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Compensation Management of a Multinational Company

Categories Company, Compensation, Management

Essay, Pages 7 (1636 words)

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Essay, Pages 7 (1636 words)

The strategy that followed by HRS is described below: Vision: Vision crystallizes our employee focus as the cornerstone of everything we do; to help our customers get the full benefit if communications services in their daily lives. It describes our ambition for future, sets a common direction across the group, and shall inspire all employees to imagine how they can contribute. Our values describe what behaviors are necessary to realize that vision. HRS is a Critical Enable for Milliner Bangladesh Ltd in the pursuit of its advantage by being simple, aligned and efficient.

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A Culture centered on the employee and characterized by diversity, generosity and an international mindset. Leaders, who have a passion for business, excel at empowering people and never compromise on ethical standards. People, who perform at the peak of their ability because they feel a sense of mission, accomplishment and growth. HRS POLICIES Probation: All employees recruited on a permanent basis must undergo period of six months as probationary period to ascertain their capability and suitability for employment and would be Judged with a performance appraisal at the end of 5th month.

On successful competition of the probationary period employee shall be given a letter of confirmation. During probation period no benefit of provident fund or gratuity will accrue. And employee will be entitled to avail 50% of entitled annual leave during this period and seven days for medical leave during the period. During probation employment may be terminated by either party upon 24 hour notice and confirmed employees are required to give one month notice for assignation or should give up one month basic salary.

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Working hours and holidays: Sunday to Thursday 9. 00 am – 5. 45 pm Lunch hour Friday and Saturday 1. 00 pm- 1. 45 pm Weekly holiday Punctuality: Employees are required to arrive at work before 9. 00 am and to disregard this will be treated as late and will be recorded in the Attendance Register accordingly. Similarity leaving the working place without authorized permission before 5. 45 pm will be treated as indiscipline. LEAVE Each permanent employee is entitled to the following leaves: Management General Manager GM and GM Senior Manager Manager Cast.

Manager Executive Non-executive Annual Leave Entitlement 25 working days 22 working days 20 working days 18 working days 16 working days 14 working days 14 working days 50% of the entitlement of the annual leave can be accumulated or carried forward to the next service year and rest will be lapse if not availed. Medical Leave Employee medical leave entitlement is 14 days for all level of executives. Employee must have to produce medical certificate of medical leave. There is no provision of accumulation of medical leave.

Quarantine Leave This is a leave of absence from duty necessitated y orders not to attend office in consequence of the presence of infectious disease (e. G. Chickenpox, eye diseases & Hepatitis) in the person, family or household of an employee. Such leave can be granted by the authority up to maximum 15 working days. However, the employee concerned has to submit a medical certificate from a registered medical practitioner. Accidental Leave Employees who get injure by an accident occurred while on duty will be allowed accident leave with full pay for the period required for full recovery and become fit to Join duties.

If the accident causes arterial or full disablement and et Joining to duties is uncertain, then management will decide on accident leave. Maternity Leave during the nine months immediately preceding her confinement shall be granted ninety consecutive days maternity leave on full pay. Maternity leave shall be granted after twenty eight weeks of pregnancy and application for maternity leave shall be made not less than two months prior to date on which it is desired that the maternity leave shall commence. Such entitlement applies for two times during her service with the company.

Paternity Leave Male employees are entitled for 3 working days paternity leave. One employee can avail paternity leave up to two times during his tenure. Compassionate Leave Employees are entitled for 3 working days compassionate leave in case of death of their parents , spouse and children to cope up with the shock. Hajji leave Only permanent employees (service length minimum two years) can take Hajji Leave of 20 consecutive days (including the holiday) for holy Hajj] with prior approval of the management. An employee can avail hajji Leave once in his/her service tenure.

Leave without Pay The company may grant an employee, as its discretion, no pay leave on important personal ground upon approval of the visional head, provided that the employee has exhausted his/her annual leave. Functional Heads will approve such leave depending upon the circumstances. Compensatory Day-off An employee when requires to work on any weekly holiday or governmental holiday shall be given a substitute day off which should be taken within one month of the date or will be fortified. Employees may take day-off leave instead of any weekly or gobo. Loudly if he works on that day for at least eight hours(in one day). The leave must be taken within the following month and necessary documents (attendance register) must be produced for the approval. On the other hand, the employees will not be entitled for day-off leave if they take holiday allowance for the day. Encashment of Annual Leave If any employee’s leave application is rejected for two times in a year, he will be eligible for applying for the leave encashment up to a maximum of 10 days. The encashment will be based only on Basic Salary.

LANGUAGE English is the official language of Milliner. However employee dealing with customers can speak in Bengali if requires. ID card and Business card After Joining, human resource division would issue ID card and Business card to each employee for ensuring security and proper identity. Only non- executives are not entitled to get business card. Salary and Benefits Monthly salary will be transferred to employee individual salary account on 25 the of each month with other allowances less deductions such as income tax, contributory provident fund etc.

Each employee will receive a monthly payment statement detailing gross pay and deduction. Festival Bonus They usually awards two bonuses in a year on occasion of Did/Christmas/, as festival bonus. The amount of bonus is normally equal to basic salary. Other Variable Bonus They are offering other variable bonuses like performance bonus (related with individual performance) and company performance bonus (special bonus for company performance/success) to the employees. Soft Furnishing Allowance and above are entitled for the allowance.

This allowance shall be paid on yearly basis at the end of the year (with December pay). Job Level To management Sir. Management Manager Cast. Manager Executive Yearly Allowance (TX) 20,000 1 5,000 8,000 6,000 4,000 Shift Duty Allowance Holiday Allowance Job Level Manager & Sir. Manager 3-5 hours TX. 300/ (per day) >5 hours TX. 00/ (per day) Salary Review Salary is received periodically with consistent with the living standard and competitive salary package offered by other multinational organization. Provident Fund and Gratuity The contribution in provident fund is 10% of basic salary from both sides.

Employee will be eligible for company contribution after 5 years of the membership of the fund. Employee will also be entitled to a gratuity payment. Group Life Insurance Policy Management has approved a group of life insurance policy under which, death, permanent partial disability and permanent total disability shall cover. And the insured amount for life is 36 times gross salary. Child Birth Benefit All regular employees are entitled for child birth allowance as per stated below: 1 . Manager and above: (both employee and spouse) TX. 1 5000 per delivery 2.

Assistant manager and below: (both employee and spouse) TX. 10000 per delivery Incumbent (regular employee) shall submit: 1 . Birth certificate from appropriate authority 2. Claim form Hospitalizing Fund policy All employees are entitled for the benefit (All permanent employees and their families, all probationers and their families and all contractual employees and their families including nonconsecutive) as per the level of employment/Grade (family means spouse and children up t 025 years old. ) Mode of benefits 1. Employee can claim for two hospitalizing cost per year 2.

Employee should take prior approval from head of Human Resources in advance in writing of any pre-planned hospitalizing. In case of any emergencies, employee or any of his dependents should inform HRS immediately. 3. Employee will pay the bills of hospitalizing of his/her own and submit the bill copies and money receipts for reimbursement of the hospitalizing expense. 4. In case of any overseas treatment, reimbursement shall be up to respective employee’s entitlement. Hospitalizing Expenses include 1 . Consultation fees while admitted 2. Investigation expenses while admitted 3.

Artificial Limbs, Eyes, Casts, braces or crutches 4. Post hospitalizing physiotherapy up to two sessions 5. Rental or Wheel Chair or Hospital bed, if advised by physician 6. Ambulance service 7. Treatment by radiotherapy or chemotherapy 8. Permission treatment 9. Two follow up visits after discharge from hospital Claim Submission procedure for Reimbursement 1 . All claims must be submitted to divisional head expenses themselves and apply for reimbursement attaching all original of payments with the claim form Supporting papers necessary for Hospitalizing bill 1 .

Itemized original hospital bill for the total amount paid. Original voucher of consultant’s fee 2. Original Voucher of surgeon’s fee in case of surgery 3. Prescriptions of medicine used in the hospital along with money receipts of purpose 4. Original hospital discharge report/summary. Accommodation Allowances An employee who is required to travel out station on company business beyond a radius of 33 km from his office (within Bangladesh) and requires a stay of 24 hours or more shall be entitled for following claims: a. Hotel rental b. Rental without receipts.

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Compensation Management of a Multinational Company. (2020, Jun 01). Retrieved from https://studymoose.com/compensation-management-of-a-multinational-company-new-essay

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