Designing the Compensation Plan for Viyellatex

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DESIGNING THE COMPESATION PLAN FOR VIYELLATEX

Termpaper Organization:

Termpaper Report On
“Designing the Compesation Plan for Viyellatex”

Prepared for:
Farhana Rashid
Asst. Professor
School of Business
United International University

Prepared & Submitted by:
Seven Up Group
Md.Rifat Islam
ID No.: 111 091 023
Syed Rajibur Rahman
Samiul Islam
Md. Sariful Alam
Partho Protim
Kazi Robiul Islam
Romana Sultana

United International University
August 27, 2012

Letter of Transmittal

August 14, 2011
Farhana Rashid
Asst. Professor
School of Business, UIU

Subject: Submission of Termpaper Report

Dear Madam:
We would like to thank you for supervising and assisting us throughout our termpaper program for the completion of my Compensation course. The termpaper report has given us the opportunity to explore one of the latest and unexplored areas of business and compensation in context of Bangladesh and expand my knowledge thereby.

This report is a study of ‘Desingning the compensation plan’ at Viyellatex Group; with special focus on the organization we were attached with during the period of our termpaper report. This report also contains in depth review of the human resource practices and possible compensation at Viyellatex Group.

Please feel free to contact us if you have any inquiries. We would be very happy to provide you with any clarification regarding the project.

Thank you.

Sincerely,

_______________________
On the behalf of the group,
Md. Rifat Islam
Phone: 01675736771
E-mail: rifat.real@gmail.com

Acknowledgement
First of all, We would like to thank the Almighty Allah for giving me the knowledge and health which are incomparable to anything! After that, I would like to thank my honorable faculty supervisor Farhana Rashid for providing me with the opportunity to observe and analyze such an termpaper topic and, moreover for his invaluable guidance, suggestions and advice. We would like to express my gratitude to Mr. Md. Iftekhar Hossain, Head of Group Human Resources and Mr. Muntasir Mynuddin, In-Charge, ER & TM, Group HR, Viyellatex Group whose earnest cooperation and guidance have made this term paper project as proximate to perfection. We would also like to thank my organizational staffs and employees for their sincere cooperation during the completion of our termpaper project. We would also like to express my gratitude to Mr. KM Rezaul Hasanat, Chief Executive Officer of Viyellatex Group. Our sincere thanks goes to the various personnel We had contacted of this organization for the completion of this project for their invaluable and timely cooperation and all others who have helped me to complete this internship project.

Contents

18
10
VIYELLATEX GROUP

33
6

ACTUAL PLAN

PROPOSED PLAN

INTRODUCTION

WORKFORCE PLANNING

ORGANIZATION STRUCTURE

Introduction
Compensation Planning for Employees
Compensation - what we pay someone to entice them to continue to do work for your company - is a critical facet of any manager's job. Often, unless we are the president or owner of the company, you have others helping you deal with compensation issues - like a human resources department or consultant. Compensation includes many things beyond straight salary. It also includes benefits, perks, stock options, etc. You have to balance what these cost against what your employees perceives as their value, and that varies by employee. We have to measure compensation levels against other employees in the company, against other employees in other companies in similar positions, and against performance. We have to determine salary ranges for existing positions and adjust those periodically to compensate for economic factors (cost of living changes, inflation) and competitive pressures (industry demand for that type of employee, profit margins). WE often have to determine a salary for a new position, or if we promote someone to new...
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