15-12-2012, 04:14 PM
A STUDY OF COMPENSATION MANAGEMENT AND REWARD SYSTEM
AT INDIAN OIL CORPORATION LIMITED
1A STUDY OF COMPENSATION.pdf (Size: 832.56 KB / Downloads: 117)
EXECUTIVE SUMMARY
This project report consists of very core HR topics; Employee “COMPENSATION MANAGEMENT AND REWARD SYSTEM”. These topics are extremely important from both, employee’s and company’s perspective.
Compensation structure proves to be a very crucial for any organisation. An employee who is satisfied with his/her wages tends to perform better than the one who is not satisfied. Therefore satisfactory wages and incentives are very important to achieve organisational objectives. Apart from this satisfactory compensation structure acts as motivating factor which motivates an individual to perform better and better.
While studying the Compensation and Reward system of IOCL, the very important fact which comes across is that the basic wage structure of almost all the Central Public Sector Undertakings (CPSU) are same and therefore the major difference in the salary packages among various grades is due to the allowances and incentives of different CPSU’s which are at the discretion of respective CPSU’s.
Company Secretary: - Shri Raju Rangnathan
Indian Oil is India’s flagship national oil company with business interests straddling the entire hydrocarbon value chain – from refining, pipelines transportation and marketing of petroleum products to natural gas and petrochemicals.
IOCL is the leading Indian Corporate in the Fortune “Global500” listing, ranked at 98th by sales turnover for the year 2011.In 1958, the Indian Refineries Ltd., a government undertaking, came into existence. Indian Oil Company (IOCL), also a government undertaking, was set up in 1959 with the purpose of marketing petroleum-related products. Indian Oil Corporation Ltd. Was formed in 1964 with the merger of the Indian Refineries Ltd. (IRL) & the Indian Oil Company (IOC) Ltd. Presently, 18 refineries operate under the Indian Petroleum Industry.
Indian oil Incorporated in 1959, it’s wholly Government owned company resister under the company act, 1956 and it came into existence on 1st September, 1964 as result of amalgamation of the erstwhile Indian Refineries Ltd. Indian oil and its subsidiaries have a dominant share of the petroleum products market, national refining capacity and downstream sector pipelines capacity in India. With over a 34,000 strong workforce, Indian oil has been helping to meet India’s energy demands for over five decades now.
Completed Projects Of Indian Oil Corporation
Capacity Augmentation of Panipat Refinery to 15 MMTPA.
Residue Up gradation & MS/HSD quality improvement project at Gujarat
MSQ Improvement Projects at Guwahati , Barauni and Digboi Refineries
Flare Gas Recovery facilities at Panipat and Gujarat Refineries.
Mathura- Bharatpur spur pipeline
Branch pipeline to Hazira from Koyali-Dahej pipeline
Automation of various product storage terminals
Automation of 300 Retail Outlets.
SCOPE & IMPORTANCE OF THE STUDY
Compensation structure has a special place in all organisations. Therefore one of the major issues in scope and importance of the study is that opportunity to understand the compensation structure. It has also helped me in understanding the major components which are included and affect this structure.
Retention of employee is considered to be a major issue both for the public and private sector. Compensation acts as a major parameter in retention of workforce and therefore it is very important to measure employee satisfaction on that. Unless and until employees are satisfied they cannot perform efficiently.
This study has also given me and opportunity to measure employee satisfaction in IOCL and to suggest improvements in the Compensation Management & Reward System of IOCL.