationality, race or disability.


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INDUSTRY PROFILE

Industry Definition:

Indian medical device manufacturing sector is a highly diversified industry that produces a

range of products designed to diagnose and treat patients in healthcare systems. Medical devices

differ from drugs in that they do not achieve their intended use through chemical reaction and are

not metabolized in the body. Medical devices range in nature and complexity from simple tongue

depressors and bandages to complex programmable pacemakers and sophisticated imaging

systems.

Key Products:

The key products that comprise the medical devices industry, include, surgical appliances

and supplies, surgical and medical instruments, electro-medical equipment, in-vitro diagnostic

substances, irradiation apparatus, dental and ophthalmic goods.

The challenge of collecting data on Medical Device Industry:

Firms in the medical device sector (medical devices as defined by regulations) are reported

under many Indian Industry Classification System codes, and those codes often include non-device

firms.

Overview and Global Competitiveness:

(1)Industry Characteristics:

Announcements of progress in medical technology that allow for earlier detection of

diseases and more effective treatment options are now almost daily occurrences. Particularly

notable technological advances in the industry in recent years included new developments in

neurology (e.g. deep-brain-stimulation devices for treating symptoms of Parkinson's), cardiology

(e.g. artificial device designed to replace diseased heart valves) and Health IT (e.g. "data liquidity"

to facilitate information sharing, wireless telemedicine devices, systems designed to track the

cardiac activity of patients with implanted medical devices). Scientists have used Nano sensors for

the quick detection of cancers through blood tests, with Nano-material also enabling the release of

medicine at targeted organs.


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Minimally invasive surgery has also seen major gains - an exciting example of this trend is

an endoscopic technique that integrates nontechnology and diagnostic imaging. Capsule

endoscopy, which involves swallowing a tiny wireless camera pill that takes thousands of pictures

as it travels through the digestive track, gives physicians more detailed information about hard to

navigate sections of the digestive tract compared with earlier endoscopic technologies. The ability

to navigate and detect conditions in the small intestine is the most promising aspect of this new

technology; providing physicians with greater ability to diagnose conditions such as intestinal

tumours and Chrohns disease.

(2)Global Medical Device Sector:

The global medical device manufacturing industry is made up of more than 27,000 firms

worldwide and employs about one million people. The global industry has traditionally a low level

of industry concentration, with no one firm dominating. Small companies are common and

typically specialize in developing niche technology, while larger players frequently seek to acquire

smaller firms to expand their product range or gain access to a particular technology or market.

In 2011, the key business segments of the global medical device market were consumables

(15%), diagnostic apparatus (e.g., MRI and CT-scan) (27%), patient aids such as hearing aids and

pacemakers (12%), orthopaedic products (11%), dental products (7%), and other medical

equipment (28%).

Medical device companies are expected to realign their business structures and strategies to

compete in the changing global environment (such as growth of emerging markets, health care

reform and cost containment). Anticipated changes include company restructuring as well as an

increased reliance on strategic alliances and outsourcing for marketing, distribution, research and

manufacturing activities.

(a)Medical Device Sector:

Medical device sector is a highly diversified and export-oriented industry that

manufactures equipment and supplies. Purchasers include international hospitals, physician's

offices, laboratories, clinics as well as patients (through direct purchases).The sector is populated

with companies driven by product innovation.


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The industry is able to draw on world-class innovative research being conducted research

institutes and hospitals, some of which has been spun-off into Indian medical device companies.

(b)Global Market for Medical Device Products:

(i)Medical Device Market:

Company has an estimated 6.4 cores (2012) medical device market accounting for about 2

percent of the global market. The following were key expenditure areas, as a percentage of total

2012 medical device sales:

Diagnostic apparatus (25.8%)Consumables (15.3%)

Patient aids (12.3%)

Orthopaedic and prosthetic (11.9%)

Dental products (6.9%)

And, Other (27.8%) (including wheelchairs, ophthalmic instruments, anaesthesia

apparatus, dialysis apparatus, blood pressure monitors, endoscopy apparatus, hospital furniture,

other). Approximately 80 percent of the market is supplied by imported medical devices.

(ii)International Medical Device Markets:

In 2012, the global market for medical devices was valued at 327.7 cores, excluding in

vitro diagnostics. With a market of 188.9 cores or 36.3 percent of the global market, the United

States is the world's largest and most developed market and the leading supplier of medical

devices with 16 out of the top 25 medical device global companies.

(iii)Commercialization Initiatives:

Sector initiatives to facilitate technology commercialization include efforts by

organizations such as the Health Technology Exchange (HTX), Biomedical Commercialization,

and Le Campus des Technologies de la Sante (CTS).Three Centres of Excellence for

Commercialization and Research (CECR) with focused specialties in medical device research.


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Each CECR is a not for profit corporation created by organizations such as companies,

universities and research institutions to match research expertise with business needs for the

purpose of stimulating commercialization.

The three CECRs are:

Centre for Imaging Technology Commercialization.

Centre for Probe Development and Commercialization.

Centre for Surgical Invention and Innovation.

(iv)Export Development:

Export Development an export credit agency which offers a range of trade finance, credit

insurance and other risk management services to exporters.

Key Non-Regulatory Policy Areas:

(a)Reimbursement:

Valuation and reimbursement of products by public and private sector financial entities are

crucial to the success of the medical device industry. The Department of Health and HumanServices Center for Medical and Medicaid Services (HHS/CMS) administers both the Medicaid

and Medicare program that covers the reimbursement of medical devices. In addition, the Veterans

Administration is the key agency responsible for negotiating an agreement with

manufacturers/distributors of medical devices (Federal Supply Schedules) for procurement of

medical devices by certain government agencies.

(b)Healthcare Reform:

Health care reform will have a wide ranging impact and will impose new mandates on

individuals, employers, medical service providers and health products manufacturers.

(c)Comparative Effectiveness:

As policy-makers contend with rising healthcare costs it is likely that some form of

comparative effectiveness, a system based on the relative benefits a product delivers, will be

implemented or expanded and abroad.


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Comparative effectiveness employs research that compares the clinical effectiveness of

different drugs, devices and procedures with an eye toward improving quality of care. However,

issues remain as to who should conduct the research or when and how cost effectiveness should be

factored in.

(d)Industry Consolidation - Mergers and Acquisitions:

In the medical device industry small firms faced with devoting significant resources to

innovations often merge with larger 9 firms with the financial resources necessary to bring

products to market. The results was mutually beneficial - larger firms receive the benefit of the

new technology and, therefore, maintain market share; small firms can afford to continue toproduce and get the benefit of the large firms devoting resources to continued incremental

improvements that are crucial in the industry.

(e)Demographics:

Marked increases in the average age and populations has already influencing the direction

of the medical device industry through the changing health needs of senior citizens and shifts in

thinking on how and where they will be treated. As pressures mount to contain costs, expensive

and/or extended stays in healthcare facilities will be discouraged and healthcare will be

increasingly delivered in alternative settings such as nursing homes, hospices, and, especially, the

patients own home. Home health-care is one of the fastest growing segments of the industry, and

is branching out into new areas. What used to be limited to only the lowest technology products is

now encompassing a proliferation of high technology medical devices that are intended to be used

by unskilled health care workers or patients.

(f)Product Convergence:

As medical device and biotechnology products converge, medical devices will act as

delivery systems for pharmaceutical treatments and research resulting from genetic engineering

and biotechnology research. Many industry experts view the impending convergence of medical

devices with biotechnology and nanotechnology with cautious optimism, but also warn that if the

regulatory and reimbursement issues are not addressed problems will ensue as convergence takes

place.


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Industry Trading Environment:

(a)Key Export Destinations:

The EUs regulatory system for medical devices is generally considered open and

transparent, is based on international standards, and accounts for about one quarter of the global

medical device market. The EUs regulatory structure is contained in the Medical Device

Directives (MDD), which recently underwent amendments imposing more stringent requirements

as to what constitutes "clinical evidence" and mandating stronger enforcement by authorities.

These changes will be completed and in place in 2010. In 2009 the EU was considering additional

significant revisions to its MDD, but consultations with industry on what was known as therecast led the Commission to delay implementation and revisit the numerous issues associated

with the planned changes.

(b)Key Competitors:

It is important to note that most of these foreign companies manufacture a significant

amount of medical devices. For example, as a result of recent acquisitions Philips currently

produces more medical devices in India. High-quality but lower technology medical device firms

are being challenged by numerous lower-cost producers from China, Brazil, Korea, Taiwan and

U.S, all of which are building up their domestic industries and beginning to complete globally.

(c)Export Barriers:

International Regulatory Environments

International Reimbursement Payment Environments

Harmonization Efforts

IPR and Counterfeit Medical Devices


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ORGANIZATION CHART:

MANAGING

DIRECTOR

MANAGER

ASSISTANT

MANAGER

HR PRODUCTION FINANCE MARKETING

DEPARTMENT DEPARTMENT DEPARTMENT DEPARTMENT

QUALITY PRODUCTION AUDITOR MAINTANACE

DEPARTMENT MANAGER DEPARTMENT

QUALITY SUPERVISOR

ANALYSERS

EMPLOYEE


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CHAPTER II

REVIEW OF LITERATURE

Bob (2011):

Compensation processes are based on Compensation Philosophies and strategies and

contain arrangement in the shape of Policies and strategies, guiding principles, structures and

procedures which are devised and managed to provide and maintain appropriate types and levels

of pay, benefits and other forms of compensation.

Armstrong (2005):

Compensation management is an integral part of human resources management approach

to productivity improvement in the organization. It deals with the design, implementation and

maintenance of compensation system that are geared to the improvement of organizational, team

and individual performance.

Robert and Angelo (2001):

The success or failure of organizations hinges on the ability to attract, develop, retain,

empower and reward a diverse array of appropriately skilled people and is the key to improved

performance hence the enthronement of democratic governance in 1999 brought some civil service

reforms and Anambra State Civil Service Commission got vested with horizontal powers by law to

manage the workforce of the civil service for greater efficiency.

Nweke (2010):

Compensation management is one of the central pillars of human resources management(HRM). It is concerned with the formulation and implementation of strategies and policies that

aim to compensate people fairly, equitably and consistently in accordance with their value to the

organization.


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Liska (2008):

In his own analysis says compensation management is all about developing a positiveemployment relationship and psychological contract that adopts a total compensation approach

which recognizes that there are a number of ways in which people can be compensated.

Hewitt (2009):

Compensation Management as the name suggests, implies having a compensation structure

in which the employees who perform better are paid more than the average performing employees.

This encourages top-performers to work harder and helps to build a competitive atmosphere in the

organization.

Brown (2005):

compensation management is an integral part of HRM approach to managing people and as

such it supports the achievement of business objectives and it is strategic in the sense that it

addresses longer term issues relating to how people should be valued for what they want to

achieve; It is therefore integrated with other HRM functions, especially those concerned with

human resources development.

Anyebe(2003):

compensation management as being based on a well-articulated philosophy- a set of beliefs

and guiding principles that are consistent with the values of the organization which recognizes the

fact that if HRM is about investing in human capital from which a reasonable return is required,

then it is proper to the skills and competencies of employees in order to increase the resource-

based capability of the organization.

Dyer (1985):

The notion that compensation policies are strategic, thereby affecting the missions of the

organization, has considerable currency. This is part of the current popularity of all things

strategic. While some may write it off as another fad, a less cynical view is that a strategic

perspective on compensation is part of a growing recognition that macro-organizational issues are

an important part of the study of human resource management.


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Mintzberg (1987):

A strategy may be intended and formally articulated in some plan or document, or it mayemerge through the patterns of decisions shown by the organization's behaviours. Thus, strategies

are both plans for the future and patterns from the past. Strategy applied to compensation

management is particularly ill defined. Analogous to the more general definition just discussed, the

term connotes compensation decisions responsive to environmental opportunities and threats, and

linked to or supportive of the overall long term directions and purposes of the organization.

Schwab (1980):

Being strategic about compensation implies support of the business strategy and sensitivity

to anticipated environmental pressures. But such a general characterization does not provide much

leverage for research or theory building. Nor does it offer much guidance for managing

compensation. And the folly of undertaking research based on poorly defined constructs is well

recognized.

Cooke (1976), Ellig (1981) & Salter (1973):

The notion of compensation strategy originally surfaced in the literature on executive

compensation. From a strategic perspective, compensation for executives was defined in terms of

several basic elements: base pay, short- and long term incentives, benefits, and perquisites. The

major strategic decisions focused on the deployment of total compensation among the basic

elements to best achieve the missions of the organization. Long term incentive as a percent of total

compensation is an example. Attention was directed at choices among various short-term versus

long-term incentive schemes, the relative emphasis on corporate versus subunit performance, and

the riskiness of the total compensation package.

Kerr (1985):

The compensation system serves as a key integration and control mechanism available to

management. Several studies of corporate diversification also examined compensation issues.


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CHAPTER III

RESEARCH METHODOLOGY

Research methodology is a way to systematically solve the research problem. It may be

understood as a science of studying how research done scientifically.

It stands for advance planning of the method to be adopted for collecting the relevant data

and technique to be used in the analysis, keeping in view the objectives of the research and

availability of the respondents time and money.

3.1 TOPIC OF THE STUDY:

The title of the project is A STUDY OF COMPENSATION MANAGEMENT IN

ELIM MEDITECH PVT LTD

3.2 OBJECTIVES OF THE STUDY:

To understand in detail how to establish pay rates to different level of employee.

To analyse whether compensation was been on the employee ability.

To understand the impact of compensation management on performance level.

To analyze the compensation packages provide the company.

To analysis employee and employer relationship.

3.3 SCOPE OF STUDY:

The compensation management practice is to help the employee by salary satisfaction.

To provide better working conditions in the organization.

To provide compensation for each employee.

To provide individual for the safe shelter for hard workers.

3.4 RESEARCH DESIGN:

In this study descriptive research design was used. Descriptive research means fact finding

research. Descriptive research is concerned with describing the characteristics of a particular

individual or group.


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3.5 SAMPLING SIZE:

Sample of 113 was taken from the total employees.

3.6 METHODS OF DATA COLLECTION:

There are two types of data collections:

Primary data

Secondary data

3.6.1 Primary data:

Structured questionnaire was used for primary data collection. A questionnaire is a

research instrument consisting of a series of questions and other prompts for the purpose of

gathering information from respondents.

3.6.2 Secondary data:

Secondary data is a means to reprocess and reuse collected information as an indication for

betterments of the service or product. Secondary data was collected and analysed by the

organization to organize the requirements of various research objectives. The sources of secondary

data are,

Books

Internet websites

3.7TOOLS USE FOR THE STUDY:

For data analysis the tools used in the study are:

Percentage analysis

Simple percentage analysis

Percentage refers to a special kind of ratio. Percentages are used in making comparison

between two or more series of data. Percentages are used to describe the relationships. Percentage

can also be used to compare the terms the distribution of two or more series of data.


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No of respondents

Percentage analysis = --------------------------------------- *100

Total no of respondents

3.8 PERIOD OF STUDY:

Period of study based on my topic Compensation management as long as for 5th

February

2015 to 21th

April 2015.

3.9 LIMITATIONS OF STUDY:

The time period is limited. So it become difficult to collect information.

The study is conducted considering the prevailing conduction which is subjected to change

in future.

Lack of response from the employees.

This study is done in accordance with the present situation, hence this could not be applied

for long time.


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CHAPTER IV

DATA ANALYSIS AND INTERPRETATION

Table No: 4.1

Age of the Respondents

Age No of respondents Percentage

21-30 35 31

31-40 29 25

41-50 30 27

Above50 19 17

Total 113 100

Source: Primary Data

Interpretation: From the above table shows that 31% of the respondents belongs to the age group

of 21-30, 25% of the respondents belongs to the age group of 31-40, 27% of the respondents

belongs to the age longs to the age group of 41-50,17% of the respondents belongs to the age longs

to the age group of above 50.

Noofrespondents%

Chart No: 4.1

Age of the Respondents

3531

3025

27

25

20 17

15

10

5

0

21-30 31-40 41-50 Above50

Age


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Table No: 4.2

Number of Respondents based on Gender

Gender No of Respondents Percentage

Male 92 81

Female 21 19

Total 113 100


Interpretation: From the above table shows that 81% of the respondents belong to male

population and 19% of the respondents belongs to female population.

Chart No: 4.2

Number of Respondents based on Gender

Noofrespondents%

90

80

70

60

50

40

30

20

10

0

81

19

Male Female

Gender


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Table No: 4.3

Education Background of the Respondents

Qualification No of Respondents Percentage

UG 22 19

PG 19 17

ITI 35 31

Diploma/Others 37 33

Total 113 100


Interpretation: Respondents were classified based on their educational qualification. From the

above table it can be clearly understood that 19% where under graduates, 17% of them were post

graduate, 31% were ITI holders and 34% of them were diploma holders and others.

No

ofrespondents%

35

30

25

20

15

10

5

0

Chart No: 4.3

Education Background of the Respondents

3331

1917

UG PG ITI Diploma/Others

Education


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Table No: 4.4

Respondents based on their work experience

Particulars No of Respondents Percentage

0-1 years 20 17

1-5 years 30 27

5-10 years 52 46

10-15 years 11 10

Total 113 100


Interpretation: From the above table shows the work experience of the respondents. It was

informed that 17% of the respondents are 0-1 year experience, 27% of the respondents are 1-5

year experience, 46% of the respondents are 5-10 year experience and 10% of the respondents are

10-15 year experience.

Chart No: 4.4

Respondents based on their work experience

N

oofrespondents%

50

45

40

35

30

25

20

15

10

5

0

46

27

17

10

0-1 years 1-5 years 5-10 years 10-15 years

Work experience


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Table No: 4.5

Number of respondents based on company pay system


Fixed pay system 44 39

Variable pay system 52 46

Both 17 15

Total 113 100


Interpretation: From the above table shows that 39% of the total respondents are fixed pay

system 46% of the total respondents are variable pay system, 15% of the total respondents have

both pay system.

Chart No: 4.5

Number of respondents based on company pay system

Noofrespondents%

5046

4540

39

35

30

25

2015

15

10

5

0

Fixed pay system Variable pay system Both

Pay system


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Table No: 4.6

Number of respondents based on base salary


DA 20 18

PF 43 38

ESI 18 16

Medical allowance 32 28

Total 113 100


Interpretation: From the above table shows that 18% of the respondents are DA, 38% of the

respondents are PF, 16% of the respondents are ESI,and 28% of the respondents are Medical

allowance.

Chart No: 4.6

Number of respondents based on base salary

Noofrespondents%

40

35

30

25

20

15

10

5

0

38

1816

28

DA PF ESI Medical

allowance

Base salary


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Table No: 4.7

Number of respondents of fixed and variable pay in company


60%-40% 44 39

70%-30% 31 27

80%-20% 17 15

75%-25% 21 19

Total 113 100


Interpretation: From the above table shows that 38.9% of the respondents are 60%-40% of pay in

company, 27.4% of the respondents are 70%-30% of pay in company, 15 % of the respondents are

80%-20% of pay in company and 18.5% of the respondents are 75%-25% of pay in company.

Chart No: 4.7

Number of respondents of fixed and variable pay in company

4540

35

39

30 27

25

2019

Noofrespondents%

1515

10

5

0

60%-40% 70%-30% 80%-20% 75%-25%

Fixed & variable pay


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Table No: 4.8

Number of respondents of monthly salary not including bonus


Less than 10,000 42 37

10,000-20,000 37 33

20,000-30,000 21 18

30,000 and above 13 12

Total 113 100


Interpretation: From the above table shows that 37.1% of the respondents are less than 10,000

32.7% of the respondents are 10,000-20,000, 18.5% of the respondents are 20,000-30,000 and

11.5% of the respondents are30,000 and above.

Chart No: 4.8

Number of respondents of monthly salary not including bonus

Noofrespondents%

40 3735 33

30

25

20 18

15 12

10

5

0Less than 10,000-20,000 20,000-30,000 30,000 and

10,000 above

Monthly salary


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Table No: 4.9

Number of respondents of non-cash benefits


Housings 25 22

Medical 55 49

Sick leave 33 29

Total 113 100


Interpretation: From the above table shows that 22.1% of the respondents are housing, 48.6% of

the respondents are medical and 29.2% of the respondents are sick leave.

Noofrespondents%

60

50

40

30

20

10

0

Chart No: 4.9

Number of respondents of non-cash benefits

49

29

22

Housings Medical Sick leave

Non-cash benefits


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Table No: 4.10

Number of Respondents of general increase in compensation in a year


5%-7% 69 61

7%-9% 25 22

9%-11% 11 10

11%-13% 8 7

Total 113 100


Interpretation: From the above table shows that 61% of the respondents are5%-7% compensation

in a year, 22.1% of the respondents are 7%-9% compensation in a year,10% of the respondents are

9%-11% compensation in a year and7% of the respondents are 11%-13% compensation in a year.

Chart No: 4.10

Number of Respondents of general increase in compensation in a year

Noofrespondents%

7061

60

50

40

3022

2010

107

0

5%-7% 7%-9% 9%-11% 11%-13%

Increase in compensation


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Table No: 4.11

Number of Respondents of company has a performance appraisal system


Yes 92 81

No 21 19

Total 113 100


Interpretation: From the above table shows that 81.4% of the respondents are Yes and 18.5% of

the respondents are No.

Chart No: 4.11

Number of Respondents of company has a performance appraisal system

Noofrespondents%

9081

80

70

60

50

40

3019

20

10

0Yes No

Performance appraisal


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Table No: 4.12

Number of Respondents of company link your salary with your productivity


Yes 79 70

No 34 30

Total 113 100


Interpretation: From the above table shows that 69.9% of the respondents are Yes and 30% of


Chart No: 4.12

Number of Respondents of company link your salary with your productivity

Noofrespondents%

8070

70

60

50

4030

30

20

10

0Yes No

Salary link with productivity


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Table No: 4.13

Number of Respondents of compensation paid by your company attract and retain the

employees


Yes 62 55

No 51 46

Total 113 100




Chart No: 4.13

Number of Respondents of compensation paid by your company attract and retain the

employees

Norespondents%

56 55

54

52

50

4846

46

44

42

40Yes No

Attract and retain


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Table No: 4.14

Number of Respondents of benefits are provided to employees


Employee savings plan 44 39

Financial planning 25 22

Exercise facilities 26 23

Credit union 18 16

Total 113 100


Interpretation: From the above table shows that 38.9% of the respondents are Employee savings

plan, 22.1% of the respondent are financial planning, 23% of the respondent are Exercise facilities

and15.9% of the respondent are Credit union.

Chart No: 4.14

Number of Respondents of benefits are provided to employees

Noofrespondents%

4540 39

35

30

25 22 23

20 16

15

10

5

0

Employee Financial Exercise Credit union

savings plan planning facilities

Benefits


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Table No: 4.15

Number of Respondents of normal introductory period for new employee


30 days 60 53

60 days 22 20

90 days 17 15

180 days 14 12

Total 113 100


Interpretation: From the above table shows that 53% of the respondents are 30 days, 19.4% of

the respondents are 60 days,15% of the respondents are 90 days and12.3% of the respondents

are180 days.

Chart No: 4.15

Number of Respondents of normal introductory period for new employee

Noofrespondents%

60 53

50

40

30

2020 15

12

10

0

30 days 60 days 90 days 180 days

Period for new employee


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Table No: 4.16

Number of Respondents of formal job evaluation plan in place


Yes 78 69

No 35 31

Total 113 100


Interpretation: From the above table shows that 69% of the respondents are Yes and 30.9% of


Chart No: 4.16

Number of Respondents of formal job evaluation plan in place

Noofrespondents%

8069

70

60

50

4031

30

20

10

0Yes No

Job evaluation


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Table No: 4.17

Number of Respondents of written job descriptions


Yes 86 76

No 27 24

Total 113 100




Chart No: 4.17

Number of Respondents of written job descriptions

Noofrespondents%

80 76

70

60

50

40

30 24

20

10

0Yes No

Job description


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Table No: 4.18

Number of Respondents of employee policy manual


Yes 79 70

No 34 30

Total 113 100


Interpretation: From the above table shows that 69.9% of the respondents are Yes and 30% of


Chart No: 4.18

Number of Respondents of employee policy manual

Noofrespondents%

80

70

70

60

50

40

30

30

20

10

0

Yes No

Policy manul


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Table No: 4.19

Number of Respondents of incentives systems currently


Individual incentives 93 82

Team incentives 20 18

Total 113 100


Interpretation: From the above table shows that 82.3% of the respondents are Individual

incentives and 17.6% of the respondents are Team incentives.

Chart No: 4.19

Number of Respondents of incentives systems currently

Noofrespondents%

90 82

80

70

60

50

40

30

1820

10

0

Individual incentives Team incentivesIncentivies


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Table No: 4.20

Number of Respondents of link pay to performances


Yes 89 79

No 24 21

Total 100




Chart No: 4.20

Number of Respondents of link pay to performances

9079

Noofrespondents%

80

70

60

50

40

30

20

10

0

21

Yes No

Pay to performance


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Table No: 4.21

Number of Respondents of organization employee considered reward and recognition


Innovative & creative 54 48

Increased productivity /43 38

Result

Customer satisfaction 16 14

Total 113 100


Interpretation: From the above table shows that 47.7% of the respondents are Innovative &

creative, 38% of the respondents are increased productivity / Result and 14.1% of the respondents

are Customer satisfaction.

Chart No: 4.21

Number of Respondents of organization employee considered reward and recognition

Noofrespondents%

60

5048

40 38

30

20 14

10

0Innovative & Increased Customer

creative productivity / Result satisfaction

Reward and recognition


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Table No: 4.22

Number of Respondents of minimum hour per week that part time employees are required

work to qualify


Below 8 hours 66 58

8- 10 hours 36 32

10-12 hours 11 10

Total 113 100


Interpretation: From the above table shows that 58.4% of the respondents are Below 8 hours,

31.8% of the respondents are 8-10 hours and 9.7% of the respondents are 10-12 hours.

Chart No: 4.22

Number of Respondents of minimum hour per week that part time employees are

required work to qualify

Noofrespondents%

70

6058

50

4032

30

20

1010

0

Below 8 hours 8- 10 hours 10-12 hours

Work to qualify


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CHAPTER V

5.1 FINDINGS

The finding of the present revealed the following:

46% of the employees are satisfied with the variable pay system.

39% of the employees said for ratio of fixed and variable pay in the company.

49%of the employees said medical benefits are good in the management or non-cash

benefits.

81% of the management is good in performance appraisal.

48% of the employees are efficient in innovation and creativities of the firm to considered

for reward and recognition.

70% of the employees are said that company link with salary and productivity.

55% of the employees are said that compensation paid gives attractive and retain the

employees.

76% of the employees are like the written job description system.

70% of the employees are satisfied employee policy manual.

79% of the employees are satisfied pay link performance appraisal.

82% of the employees are satisfied incentives system.


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5.2 SUGGESTIONS

The improve company bonus plan for used to retain the employees.

The providing the attractive basic salary for increasing the man power in our organization.

The salary will base on the employee productivity.

The monthly wise conduct the performance appraisal program for motivate the employees.

Providing the transport facility for employees comfortable.

To increase medical allowance from base salary.


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5.3 CONCLUSION

The present study was conducted at Elim Meditech Pvt Ltd, Kanyakumari District. Thecompensation management practice analysis is done by the employee life inside the organization.

The evaluation provides the compensation should be provided the employee for

motivating, appreciating, encouraging and also increasing the productivity of the organization.


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APPENDIX

A STUDY OF COMPENSATION MANAGEMENT

QUESTIONNAIRE

PART 1

1. Name -

2. Age - a) 21-30 b) 31-40 c) 41-50 d) Above 50

3. Gender - a) Male b) Female

4. Qualification - a) UG b) PG c) ITI d) Diploma

5. Work experience - a) 0-1 years b) 1-5 years c) 5- 10 years d)10-15 years

PART 2

1. Does the company have?

a. Fixed pay system ( )

b. Variable pay system( )

c. Both ( )

2. What are the components of your base salary?

a. DA ( )

b. PF ( )

c. ESI ( )

d. Medical allowance ( )

3. What is the ratio of fixed and variable pay in your company?

a. 60%-40% ( )

b. 70%-30% ( )

c. 80%-20% ( )d. 75%-25% ( )

4. What is your monthly salary not including bonus?

a. Less than 10,000 ( )

b. 10,000-20,000( )

c. 20,000-30,000 ( )

d. 30,000 and above ( )


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5. What kind of non-cash benefits do you receive?

a. Housing ( )

b. Medical ( )

c. Sick leave ( )

6. Does your company gives a general increase in compensation in a year?

a. 5%-7% ( )

b. 7%-9% ( )

c. 9%-11% ( )

d. 11%-13% ( )

7. Does your company have performed appraisal system?a. Yes ( )

b. No ( )

8. In your organization employee are considered for reward and recognition mostly for?

a. Innovative and creative ( )

b. Increased productivity/Result ( )

c. Customer satisfaction ( )

9. Does your company link your salary with your productivity?

a. Yes ( )

b. No ( )

10. Does the compensation paid by your company attract and retain the employees?

a. Yes ( )

b. No ( )

11. Please indicate whether to the following benefits are provided to employees?

a. Employee savings plan ( )

b. Financial planning ( )

c. Exercise facilities ( )

d. Credit union ( )


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12. What is tour normal introductory period for new employee?

a. 30 days ( )

b. 60 days ( )

c. 90 days ( )

d. 180 days ( )

13. Do you have a formal job evaluation plan in place?

a. Yes ( )

b. No ( )

14. Do you have written job description?

a. Yes ( )b. No ( )

15. Do you have an employee policy manual?

a. Yes ( )

b. No ( )

16. What type of incentives systems do you currently have in place?

a. Individual incentives ( )

b. Team incentives ( )

17. Do you link pay to performance appraisal?

a. Yes ( )

b. No ( )

18. What is the minimum number of hours per week that part-time employees are required to work

to qualify for?

a. Below 8 hours

b. 8-10 hours

c. 10-12 hours


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BIBLIOGRAPHY

REFERENCES BOOKS:

Naukrihub : Payroll System and Compensation Management.

Dipak Kumar : Compensation Management

V.W & Tang T.L : Retaining and motivating employees: Compensation.

Wallace .M & Fay. C : Compensation theory and practice.

Zollitsch.H. O : Wage and salary administration.

Evans. E : Compensation basics for HR generalists.

INTERNET WEB PAGE:

www.elimmeditech.com

www.Georgetown.edu

http://unllib.unl.edu/LPP/tella2.htm

www.compensation management.net

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