Compensation Project

Presented by,Shivam SanyuktaDevendra

Contents

• Introduction

• Job Description

• Job Specification

• Remuneration Structure

• Compensable Structure

• Salary Package

• Take Home Salary

• Variable and Non-Variable component

• Non Monetary Benefits

• Policy Framework

Shophere

• Name - Shophere

• Established on - 2nd/Sept./2013

• Financial standing - Medium

• No. of employee - 25

• Job position - Store Manager

• Location - Indore, MP

• Deals in - Apparels

Essential Duties and Responsibilities:

•Identifying market trends & implementing it in order to generate more sales.

•Identifying as well as resolving urgent issues.

•Analyzing sales figures and forecasting future sales.

•Implementing plans & strategies regarding sales, schemes, events, offers &

discounts, etc.

•Planning promotional activities.

•Motivating as well as managing employees to boost sales.

Job description

• Analyzing data, sales records and finding out the trend and preparing tailor-

made services accordingly.

• Maintain compliance with all company’s policies and procedures.

• Inspecting the sales floor regularly, talking to staff and customers for their

experiences as well as suggestions for further improvements.

Working conditions: • Store manager will have to do multi-task at a time.

• Store manager will have to work sometimes under extreme pressure.

• Store manager will have to be adaptable according to the situation aroused.

• Store manager will have to stand & tour at work area for long hours.

Job specificationEducation & qualification:

•Graduate- any stream

•Post-graduation- any stream

•Doctorate – not required

Knowledge & skills required:

•Decision making skills

•Good interpersonal skills

•Analytical and problem solving skills

•Effective verbal and written communication skills

•Excellent computer proficiency (MS Office, internet, extranet & Tally 9.1, etc.)

Continued…

• Must be able to work under pressure as well as meet deadlines too, with

maintaining a positive attitude and providing excellent customer service

• Ability to utilize available resources effectively & efficiently

• Team management skills

• Achieve predetermined targets on time.

Remuneration Structure

Compensation structureComponents Monthly (in Rs.) Annually (in

Rs.)Basic salary 12000 144000

Benefits:H.R.A.* 4000 48000DA (@30% of basic salary)* 3600 43200

Medical Allowance* 1000 12000Communication Allowance 500 6000Medical Insurance Premium 600 7200Snacks coupon* 900 10800

Gross Salary 22600 271200(+) Employer’s Contribution (13.6%)* 1632 19584

CTC 24232 290784

Salary Package

CTC + Incentive = Salary Package

Incentive - 0.5% on monthly sales

Maximum incentive – 5000 per month (60000 annually)

Take Home SalaryDeductions

Components Monthly (in Rs.) Yearly (in Rs.)

CTC 24232 290784

Employer Contribution (13.6%) 1632 19584

Employee Contribution (12%) 1440 17280

Medical Insurance Premium 600 7200Professional Tax 208.33 2500

Income Tax - -Net Pay 20351.67 244220Incentive (0.5% on monthly sales) variable variable

Take Home Salary 20351.67 244220

Variable & Non-variable components

Non-monetary benefits

• Awards

• Letter of appreciation

• Rest period- Coffee & lunch breaks

• Social recognition

• Sick leave

• Employee Discount (20%)

• Uniform

Policy frameworks

• Incentive on monthly sales- 0.5% of monthly sales up-to 10 lakhs and maximum incentives could be provided up-to Rs.5000/month only.

• Medical Allowances & Communication Allowances- Bills of communication & medical expenses have to be provided. This can be claim for self, spouse, children, parents & siblings who are dependent on the employee.

• HRA- HRA can be claimed if one lives in a rented premises, HRA differ according to geographic area.

• Snack Voucher- coupon amounting of 900 will be provided to SM , in case he/she do not avail these coupons he would be compensated with cash.