A

PROJECT REPORT

ON
“A STUDY REPORT ON COMPENSATION BENCHMARKING”

“AT PANTALOONS FASHION AND RETAIL LTD”

Submitted to
ATMIYA Institute of Technology & Science

IN PARTIAL FULFILLMENT OF THE REQUIREMENT OF

THE AWARD FOR THE DEGREE OF

MASTER OF BUSINESS ADMINISTRATION

Under
Gujarat Technological University
UNDER THE GUIDANCE OF

Faculty Guide Company Guide

Dr. Amit Rajdev Mayur Ghumnani
(professor) (cluster HR)

Submitted by
DAVADA KARISHMA BHARATBHAI
EnrollmentNo.177030592026
M.B.A – SEMESTER III

ATMIYA Institute of Technology & Science

M.B.A PROGRAMME
Affiliated to Gujarat Technological University Ahmedabad
July 2018
COMPANY INTERNSHIP CERTIFICATE

I
COLLEGE CERTIFICATE

II
PLAGARISM CERTIFICATE

III
PREFACE

Practical training is the part of our study in MBA. It is compulsory for each student to
take training of 40 days in any business sector and prepare the project report on the
same business sector.
The training has been undergone at “PANTALLONS FASHION AND RETAIL
LTD” the knowledge of practical study of unit. This report contains the true
knowledge and all the aspects over gone in the practical. It covers all the department
like marketing, finance, and personnel department.
I have prepared report on “PANTALOONS FASHION AND RETAIL LTD” on the
basis of information which I collected from the company. I got all practical and
theoretical information from the company.

DATE:
PLACE:

IV
ACKNOWLEDGEMENT

I hereby offer my sincere thanks to all those who guided me with my project
including analysis and presentation of the same. The HR manger of pantaloons has
helped me throughout the whole project. Without of his guidance I would not been
able to complete my project work successfully.
I at this very outset to all those who directly or indirectly helped me in the completion
of my project work and encouraged me in the moments of my despair.
Finally last but certainly not least, I acknowledge my deep gratitude to the entire
person concerned.
KARISHMA DAVADA
Sign:

V
DECLARATION

I hereby declare that the Summer Internship Project Report titled “A STUDY
REPORT ON COMPENSATION BENCHMARKING IN PANTALOONS” is the
result of my own work and in my indebtedness to other work publications to other
work publications, references, if any have been duly acknowledged. If I am found
guilty copying from any other report or published information and showing as my
original work, or extending plagiarism limit, I understand that I shall be liable and
punishable by the university, which may include „Fail‟ in examination or any other
punishment that university may decide.

Enrolment No. Name Signature

VI
EXECUTIVE SUMMARY

The present study is the analysis of benchmarking of compensation. It

consist the data taken from 100 employees of the same organization to
know that whether compensation benchmarking is linked with the
productivity of the employees or not. It is the comprehensive study done
with the help of the employees and found different analysis of all the
different questions. The justification given of all the questions by the
employees were according to their knowledge of the compensation
management done in the organization.
The organization provides different types of monetary and non-monetary
compensation which helps in attracting and retaining the employees in the
organization. But the employees do not have information and knowledge
regarding all the compensation given to them. It becomes little complex for
employees to understand the format of compensation.
The research found the mostly all the employees are more focused in
getting monetary incentives as compared to the non-monetary incentives.
They say that fixed compensation is more better than that of variable
compensation.
All the details are being shown in the report in descriptive way.

VII
TABLE OF CONTENTS

Sr. No. Particulars Page No.

Preface
Acknowledgement
Declaration
Executive Summary

1.0 Part – 1 Industry Information

1.1 About the Industry
1.2 World Market
1.3 Indian Market
1.4 Growth of the Industry

2.0 Part – II Organization Information

2.1 About Organization
Introduction to Functional Department
Finance
2.2 Marketing
HR
Production
2.3 Organization Structure
2.4 SWOT Analysis

3.0 Part – III – Primary Study

3.1 Introduction of the study
3.2 Literature Review
3.3 Background of the Study

VIII
3.4 Problem Statement
3.5 Research Objective

4.0 Research Methodology

4.1 Research Design
4.2 Source/s of Data
4.3 Data Collection Method
4.4 Population
4.5 Sampling Method
4.6 Sampling Frame
4.7 Data Collection Instrument
4.8 Data Analysis & Interpretation
5.0 Findings
5.1 Conclusion
5.2 Limitation of the Study

6.0 References / Bibliography (APA Style)

Annexure

IX
Part – I
Industry
Information

1
1.1 ABOUT THE INDUSTRY

The Indian retail industry has emerged as one of the most dynamic and fast paced
industries due to entry of several new players. It accounts for over 10 per cent of
country‟s Gross Domestic Product (GDP) and around 8 per cent of employment.
India is the world‟s fifth largest global destination in retail space. Indian retail
industry has immense potential as India has second largest population with affluent
middle class, rapid urbanization and solid growth of interest.

Market share

India‟s retail market is expected to increase by 60 per cent to reach U.S $1.1 trillion
by 2020 on the back of factors like rising incomes and lifestyles changing by middle
class and increased digital connectivity while the overall retail market is expected to
grow at 12 per cent per annum and traditional trade at 10 per cent. Indian retail market
is divided into “organized retail market contributes 93 per cent of the total sector and
“unorganized retail market contributes rest 7 per cent of the sector.”
India‟s Business to Business e-commerce market is accepted to reach 700 US$ by
2020. Online business is accepted to be at par with the physical stores in next five
years and has grown 23% to $17.8 billion dollar in 2017. India‟s total potential of
business to consumer (B2C) is estimated to $26 billion of which $3 billion can be
achieved in next 3 years from 16 product categories according to the study of
federation of Indian chambers of commerce and industry (FICCI) and Indian institute
of foreign trades (IIFT).

INVESTMENT SCENARIO

The Indian retail trading has received Foreign Direct Investment (FDI) equity inflows
totalling US$1.14 billion during April2000 – December 2017 according to the
Department of Industrial Policies and Promotion (DIPP).

2
 GOVERNMENT INITIATIVES

The government of India has taken various initiatives to improve the retail industry in
India. Some of them are listed below:-
The government of India may change the Foreign Direct Investment (FDI) rules in
food processing in a bid to permit e-commerce companies and foreign retailers to sell
made in India products.
Government of India has allowed 100% FDI in online retail of goods and services
through the automotive routes, thereby providing clarity on the existing businesses of
e-commerce companies operating in India.

3
 1.2 WORLD MARKET

Global Retail Scenario

Global Retail Development Index :

Country Ranks

China 1

India 2

Malaysia 3

Kazakhstan 4

Indonesia 5

Turkey 6

United Arab Emirates 7

Saudi Arabia 8

Peru 9

Azerbaijan 10

Table.1 global retail scenario

 Retail is the biggest industry in the world with sales of $7.2 trillion.
 Every 10th billionaire in the world is a Retailer
 25 of the top 50 fortune 500 companies are retail.

Retail generated a shareholder return of 18%.

Retailing is the largest industry globally and is the second largest in United States
both in the no. of establishments and in the no. of employees. Retailing is the
activity which involves selling of goods directly to the consumers and act as an

4
 intermediary between the producer and the customers. It has played a major role
in increasing the productivity and its best impact is seen on the countries such as
USA, U.K, Mexico, China etc. retailing is the biggest industry with the sale of 7.2
trillion. Retail generates a shareholder‟s return of 18%.

Top retailers worldwide are:

RETAILERS HOME COUNTRY

Wal-Mart Stores U.S.A
Carrefour Group France
The Kroger Co. U.S.A
The Home Depot. Inc. U.S.A
Metro Germany
Table.2 total retailers worldwide

According to the global \retail development index international retailers are now mere
adept to the tackling the individual challenges which require different strategies to be
successful. There has been huge transformation in the retail industry as the retailers
have gained understanding about the market struggle with shifting changes in
economic and political trends.

5
 1.3 INDIAN MARKET

The Indian Retail Industry is the 5th largest in the world comprising of organising and
unorganised sector. India retail industry is one of the fastest growing industries in
India especially since last few years. Though initially, the retail industry in India. Was
almost unorganised, however with change of taste and preference of the customers,
the industry is getting more popular of these days and getting organised as well. With
growing market demand, the industry is expected to grow from 350000 crore in 2004-
05 to 109000 crore in 2010.

According to the 8th annual GLOBAL RETAIL DEVELOPMENT INDEX (GRDI),

India retail industry is most promising emerging market for investment. In 2007 the
retail trade in India had a share of 8-10% in the gross domestic product of the country.
In 2009 it rose to 12%. It is expected to reach by 22% in 2010-11.
According to the Report by NORTH BRIDGE per capita the Indian Retail Industry is
expected to grow to US$ 700billion by 2010-11. By the same time the organized retail
sector will be 20% of the total market share. It can be mentioned here that, the share
of the organized retail sector in 2007 was 7.55 of the total retail market.
As democratic country with the high growth rates consumer spending has risen
sharply and there is significant increase in the disposable income of the people.
Consumer spending rose by 75% in the last 7 to 8 years. Organized Retail accounts
for 5% of the market, is expected to grow at a CAGR of 40%from US$ 20billion in
2007 to US$ 107 billion by 2013.
The Indian Retail market is highly competitive and major players such as Wal-Mart,
Tesco entering the industry is set to grow even further. It is thus important to see how
well which players in the organized retail industry manages to pull consumers in their
stores especially in the retail more focus is on repeated sales and sustaining the
customers for long time. It has been growing continuously and very rapidly that this
would become India‟s one of the fastest developing industries.

6
1.4 GROWTH OF THE INDUSTRY

The Indian Retail Industry is one of the fastest growing industry which accounts for
10% of country‟s GDP and 8% of the workforce. There has been drastic change in the
tastes and preferences and buying behavior of customers. The retail sector is
undertaking fast paced revolution there has been changes in the format of the retail
industry. New formats are developed such as convenience stores super market, hyper
market and have made their way in the market. In India, major chunk of the untapped
retail market is attracted by all giant firms across the globe.
With the advancement of technology the scope of the retail industry has widened
attracting investors across the globe and has high growth potential. There has been
remarkable development in the last decade and has been rapid evolution of the online
retail sector. The online retail is expected to be reaching US$ 70billion by 2020.
According to the latest update of December 2017:-
 India has high market potential, Moderate political and low economic risk as it
has occupied a remarkable position in the global retail index.
 According to the study of the Boston Consulting group India is expected to
become world‟s largest consumer economy by reaching US$400 billion in
consumption by 2025.
 As the purchasing power of middle class people increased there was increase
in their disposable income and due those customers spending increased and
India was ranked first in Global Retail Development Index 2017.
 With the GST taking its shapes, it has helped its retailers to simplify its tax
structure. These will lead to better cash flow, profitability, supply chain
structure and pricing.
 The retail sector is fast emerging as one of the largest sectors in the economy,
accounting for more than 10% of country‟s GDP and around 8% of
employment.
 This industry has emerged one of the most dynamic and fast paced industries
due to the entry of several new players.

7
Part – II
Organization
Information

8
2.1 HISTORY OF ADITYA BIRLA LTD

Aditya Birla Group is an Indian based Multinational conglomerate company. It

engages in offering services to various sectors such as non-ferrous metals, cement,
viscose staple fibre, viscose filament yarn, branded apparels, carbon black,
chemicals, agri-business, mining, ferro chemicals, wind power and insulators. In
addition, the group‟s offer services to sectors including tele-communication
financial services, IT, BPO, retail and trading solutions. Aditya Birla consists of 4
main companies, which operate in various industry sectors through its subsidiaries
and joint venture, namely Hindalco Industries Limited, Aditya Birla Nuvo ltd,
Idea Cellular ltd and Ultratech Cement ltd. It has operations in 27 countries
worldwide.

Aditya Birla Group has its headquarters in MUMBAI, INDIA.

The company is led by Kumar Mangalam son of Aditya Birla.

Additional details
 Public company
 Incorporated: 1870
 Employees: 72000
 Sales: $7.59 billion(2005)
 Stock exchange: India
 Ticker symbol: BIR

9
ADITYA BIRLA TOOK OVER PANTALOONS

Kishor Biyani led Future Group said Aditya Birla Nuvo Ld infused rs.1600
crore into its flagship „pantaloons‟ and acquired a majority stake in the
store chain, which will later be demerged to be listed as a separate entity.

The group‟s flagship firm, Pantaloons Retail India ltd (PRIL) currently
operates the „Pantaloons‟ chain of fashion apparels and accessories stores.

As a part of the deal between the two companies, the Pantaloons format
will be demerged from PRIL, a listed entity on the BSE and National
Stock Exchange.

“The demerged entity, subject to necessary and statutory approvals, will

invite an investment from Aditya Birla Nuvo ltd(ABNL).”PRIL said in a
statement.

ABNL will subscribe to debentures amounting to rs800 crore issued by

PRIL and on completion of the demerger process, the debentures will
convert into equity in the demerged entity of the pantaloons format.

The proposed transaction is likely to be completed within eight to 10

months, subject to the finalisation of the Scheme of Arrangement, due
diligence and statutory and other requisite approvals, the statement added.

Launched in 1997, the pantaloons format is spread in 35 cities with 72

stores and 21 factory outlets covering total retail space of over 2 million
square feet.
Future Group continues to operate a number of retail chains including
Pantaloons, Big Bazaar, Food Bazaar, Home town and e-zone and also has
allied businesses in consumer finance, life and non-life insurance, logistics
infrastructure and supply chain and brand development.

10
HISTORY OF PANTALOONS

The company was incorporated as Peter England Fashions and Retail ltd on April
19, 2007 and obtained the certificate of commencement of business on May 14,
2007. The name of the company was changed to “PANTALOONS FASHION
AND RETAIL LTD” on 23 April 2013 headquartered in Mumbai, the company
has over 1000 stores across 73 cities in India and employees over 35000 people
and as 2010, it was the country‟s largest listed retailer by market capitalization
and revenue.

Pantaloons Fashion And Retail Ltd, is a large Indian retailer, was a part of the
future Group (now a part of Aditya Birla), and operates in multiple retail formats
in both, value and lifestyle, segments of the Indian consumer market.

The company‟s products are being marketed under the brand name
„PANTALOONS‟ and „BARE NECESSITIES‟ through a network of over 300
dealers spanning the Metro and class-1 cities in the country.

The company is promoted by Shri Kishore Biyani, friends and associates.

 1992- The company has successfully launched the „Pantaloons‟ trousers,

shirts, denims, sleep suits and other ready-made garments.
 1997- The company has launched women‟s wear, children‟s wear and
household products in the last few months.
 2001- Kishore Biyani‟s Pantaloons retail to be re-named as „Future Retail
India Ltd post demerger.

With the chain of 71 fashion store in 35 cities and towns, pantaloons is

constantly extending its footprints into the rest of the modern India.

11
COMPANY PROFILE

Name of the organization Pantaloons Fashion & Retail ltd

Address Bharat Iscon Mall, Plot no. 64,

TP street no. 3,
150ft ring road,
Opp: Parijat Party Plot,
Kalawad Road,
Rajkot-360005
Gujarat.
Ph. no. 0281-3047342

Size of organization Large scale

Working hours 9hrs

Logo

Slogan In love with life

In love with fashion
Table.3 company profile

12
TEXTILE BRANDS OF ADITYA BIRLA GROUP

13
  BRANDS IN PANTALOONS

MEN’S KIDS ETHNIC WESTERN NON APPS

SF POPPERS AKKRITI HONEY BYFORD
BARE CHARPI RANG ANNABELLE AJILE
DENIM PIE MANCH
INDIGO BARBIE & TRISHA AJILE FOREVER
NATION DISNEY GLAM
SPIRITUS PINK & ALTO BARE HONEY
BLUE MODA DENIM
JOHN CHALK GLOBAL JEALOUS 21 RICHARD
MILLER DESI PARKER
PETER BARE BIBA KRAUS ANNABELLE
ENGLAND
BYFORD AJILE AND
RICHARD ZINK
PARKER LONDON
AJILE DREAMZ
PEPE SF
LEVI‟S FOREVER
GLAM
SPYKAR
ALTO
MODA
CELIO
INDUS
ROUTE
RIG
Table.4 brands in pantaloons

14
 2.3 ORAGANISATION STRUCTURE

CEO

AREA
MANGER

CATAGORY

STORE
MANAGER

ASSISTANT
DEPARTMENT DEPARTMENT
MANAGER MANAGER

CUSTOMER
SERVICE FASHION TEAM
CASHIER
DESK ASSISTANT MEMBER

15
VISION, MISSION AND VALUES

 VISION

To be a premium global conglomerate with a clear focus of each business.

 MISSION
To deliver superior values to the customer, shareholders, employees and
society at large.
 VALUES

INTEGRITY Honesty in every action

COMMITMENT Deliver on the promise
PASSION Energized action
SEAMLESSNESS Boundless in letter and spirit
SPEED One step ahead always
Table.5 Values in pantaloons

16
2.3 FUNCTIONALDEPARTMENT IN PANTALOONS

SCM design
Depart departm
Garment ment ent Buying
Technolo Departm
gy ent

HR Sourcing
Department Department

Admin Planning
Department Department

Finance Operation
Departm Department
ent Marke
VM
ting
Departme
Depar
nt
tment

Figure.1functional departments inpantaloons

17
FUNCTIONS OF ALL THE DEPARTMENTS

All the departments work very closely with each other to complete their task and
achieve their individual goals. Each department is interdependent with each other.
The objective of these departments is to accomplish mission and vision of the
company.

Design department
This department is basically developing sample of merchandise and development
range of merchandise for upcoming season and work closely with buying department.
Designer attains fashion events and shows to keep tap on current upcoming trends.

Buying Department
This department is selecting what merchandise will be stocked in store based on
discussion happened with planning team. They work closely with design department
to approve sample and range of merchandise, attain fashion events and forecast the
trends. They also interact with other departments like marketing, sourcing, planning
and quality control to get appropriate advice that will help them in achieving
company‟s ultimate target. Apart from this, they frequently keep in touch with
suppliers and vendors.

Sourcing Department
It is management of a supply market to ensure access to adequate Resources required
for the long term needs of the firm: understand market characteristics, identify
relevant potential suppliers, define a strategy for the firm, and set the objectives for
any market shaping effort. Sourcing frames the agreement with the suppliers involved
in the strategy, without necessarily going into the details of the contract. Sourcing
teams include elements internal and external to the firm to reach their objectives, to
include the eventual optimization of specifications in coordination with engineering,
marketing, and / or research.Sourcing is the strategic management of external
resources. They have to figure out different vendors who can give them better value in
terms of price, production, lead time, shipment mode and other production aspect
after the budget allocates for range by other departments, coordinates with buying and

18
design department.

Planning Department
This department is making OTB plan, Option plan, allocation, offers, monitors day
wise sells, end of season sell, stock in warehouse and store. They also recommend
buyer about which style is hitting the shopping floor, monitor sales, stock in
warehouse and shop floor, sell through, offer planning and do allocation of
merchandise according to requirement of particular merchandise in particular store.
This is also known as Inventory Management and Distribution Management. Planner
are the backbone of any company if there over stock or stock out its planner
responsibility to control inventory and coordinate with other team like buying and
also do meeting with other senior people of company.

Operation department
They work to make sure that employers' businesses run effectively,Smoothly and
professionally. This includes all those who work in the organization from the
management to assembly line workers up to the guys loading and offloading trucks in
manufacturing and retail distribution centers.

VM Department:
This department coordinates with designer and buyer for the theme of season and then
they make visual of store accordingly. Their responsibility to change visual of all
store at the same time, this include display of merchandise and lighting. There are
some elements that are involved in visual merchandising are Window Displays,
Interior Displays, Signs, Cosmetic Productions and other Special Sales and
Promotions. Team tries to combine these element and covey their idea to customer.

Marketing Department:
They basically communicate the value of product to the customers For that this
department is divided in three teams ATL (Above the Line), BTL (Below the Line)
and LOYALTY. In ATL they are covering large Geographical area by advertising
from Radio, TV and National newspapers and in BTL they are covering particular
targeted area by organizing fashion events and shows. In LOYALTY they are
distributing Cards and coupons to customer first to check loyal customer and then

19
start analyses about loyal customer‟s next need and offer it to customer on discount. It
is one of innovative department and generating New idea.

Finance Department:
Major roles of the finance department are to identify appropriate Financial
information prior to communicating this information to managers and decision
makers, in order that they may make informed judgments and decisions. This
department‟s responsibility for organizing the financial and accounting affairs
including the preparation and presentation of appropriate accounts, and the provision
of financial information for manager.

Admin Department:
They are managing and distributing information within office like greeting clients and
employees, answering the calls, maintaining files, record of expenditure, Stationary,
printing, housekeeping, Administrative assistants are responsible for Communicating
with clients, outside vendors and staff members on behalf of their employer. They
greet customers, answer the phone, take messages and set up meetings. This
department Is interrelated to HR department.

HR Department:
Human resource management (HRM) in organizations designed to Maximize
employee performance in service of their employer‟s strategic objectives. In
Pantaloons, HR is primarily concerned with how people are managed within
organizations, focusing on policies and systems. HR department is responsible for a
number of activities, including employee recruitment, training and development,
performance appraisal, and rewarding. Human resources assistants may process and
regularly update personnel, payroll and job applicant records.

Garment Technology Department:

It is divided in three teams one is Construction /Fit Team, another is Testing team and
last is Inspection team. Construction team basically checking the size measurement
and its grading, Testing team are doing chemical like crocking, bleeding, color
fastness to light etc. and physical test like pilling, abrasion resistance etc. and
inspection team is visiting manufacturing unit to see the directed production, there

20
also checking for complete garment which is done in last by Testing team.

Supply Chain Department:

It is the management of the flow of goods. It includes the movement and storage of
raw materials, work-in-process inventory, and finished goods from Point of origin
(Manufacturing Unit) to point of consumption (Store).

Main function of supply chain management is as follows:

1) Inventory management
2) Distribution management
3) Channel management
4) Payment management
5) Financial management
6) Supplier management
7) Transportation management
8) Customer service Management.

Some of their work is already done by planning team only Inventory Management
and Distribution Management. They closely work with planning department and
interchange information regarding stock delivery from supplier to warehouse and
warehouse to store or if any stock is available for inter store transfer or vendor has to
direct supply to store SCM team and to take care of the things.

21
2.4 SWOT ANALYSIS

STRENGTH WEAKNESS

OPPORTUNITY THREATS

22
 STRENGTH

 Pioneer in the industry, largest market share and capitalization

 Reputation for value for money (competitive pricing), convince and a wide
range of products all in one store.

 Being financially strong helps pantaloons retail India deal with any
problems, ride any dip in profits and perform their rivals.

WEAKNESS

 Pantaloons do not function internationally, which has an effect on success, as

they do not reach consumers in overseas markets.

 Since Pantaloons Retail India Ltd. Sell products across many sectors, it may
not have the flexibility of some of its more focused competitors.

OPPORTUNITIES

 Opportunity exists for PRIL to continue with current strategy of large, super
centres.

 Population of country is growing where the scope of market is kept on

increasing for retail store.

23
 THREATS

 Being number one means that you are the target of competition. (extra
competition and new competitors entering the market could unsteady
Pantaloons Retail India)

 A slow economy or financial slowdown could have a major impact on

Pantaloons Retail India business and profits.

24
Part – III

Primary Study

25
3.1 INTRODUCTION OF THE STUDY

 This report is prepared to benchmark the salaries of the employees with

turnover. The compensation given to the employees plays an important role in
sales and management of the organisation.
 The compensation benchmarking helps in keeping employees satisfied with
monetary and non-monetary incentives and which provide them scope of
working in pantaloons.
 Compensation benchmarking is the process to maintain the proper function
between management and employees.
 It is used generally to build morale of the employees and they show their
performance and skills.
 Compensation benchmarking increases output of employees and it directly or
indirectly affects the sales and profit of the company.
 Mostly every retail organisation has different benchmarking system so that
they can make their employee stay in their organisation and reduce turnover
ratio.
 Compensation benchmarking not only gives monetary benefits but also non-
monetary benefits to the employees.
 The correct benchmarking of compensation builds a strong and healthy
relationship between the employer and employee.
 Good compensation benchmarking is very important for improving
organisational effectiveness.
 It makes the structure that brings equality, competitiveness and motivation
amongst employees as well as employer.
 It helps in standardizing the pay structure in the organisation.

26
3.2 LITERATURE REVIEW
Compensation Benchmarking and the Biasing of Executive Pay
REVIEW-1

Mathijs De Vaan
University of California, Berkeley

- Haas School of Business

Benjamin Elbers
Columbia University

- Department of Sociology

Thomas A. DiPrete
Columbia University

- Department of Sociology

Date Written: March 8, 2018

The disclosure of compensation peer groups is argued to provide shareholders with

valuable information that can be used to scrutinize CEO compensation. However,
research suggests that there are substantial incentives for executives and directors to
bias the compensation peer group such that the CEO can extract additional rent.
Analyze of 11 years of comprehensiveness data on compensation peer groups
demonstrate that the average firm uses an upward biased peer group. The size of bias
is positively associated with poor firm performance and with the amount of structural
ambiguity regarding the peer group that best matches the local firm. The increase in
CEO compensation suggesting that there is strong incentives for CEOs to introduce
upward bias into the peer group. These all findings call into question the practical
impact of recent efforts to introduce greater transparency into the process for
determining executive compensation.
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3136663

27
REVIEW-2
Flexible Benchmarking Approach of Talent Management:

D.K.Likhi
C.Sabita
Akanksha Rao

First online : 05 may, 2018

Our assets walkout of the work place every night, and our job is to ensure that they
love coming back every morning. This sums up the way in which modern companies
handle its human resources. This chapter highlights the flexible approach of talent
management in one such Indian company, a defense public sector enterprise. Further,
the chapter attempts to detail the various HR initiatives and schemes of the3
organization, so as to benchmark itself in the turbulent global era, following the case
study method which is indicative and not exhaustive.

https://link.springer.com/chapter/10.1007/978-981-10-8929-9_9

28
REVIEW-3
Executive Compensation and Employee Remuneration: The
Flexible Principles of Justice in Pay

Michal Magnan
Dominic Martin
First online :14 February 2018

This paper investigates a series of normative principles that are used to justify
different aspects of executives‟ compensation within business firms, as well as the
remuneration of lower-ranking employees. We look at how businesses perform pay
benchmarking; employees‟ engagement, fidelity and loyalty and the acceptability of
what we call both-ends-dipping, that is, receiving both ex ante and ex post benefits for
the same work. We make 2 observations, first either different or incoherent principles
are used to justify the pay of executives compared to employees, or the same
principles are applied differently. Second, these differences tend to be the benefit of
executives and to the detriment of employees. We conclude by asking whether there is
any reason for rethinking differently about executive pay than we do about employee
pay. Our analyses lead us to question the principles justifying current executive
compensation and to wonder if these principles are potentially being instrumental to
swerve other ends.

https://link.springer.com/article/10.1007/s10551-018-3786-5

29
REVIEW-4
Miriam L. E. Steiner Davis,
Ph.D. Research Associate, ORAU
Jim Malone,
Ph.D. Candidate Section Manager, Research Services, ORAU
Leslie Shapard,
Ph.D. Associate Director, Research, Reviews & Evaluations, ORAU
FIRST ONLINE : SEPTEMBER, 2017

Peer review of research is critical to the production and evaluation of scientific

research. One popular way to conduct peer review of research proposed for funding is
through face to face panel meetings where experts come together to discuss and
critique proposals. Such reviews require experts to gather together and almost always
involve travel for at least some of the participants. However, little has been written
about the travel related aspects of peer review. This study also describes related
aspects of this process which is overseen by peer organization.
As such, this study establishes a benchmark on the topic of peer travel. This study
also describes related aspects of peer review travel. This study also describes related
aspects of peer reviews of grant and proposal findings. Although specifically
requesting feedback from reviewers was quite uncommon, peer review organization,
representatives felt the feedback they do receive is substantial and overwhelming
positive.

https://orise.orau.gov/peer-review/documents/benchmarking-study-peer-review-
travel.pdf

30
REVIEW-5
Techniques for benchmarking pairing strategies in a contact center
system:

Syed Meesum Raza Rizvi

Affinity Europe Technologies Limited

Techniques for benchmarking pairing strategies in a contact center system are

disclosed. In one particular embodiment, the techniques may be realized as a method
for benchmarking pairing strategies in a contact center system including determining
results for a first plurality of contact-agent interactions, determining results for a
second plurality of contact-agent interactions, and determining combined results
across the first and second pluralities of contact-agent interactions corrected for a
Yule-Simpson effect.

https://patents.google.com/patent/US9888120B1/en

31
REVIEW-6
Executive compensation: influence and reciprocity effects:

Frans Maloa,
(Department of Industrial and Organizational
Psychology, University of South Africa College of Economic and
Management Sciences, Pretoria, South Africa)

Purpose
The purpose of this paper is to understand the effects of influence and reciprocity
as the elements in the determination of executive compensation.

Design/methodology/approach
A purposive sample was drawn, which comprised of 13 respondents chosen for
their expertise relating to the determination of executive compensation in state-
owned enterprises (SOEs). A semi-structured interview guide was used as the
data-gathering instrument. A thematic analysis technique was used for data
analysis.

Findings
The findings in this study identified three themes resorting under influence as
crucial in the process of determining executive compensation, namely an
executive‟s social capital, intellectual capital and social comparison. Two major
themes emerged under reciprocity, namely the pay-performance relationship and
role complexity. Finally, the political-symbolic role emerged as the main theme
that described the relationship between influence and reciprocity.

Practical implications
The findings provide a more detailed description of the process involved in
determining executive compensation in SOEs.

32
Originality/value
There has been limited if any, empirical study on the process involved in setting
executive compensation. The limited focus has always been on accounting
measures. Incorporating the socio-psychological view attempts to provide a more
comprehensive and conclusive explanation of the process of determining
executive pay in theory and practice.

https://www.emeraldinsight.com/doi/abs/10.1108/ER-04-2016-

33
REVIEW-7

The Effect of Compensation Disclosure on Compensation

Benchmarking: Evidence from China

Wei Jiang, Xinxin Liao, Bingxuan Lin, , ,

Yunguo Liu, Wei Jiang, Xinxin Liao, Bingxuan Lin, Yunguo Liu
First Published August 1, 2016

Improved compensation disclosure should increase the efficiency of executive

compensation contracts through better benchmarking with peer groups even though
managers might try to influence this process through a selective choice of peers.
Using a sample of Chinese companies, we find that industry benchmarking is
prevalent in China. Moreover, as the regulation for executive compensation disclosure
was amended in 2005, executives whose compensation is above the industry average
have experienced much smaller pay rises, and executives whose compensation is
below the industry average have had much higher pay raises. The results of our study
are robust after controlling for various firm and industry characteristics. The results
also show that companies controlled by different entities (i.e., central government,
local government, or nongovernment) behaves very differently in response to
enhanced compensation disclosure. These findings highlight the importance of
policymakers understanding how different firms react to improved disclosure.

http://journals.sagepub.com/doi/abs/10.1177/0148558X16661128

34
3.3 BACKGROUND OF THE STUDY

 The COMPENSATION BENCHMARKING is generally done so that

employees stay in the organisation and the employee turnover ratio of the
organisation decreases.
 Moreover the study is made to see whether the employees are satisfied with
the compensation they are getting or not.
 The compensation is of two types i.e. Monetary and Non-monetary.
 Both should be given to the employees so that they positively work in the
organisation.
 This also helps in building their morale and motivation amongst them.
 It helps in creating competition amongst employees with the competitors of
the same industry.

35
3.4 PROBLEM STATEMENT

 The preparation of the report was quite difficult and was very time consuming.
 The report was prepared after collecting lots of information through different
sources.
 Sometimes it was very difficult to know whether the information was related
to the topic or not.
 There was also problem in making analysis through questionnaire as
employees were busy in their work.
 Due to which they were not able to help in the analysis.
 Somehow it is quite difficult as well as interesting analysis and report of
COMPENSATION BENCHMARKING.

36
3.5 RESEARCH OBJECTIVE

 To evaluate whether employees are satisfied with the compensation or not.

 To see that are employees getting proper rewards and recognition in the
organisation.
 To know the relation between salary of the employees with their productivity
of work.
 To know whether the employees are getting proper annual bonus excluding
base salary.
 To know the components of base salary.
 To check whether they get increment in the compensation every year at fixed
interest amount.
 To know which time is convenient for employees to work in the organisation.
 To know that employees are getting proper safety resources in the
organisation.

37
PART-4
RESEARCH
METHODOLOGY

38
4.1 RESEARCH DESIGN

EXPLORATORY RESEARCH:
It is research conducted for a problem that has not been studied more clearly intended
to establish priorities develop operational definitions and improve the final research
design.

DESCRIPTIVE RESEARCH
It is also known as statistical research describes data and characteristics about the
population or phenomenal being studied. However it does not answer question about
e.g. How/when/why.
The characteristics occurred which is done analytic research.

CAUSAL RESEARCH
A research design in which the major emphasis is on determining cause and effect
relationship.

HERE, DESCRIPTIVE RESEARCH method is being used as have taken analysis

from the employees of the organization. It helps to describe my topic more clearly and
properly.

39
4.2 SOURCES OF DATA

 The research is possible in mainly two ways.

 Data can be found through many sources such as reports, internet, from
organisation etc.
 They are : primary data and secondary data
 Primary research is usually done when the report is being prepared for the first
time.
 Primary research is done when the analysis is done for the purpose of
generating information again.
 The research in this project is made with the help of primary data i.e.
QUESTIONNAIRE
 Primary data is used to know and update the report or survey done in the
organisation.

40
 4.3 Data Collection Method

There are different methods for collection of data.

 In this report data is being collected by primary method.
 As the questionnaire is being filled up by the employees of the organisation.

41
4.4 POPULATION DATA

The report can take survey of as many employees as they want who are the population
of the survey report. This would help in presenting the report.

4.5 SAMPLE DATA

The sample data includes the survey taken from the 100 employees of the
organization who were taken as sample in the survey. All this 100 employees are the
sample of the report.

42
4.7 DATA COLLECTION INSTRUMENT

 The data is collected through different sources.

 This is being collected by doing survey in different retail sectors and through
internet.
 It is being surveyed with the help of Questionnaire.

43
4.8 DATA ANALYSIS AND INTERPRETATION

HYPOTHESIS AND CHI-SQUARE TEST:

SALARY YES NO TOTAL

PRODUCTIVITY
>7500 1 1 2

7500-10000 46 12 58

10000-12500 8 10 18

12500< 8 6 14

TOTAL 58 42 100

H0= There is no relevance between amount of salary and organisation link

salary with productivity.

Hα= There is relevance between amount of salary and organisation link salary
with productivity.

44
Observed Expected Observed- (observed- (observed-
frequency frequency expected expected)2 expected)2
÷expected
frequency

1 1.16 -0.16 0.0256 0.0221

1 0.84 0.10 0.01 0.0119

26 39.44 -13.44 180.6336 4.5799

42 28.56 13.44 180.6336 6.3247

8 6.96 1.04 1.0816 0.1554

4 5.04 -1.04 1.0816 0.2146

8 10.44 -2.44 5.9536 0.5702

10 7.56 2.44 5.9566 0.7879

12.6667

The calculated value = 12.6667

Degree of frequency= (R-1) × (C-1)

= 4-1 × 2-1
=3
The tabulated value @ 5% i.e. = 0.05
= 7.81

Here, tabulated value is higher than calculated value.

Thus, H0 is rejected and Hα is accepted.
Hence, there is relevance between amount of salary and salary that
organisation link with productivity.

45
 ANALYSIS

1. Age group of the employees:

AGE GROUP PERCENTAGE

15-20 18

21-25 60

25-30 20

31-35 2

age group
2%

18%
20%
15-20
21-25
25-30
31-35

60%

INTERPRETATION

After the analysis it is seen that mostly all the employees are of young age group who
can easily perform physical task which is used in retail fashion industry.

46
 2. The salary given to the employees.

SALARY PERCENTAGE

<7500 10

7500-10000 58

10000-12500 18

12500< 14

salary

14% 10%

<7500

18% 7500-10000
10000-12500
12500<
58%

INTERPRETATION

Here it is clearly seen that all the employees are getting salary and no employees are
given salary more than the described.

47
 3. The working experience of the employees.

WORKING PERCENTAGE
EXPERIENCE(YEARS)
1 7
2 13
3 20
4 27
5 33

working experience

7%
13% 1
33%
2
3
20% 4
5
27%

INTERPRETATION

From the data it is seen that all the employees are working maximum since last 4 yrs.
All the employees are having experience from 1-4 years only and not more than that
and which has many different factors.

48
 4. Do you agree that shift timing is convenient than adopting
fixed timing to work?

WORK TIMING PERCENTAGE

Shift timing 68

Fixed timing 32

work timing

32%
shift timing
fixed timing
68%

INTERPRETATION

This chart shows that almost 2/3 of the employees prefer shift timing rather than fixed
timing to work.

49
 5. Which type of compensation payment do you prefer?

COMPENSATION PAYMENT PERCENTAGE

Fixed compensation 24
Variable compensation 36
Both 40

compensation payment

24%
40% fixed compensation
variable compensation
both
36%

INTERPRETATION

Here, we can see that majority employees are for both types of compensation and
after that variable compensation and lesser no. of employees prefer fixed
compensation.

50
 6. Does your organisation provide any resources for employees

who have been treated unfairly?

SAFETY RESOURCES PERCENTAGE

PROVIDING 84
NOT PROVIDING 16

safety resources

16%

providing safety resource

not providing

84%

INTERPRETATION

The employees in the organisation mostly knows about the safety

resources provided by the employees.

51
7. Does your organisation offer ESIC plan?

ESIC PLAN PERCENTAGE

Offering ESIC 82
Not offering ESIC 18

ESIC plan

18%
offering ESIC

not offering

82%

INTERPRETATION

Most of the employees in the organization know about the ESIC plan is being
offered to them in the organization.

52
8. Does your compensation helps in attracting and retaining the
employees?

COMPENSATION PERCENTAGE
ATTRACTING & RETAINING
Attracting & retaining 82

Not attracting & retaining 18

compensation attracting & retaining

18%

attracting & retaining

not attracting & retaining

82%

INTERPRETATION

Most of the employees in the organization thinks and says that the
compensation provided to them or offered to them does attract and retain the
employees.

53
9. Does your organisation link your salary with productivity?

SALARY WITH PRODUCTIVITY PERCENTAGE

Linked 58
Not linked 42

salary with productivity

42% salary linked with

productivity
salary not linked with
58% productivity

INTERPRETATION

The ratio of salary with productivity has very less deviation as the difference
amongst employees is very less so it can be said approximately half of the
employees says that organization link salary with productivity and vice-versa.

54
10.Which factors affected for getting rewards and recognition?

FACTORS PERCENTAGE
Creativity 14
High productivity 28
Customer satisfaction 18
All of the above 40

factors of rewards & recognition

14%

creativity
40%
high productivity

28% customer satisfaction

all of the above

18%

INTERPRETATION

The chart says that most of the employees say that all the above factors shown
in the chart is affected in getting rewards and recognition. And the lesser no.
of employees says for productivity, customer satisfaction and creativity
respectively.

55
11.Does your company have performance appraisal system?

PERFORMANCE APPRAISAL SYSTEM PERCENTAGE

YES 94
NO 6

performance appraisal system

6%

have performance
appraisal system
don’t have performance
appraisal system

94%

INTERPRETATION

The chart says that mostly all employees agree that the company provide and
has performance appraisal system in the organization and very less no. of
employees says that there is no performance appraisal system.

56
 12.What kind of non-monetary compensation does your
organisation provide?

LOAN PERCENTAGE
Getting loan 92
Not getting loan 8

loan

8%

getting loan
not getting loan

92%

a.

INTERPRETATION

The employees do not have information about the loan system as very
less no. of employees knows about the loan provided by the
organization.

57
FOOD PERCENTAGE
YES 72
NO 28

food

28%

providing food
not providing food

72%

INTERPRETATION

Most of the employees says that organistion do not provide them food as non-
monetary compensation.

58
INSURANCE PERCENTAGE
YES 56
NO 44

insurance

44%
providing insurance
not providing insurance
56%

c.

INTERPRETATION

The ratio of employees who says organisation provide and do not provide
insurance is almost similar and has very less difference.

59
SICK LEAVE PERCENTAGE
YES 70
NO 30

sick leave

30%
providing sick leave
not providing sick leave
70%

d.

INTERPRETATION

The chart describes that maximum no. of employees says that organisation
provide them sick leave when they are in need of the same.

60
UNIFORM PERCENTAGE
YES 92
NO 8

uniform

8%

providing uniform
not providing uniform

92%

e.

INTERPRETATION

The chart says mostly all the employees says that organisation provide them
uniform as non-monetary compensation.

61
MEDICLAIM PERCENTAGE
YES 56
NO 44

mediclaim

providing mediclaim
44%

not providing
56%
mediclaim

f.

INTERPRETATION

The ratio between the employees who provide them mediclaim and does not
provide mediclaim is approximately similar in ratio.

62
13.Do you receive annual bonuses regularly with base salary?

ANNUAL BONUS PERCENTAGE

YES 76

NO 24

annual bonus

24%
getting annual bonus

not getting annual

bonus
76%

INTERPRETATION

The chart says ¾ the of the employees says that they get annual bonus with the
base salary. And the rest says that they do not get annual bonus as base salary.

63
 14.What are the components of base salary ?

ESIC PERCENTAGE
Included 82
Not included 18

ESIC

18%

ESIC included
ESIC not included

82%

a.

INTERPRETATION

The employees who says that ESIC is included as the part of base salary is
more as compared to the employees who deny for ESIC in base salary.

64
 conveyance allowance

26%
conveyance allowance
included
conveyance allowance not
included
74%

b.

INTERPRETATION

The chart says maximum no. of employees says the conveyance allowance is
not included as the part of base salary.

65
HRA PERCENTAGE
Included 16
Not included 84

HRA

16%

HRA included
HRA not included

84%

c.

INTERPRETATION

The employees in the organisation is very less who says that organisation
provide HRA-House Rent Allowance and vice-versa.

66
GRATUITY PERCENTAGE
Included 90
Not included 10

gratuity

10%

gratuity included
gratuity not included

90%

d.

INTERPRETATION

Here, we can see that almost all the employees says that gratuity is the part of
base salary and very less says that it is not part of base salary.

67
PF PERCENTAGE
Included 96
Not included 4

PF

4%

PF included
PF not included

96%

e.

INTERPRETATION

The chart says that all the employees excluding very less says that PF-
Provident Fund is the component of base salary.

68
MEDICAL PERCENTAGE
Included 58
Not inlcuded 42

medical

42%
medical included
medical not included
58%

f.

INTERPRETATION

The no. of employees who says that mediclaim is the component of base
salary is alomost similar but more no. of employees says that medical is
component of base salary.

69
 15 What is the criteria for salary increase ?

SALARY INCREAMENT PERCENTAGE

Performance 56

Training 30

Skills 14

criteria for salary increase

14%

performance
training
30% 56% skills

INTERPRETATION

The above chart shows that half of the employees says that salary is increased
by performance. And rest is being divided into training and skills.

70
16. Are employees satisfied with their overall compensation ?

COMPENSATION SATISFACTION PERCENTAGE

Satisfied 68
Not satisfied 32

compensation satisfaction

32%
satisfied with overall
compensation
not satisfied with overall
compensation
68%

INTERPRETATION

Here, the chart says that approximately 2/3rd of the employees are satisfied
with their overall compensation and rest are not satisfied with their
compensation.

71
5.0 FINDINGS

 The analysis of the report has shown many different surveys which
includes the following information.
 The organisation mostly has all young employees who can perform
physical task.
 The salary of the employees are comparatives lesser than their working
hours.
 Most of the employees like to work in fixed timing rather than
adopting shift timing.
 The employees mostly prefer monetary and non-monetary
compensation and not only one of them.
 They have resources for safety measures.
 They also get ESIC plan from the organisation which they can use at
any time.
 The organisation provide both types of rewards i.e. Monetary and Non-
monetary.

72
 Most of the employees do get attracted by compensation and would
retain in the organisation.
 But most of the employees also say that the organisation do not link
salary with productivity.
 Creativity, increased productivity, customer satisfaction are the factors
affecting rewards and recognition.
 Half of the employees do not agree that their organisation provide
them performance appraisal.
 Similarly half of the employees only say that they get general increase
in compensation every year.
 They get many different types of non-monetary compensation and
those are loan, food, insurance, sick leave, uniform, mediclaim etc.
 The analysis shows that three-fourth of the employees get bonus
regularly with base salary.
 The component of base salary includes ESIC, conveyance allowance,
HRA, gratuity, PF and medical facilities.

73
5.1 Conclusion

Thus, the above report describes about the compensation given to the
employees and the benchmark set up for them so that they can work in the
positive environment and with full concentration and dedication. This is
important for all the organization to provide best compensation to
employees to retain them from the organization. Compensation is not only
the monetary rewards what employees are getting as salary but it is also
that non-monetary compensation given to the employees to boost their
morale and make them work in light and friendly environment and gives
their best output.

74
 5.2 Limitations of the study

 This report has been made with some of the limitations.

 There was difficulty at the time of survey as employees were not able
to understand the language of the questionnaire.
 It consumed lot of time in doing survey as explanation of each question
was to be done in front of employees.
 Due to limitation in the time survey was only done with the employees
of a single organisation.
 Many adequate resources were not being used due to lack of time.
 The total retail was not being covered.

75
6.0 BIBLIOGRAPHY

 De Vaan, M., Elbers, B., & DiPrete, T. A. (2018). On Obscured

Transparency? Compensation Benchmarking and the Biasing of Executive
Pay.
 Jiang, W., Liao, X., Lin, B., & Liu, Y. (2018). The Effect of Compensation
Disclosure on Compensation Benchmarking: Evidence From China. Journal
of Accounting, Auditing & Finance, 33(2), 252-276.
 Magnan, M., & Martin, D. (2018). Executive Compensation and Employee
Remuneration: The Flexible Principles of Justice in Pay. Journal of Business
Ethics, 1-17.
 Maloa, F. (2018). Executive compensation: influence and reciprocity effects. Employee
Relations, 40(1), 106-123.
 Likhi, D. K., Sabita, C., & Rao, A. (2018). Flexible Benchmarking Approach of Talent
Management: A Case Study of MIDHANI. In Global Value Chains, Flexibility and
Sustainability (pp. 133-143). Springer, Singapore.
 Chishti, Z. (2018). U.S. Patent No. 9,888,120. Washington, DC: U.S. Patent and Trademark
Office.

 Rizvi, S. M. R. (2018). U.S. Patent Application No. 15/633,162.

 Shapard, L. Benchmarking Study–Peer Review Travel.

76
WEBSITE :

 a

77
 ANNEXURE

QUESTIONNAIRE

1.NAME:
2.AGE:
3.CURRENT SALARY:
4.WORK EXPERIENCE:
5.DEPT:
6.AVG WORKING
DURATION:

7. DO YOU AGREE THAT SHIFT SYSTEM IS CONVENIENT THAN

ADOPTING A FIXED TIMING TO WORK?
a.YES [ ] b.NO[ ] c.PARTIALLY YES [ ]

8.WHICH TYPE OF COMPENSATION PAYMENT DO YOU PREFER ?

a.FIXED [ ] b.VARIABLE [ ] c.BOTH [ ]

9.DO YOUR ORGANISATION PROVIDE ANY RESOURCES FOR

EMPLOYEES WHO HAVE BEEN TREATED UNFAIRLY ?
a.YES [ ] b.NO [ ]

10.OFFER HEALTH CARE(ESIC) PLAN ?

a.YES [ ] b.NO [ ]

11.WHICH TYPE OF REWARDS DOES YOUR ORGANISATION PROVIDE?

a.MONETARY [ ] b.NON-MONETARY [ ] c.BOTH [ ]

12.DOES COMPENSATION HELPS IN ATTRACTING AND RETAINING

THE EMPLOYEES ?

78
a.YES [ ] b.NO [ ]

13.DOES YOUR ORGANISATION LINK YOUR SALARY WITH

PRODUCTIVITY?
a.YES [ ] b.NO [ ]

14.WHICH FACTORS GET AFFECTED FOR REWARDS AND

RECOGNITION ?
a.INNOVATIVE AND CREATRIVITY [ ]
b.INCREASED PRODUCTIVITY/RESULTS/OUTCOME [ ]
c.CUSTOMER SATISFACTION [ ] d.ALL OF THE ABOVE [ ]

15.DOES YOUR COMPANY HAVE PERFORMANCE APPRAISAL

SYSTEM?
a.YES [ ] b.NO [ ]

16.DOES YOUR ORGANISATION PROVIDE GENERAL INCREASE IN

COMPENSATION EVERY YEAR ?
a.YES [ ] b.NO [ ]

17.WHAT KIND OF NON-MONETARY COMPENSATION DOES YOUR

ORGANISATION PROVIDE ?
HOUSING VACATION PAY
LOAN SICK LEAVE
FOOD UNIFORM
INSURANCE MEDICLAIM

18.DO YOU RECEIVE ANNUAL BONUSES REGULARLY WITH BASE

SALARY ?
a.YES [ ] b.NO [ ]

79
19.WHAT IS COMPONENTS OF BASE SALARY ?

DA GRATUITY
ESIC PF
CONVEYANCE ALLOWANCE MEDICAL
HRA

20.WHAT ARE THE CRITERIA FOR SALARY INCREASE ?

a.PERFORMANCE [ ] b.TRAINING [ ] c.SKILLS [ ]

21.ARE YOU SATISFIED WITH YOUR OVERALL COMPENSATION ?

a.YES [ ] b.NO [ ]

80