Employee Remuneration Summer Internship at KGA TEX KNIT

Submitted To Mr. Pankaj Goel Submitted By Vipin Dhiman BBA 5th Sem. Roll No. 1106054

Company Profile - KGA TEX KNIT

KGA Tex Knit has over 20 years of experience in manufacturing fabrics, specialising in fleece fabrics and also school wear. KGA Tex Knit has two sides to the business. Manufacturing fabrics, which in turn enable us to manufacture garments specialising in school wear.

SERVICES OFFERED BY KGA TEX KNIT

Fabric: Specialising in fleece fabric. Our fleece fabrics collection comprises of 56 different colours, offering our customers a range of choice, both suitable for school wear and other types of production.
Schoolwear: The garment styles we cover include sweatshirts, cardigans and v- neck sweatshirts. Along side these we produce jogging bottoms, zip up tops hooded jumpers, all of which can be produced with a piping. All of which are made up of fabric with a composition of Acrylic, Polyester and Cotton. We produce garments from ages 2-3 up to age 13 plus size small, medium, large and extra large.

To be the worlds garments manufacturer by 2020 with large product varieties.

 To constantly enhance our customer's satisfaction by providing high quality fabrics at competitive rates supported by efficient services. To always follow excellent manufacturing practices in all our products and services. To provide customer delight with all our stakeholders. Together we will achieve more by working and synergizing together. To develop workforce that will partner with management in its pursuit of

Quality Objective
To timely manufacture & deliver to products as per customers requirement To bridge supply chain gaps to minimise loss of revenue due to such gaps to 0 To minimise cases of wrong production & late delivery to 0 To set the highest standards of customer service To minimise wastage, re-work and rejection instances to 0.

CLIENTELE
We supply to major garment factories in the UAE, Sri Lanka, Bangladesh, Vietnam, India, who in turn supply to the major brands in the United States and Europe. We also supply to major fabric retailers directly in the U.S.A and Europe in roll and bolt packed ready for the shelves.

 Attract capable employees to the organization. Motivate them towards superior performance. Understand the need to link remuneration policies and practices with an organisation's strategic business objectives. Explain the components of a systematic remuneration program. Understand the mechanics of common job evaluation systems. Understand current issues in executive remuneration.

Research Methodology
RESEARCH DESIGN The research design for this research is descriptive. PRIMARY DATA Primary data is collected on the basis of survey method with the help of questionnaires. SECONDARY DATA Secondary data is collected from the Books, Periodical journals, Magazines, News Papers, Company records, Internet and other publication. SAMPLING TECHNIQUE In this research study non probability convenience sampling is opted for. SAMPLE SIZE: A sample size of 100 employees of KGA TEX KNIT.

1. Remunaration

Out of 100 employees get 70% benefit from wage & salary and 30% fringe benefits. However, the company ever provides them the facility of incentive plans.

2. Fringe Benefit
70% 60%
50% 40%

Percentage

30% 20%
10%

0%
Old age pension and retirement Travel Bonus benefits expenses for quality and attendance Insurance Medical leave with Suggestion payUniversities reward and trade Health courses benefits

The company provided Travel expenses 60%, Medical leave with pay25%. Suggestion Reward 15%. The company also provides the benefit of bonus but it provide annually not for quality / Attendance.

3. Working Period

Out of 100 employees through my study 15% employees are working from less than 1 year, 25% employees are working from 1 to less than 2 years, 45% employees are working from 2 to less than 5 years, 10% employees are working from 5 to less than 10 years and 5% employees are working from 10 years or more.

4. Time Period

Out of 100 people employees get their Remuneration on the due.

5. Remuneration

100 employees Remuneration is fixed for all employees.

6. Incentives

90% of employees want incentives.

7. Remuneration Impact

100% of employees says that the Remuneration always affect the goodwill of the company.

FINDINGS
Fringe Benefits and Wage Salary are provided to workers in KGA Tex Knit. There are no Incentive plans in KGA Tex Knit. Fringe Benefits like Old Age Pension, Retirement benefits and Bonus for Quality & Attendance and University & Trade Courses are not provided in KGA Tex Knit, There are no Insurance plans in KGA Tex Knit. Remuneration is provided to workers on the due date in Company All most all the workers in KGA Tex Knit want Incentives. About 90% employees are satisfied with their Remuneration, which puts a positive impact on the Goodwill of the company.

Suggestions
There should be Incentive plans in KGA Tex Knit to increase employee Moral. There should be Insurance plans in KGA Tex Knit for the protection of employees. There should be some benefits at the time of Retirement. There should be Bonus for Quality & Absenteeism.

LIMITATIONS OF THE STUDY

The study is applicable only to KGA Tex Knit, Ludhiana. Therefore the results cannot be generalized for the whole industry. Due to time constraints the sample size had to be confined to 100. The respondents have replied to the queries recalling from their memory. Therefore recall bias and personal bias are possible. Since the data was collected using a schedule, the interviewer unable to understand and record the responses correctly. The respondents were unable or unwilling to give response.

CONCLUSION
Overall perception of KGA Tex Knit is good. From my research about Remuneration System in KGA Tex Knit conclude that workers in the companies are satisfied with their Remuneration, However, there is no Insurance and Incentives given to the workers. Company should provide to workers Insurance Plan and Incentive Plans to increase the moral of the workers. Remuneration is provided to workers on a due date which is a good factor for the Goodwill of the companies. There should bonus for quality and University of Trade Courses for the worker's improvement.