Role of Financial Management

Topics: Chi-square test, Leave, Leave of absence Pages: 23 (5427 words) Published: January 29, 2013


Absenteeism has been variously defined by different authorities. “According to Webster’s dictionary, Absenteeism is the practice or habit of being an ‘Absentee’ and an ‘absentee’ is one who habitually stays away.” According to the labour Bureau, Simla, absenteeism is the total man shifts lost because of absence as a percentage of the total number of man shifts scheduled to work. In other words, it signifies the absence of an employee from work when he is scheduled to be at work. It is unauthorized, unexplained, available, and willful absence from work. For calculating the rate of absenteeism, two facts are taken into consideration the number of persons scheduled to work and the number actually present.

If an employee absents himself from work by taking permission from his superior and applying for leave, such absenteeism is called authorized absenteeism. If an employee absents himself from work without informing or taking permission and without applying for leave, such absenteeism is called unauthorized absenteeism. If an employee absents himself from duty willfully, such absenteeism is called willful absenteeism. If an employee absents himself from duty owing to the circumstances beyond his control like involvement in accidents or sudden sickness, such absenteeism is called absenteeism caused by circumstances beyond one’s control.

Labour Bureau of Simla and annual surveys of industries define absenteeism as the failure of a worker to report for work when he is scheduled to work.
The labour department/Government of India define absenteeism as ‘‘the total man shifts lost because of absentees as a percentage of the total number of man shifts scheduled.” This definition does not include absence on account of authorized leave, layoff, retrenchment, strikes etc.,

Selingman says that ‘‘Absenteeism is the time lost in industrial establishment by the available absence of employees. The time lost by strikes and lock-outs or by lateness amounting to an hour or two is not usually included.”

A cotton mill is a factory that houses spinning and weaving machinery. Typically built between 1775 and 1930, mills spun cotton which was an important product during the Industrial Revolution. Cotton mills, and the mechanization of the spinning process, were instrumental in the growth of the machine tool industry, enabling the construction of larger cotton mills. The requirement for water helped stimulate the construction of the canal system, and the need for power the development of steam engines Limited companies were developed to construct the mills. This led to the trading floors of the cotton exchange of Manchester, which in its turn created a vast commercial city. The mills also created additional employment, drawn largely from rural areas, leading to the expansion of local urban populations and the consequent need for additional housing. In response, mill towns with municipal governments were created. The mills provided independent incomes for girls and women. Child labour was used in the mills, and the factory system led to organised labour. Poor conditions in cotton mills became the subject of exposes, and in England, the Factory Acts were written to regulate them. The cotton mill was originally a Lancashire\ phenomenon that then was copied in New England and later in the southern states of America. In the 20th century, North West England lost its supremacy to the United States, then India and then China. In the 21st century, redundant mills have been accepted as part of a country's industrial heritage. 1.4 COMPANY PROFILE

Ambika Cotton Mills Limited (ACML) based out of Coimbatore in Southern India, is engaged in the manufacture of premium quality Compact and Elitwist cotton yarn for hosiery and weaving. It is an established player in the international and domestic yarn...
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