Professional Documents
Culture Documents
Employee Compensation and Benefits Package of ACI Limited
Employee Compensation and Benefits Package of ACI Limited
Bachelor of Business Administration (BBA) is a professional course and the internship program
is an important part of Bachelor of Business Administration (BBA). This program creates a
unique opportunity for the student to apply their theoretical knowledge into practice and gain
valuable real world during the program, student can also realize existing business condition a
part from having opportunities to solve the many problems. After completion of academic course
requirements the students of BBA are sent to various organizations for 12 weeks internship to
gather practical knowledge. It helps the students to acquaint with the real life situation. As ACI
Limited is one of the most important organizations. So I have selected the ACI Limited which is
one of the leading chemical industries in our country.
As a part of the internship program of BBA course requirement, I was assigned to do my
internship in ACI Limited for a period of three months (04 March, 2012 to 03 June, 2012).
Background of the report:Internship program is an integral part of BBA program. Theoretical
sessions alone cannot make a business student efficient and perfect in handling the real life
business situation. Only a lot of theoretical knowledge will be of little importance unless it is
applicable in practical life. So I need proper application of my knowledge to get some benefits
from my theoretical knowledge to make it more meaningful.
Significance of the report:This report, Employee compensation & benefits package of ACI
Limited has been prepared to fulfill the partial requirement of BBA program as a mean of
internship program. While preparing this report, I had a great opportunity to have depth
knowledge about the employee compensation & benefits of ACI Limited.
The main reason of this report is to become a familiar with the realistic business world and to
attain practical knowledge about the employee compensation & benefits package of ACI
Limited. It is known that there is no alternative of practical knowledge which is more beneficial
than theoretical aspects. Internship is not only essential for practical experience but also require
for understanding of corporate culture and to cope with the daylong working atmosphere. As a
student of BBA this report will be more significant in my practical life. Thats why my selected
topic is Employee compensation & benefits package. I have worked for three months at ACI
Limited to complete the internship program as an academic requirement.
Scope of the report:The report covers the Employee compensation & benefits package of ACI
Limited. The report presents employee compensation, allowance, incentives, Provident fund,
gratuity, insurance, employee leave & medical facilities of ACI Limited.
Objective of the study:
Broad objective:
To know about the employee compensation and benefits package of ACI Limited.
Specific objectives:
To know about the employee benefits plan of ACI Limited.
To illustrate various types of allowances and other compensation related facilities provided by
ACI Limited.
To identify the problems of employee compensation & benefits package of ACI Limited.
To suggest some possible recommendations to overcome the problems.
Methodology of the report:
Type of Research:
This report is a descriptive type of research in nature and it administered by collecting both
primary and secondary data. It has tried to use both the primary and secondary sources of
collecting information and some are to make the report presentable with as less abstraction as
possible.
Types of data collection:
In order to attain the objective of the report, all-necessary informations are prepared by
collecting both primary & secondary sources of data. These are:
Primary data:
Primary data collected directly to provide the ACI Limited companies employees compensation
& benefits package through face-to-face interaction. It is the systematic collection of information
directly from respondents using survey. Several sources of data collection are used to make this
report. The source of data are Questionnaire survey.
Face to face communication.
Telephone interview.
Secondary data:
Some secondary data collected to make the report more concrete. These data has been collected
from:
Designation
No. of employees
Junior Manager
14
Senior Manager
06
Total
20
Quality
Customer Focus
Fairness
Transparency
Continuous Improvement
Innovation
Chairmans Profile:
Mr. M Anis Ud Dowla, the Chairman of ACI Limited, is one of the most successful personalities
in Bangladesh business circle. He has maintained a high profile, and has provided leadership to
business community in different capacities. Mr. Dowla served in the British Oxygen Group of
UK in Pakistan, Bangladesh and Kenya for 27 years, including 12 years as Managing Director of
Bangladesh Oxygen Ltd. In 1987, he became the Group Managing Director of the three ICI
companies in Bangladesh. With experience gathered while working with British Multi-nationals
for over 32 years, Mr. Dowla has continued to maintain the multinational culture and
management style in ACI, with especial emphasis on quality, productivity and customer services.
M. Dowla was the President of Metropolitan Chamber of Commerce & Industry for three terms
in 1975, 1976 & 1977 and the President of Bangladesh Employers Federation for four terms in
1976, 1977, 1994 and 1995.
Management of ACI Limited:
Management Committee:
Dr. Arif Dowla
Dr. F.H.Ansarey
Mr. Syed Alamgir
Mr. M. Mohibuz Zaman
Mr. Muallem A. Choudhury
Mr. Sabbir Hasan Nasir
Mr. Priyatosh Datta
Mr. Pradip Kar Chowdhury
Ms. Sheema Abed Rahman
Mr. Abdus Sadeque
Mr. Imam Ahmed Istiak
Managing Director
Executive Director, Agribusinesses
Executive Director, Consumer Brands
Chief Operating Officer, Pharmaceuticals
Executive Director, Finance and Planning
Executive Director, Logistics
Director, Quality Assurance
Financial Controller
Director, Corporate Affairs
Director, Marketing & Sales
General Manager, Operations
Board of Directors:
Mr. M Anis Ud Dowla
Mr. Arif Dowla
Mrs. Najma Dowla
Mr. Waliur Rahman Bhuiyan
OBE
Mr.Md. Fayekuzzaman
Mr. Golam Mainuddin
Ms. Shusmita Anis Salam
Ms. Sheema Abed Rahman
Chairman
Managing Director
Director
Director
Director
Director
Director
Director
Principal Bankers:
Citibank N. A
AB Bank Limited
Management style:
Managers have to perform many roles in an organization and how they handle various situations
will depend on their style of management.
Senior Executive and officers
Executive Officer
ACI introduced the concept of quality management system by being the first company in
Bangladesh to achieve ISO 9001 certification in 1995 and follows the policy of continuous
improvement in all its operations.
Aligned with the concept that a pharmaceutical must ensure effective management of
environment, ACI complies with standard environment management policy, thus adorned with
EMS 14001 in 2000.
ACI maintains a congenial and supportive relationship with the healthcare community of
Bangladesh, with the belief that business excellence can only be achieved through pursuit of
quality by understanding, accepting, meeting and exceeding customer expectations.
The management of ACI, a competent team of professionals, thus operates with a progressive
attitude to provide effective solutions to satisfy the customers needs, through its products and
services of uncompromising quality.
Consumer Brands & Commodity Products:
ACI Consumer Brands was initiated in 1995 with two major brands of the company ACI
Aerosol and Savlon. These are two of most prestigious products which are enjoying the
leadership position in the market. The division started to take new businesses through off shore
trading as well as local manufacturing. In this process ACI Consumer Brands launched many
new products and also bonded with Joint Venture business relationships with Dabur India and
Tetley UK and attained international alliances with world renowned companies.
The Consumer Brands Division boasts in having an unequivocal presence in consumers heart
with the market leading brands like ACI Aerosol, Savlon, ACI Mosquito Coil & ACI Pure Spices
and Flour. With close to 80% market share in own categories, ACI Aerosol and Savlon are the
persistent performers in keeping the household clean and free from germs and harmful insects.
The ACI mosquito coil has also emerged as a formidable opponent to both the mosquito and the
competition, by providing effective and affordable solution to the conscious people of
Bangladesh.
A sound mind goes with a sound body-ACI believes in this age old proverb and our young
generation needs to grow up with healthy physique and sound mind who will lead the nation in
future. With this belief, ACI has entered in to the commodity food business with ACI Pure
Brand. The aim is to provide purest of the food products to Bangladeshi consumers at affordable
price for which ACI has invested in very large scale in state of the art manufacturing facilities for
daily kitchen essentials like vacuum evaporated edible Salt, Spices and Flour. The products are
delighting the consumers by providing 100% dirt free, pure and natural food ingredients which
can compete against any international products.
ACI Consumer Brands is successfully serving the consumer demand for foreign products in
household and personal care category with the world renowned product range of Colgate, Nivea
& Dabur. With the proper distribution and marketing by ACI consumer brands, the worlds No. 1
tea brand Tetley is now available to the consumers of Bangladesh.
As a successful business, The ACI Consumer Brands is focused on achieving the consistent
growth required to continue the success and to make ACI an even stronger company. The
Consumer Brands believe this is the best way to benefit the consumers, people and the
shareholders of ACI.
ACI Consumer Brands Strategic Business Unit is headed by the Executive Director, Mr. Syed
Alamgir. Mr Alamgir is regarded as an authoritarian personality in the area of Sales and
Marketing in Bangladesh market. His track record has many successful brands which reached
leadership position in different categories in FMCG market. He is supported by competent group
of professionals working in the Marketing and Sales operations.
Agribusinesses:
ACI Agribusiness is the largest integrator in Agriculture and Livestock and Fisheries. These
businesses have subunits like Crop Protection, Seed, Fertilizer, Agrimachineries, and Animal
Health. These businesses have glorified presence in Bangladesh.
CC & PH supplies crop protection chemicals, Seed supplies Hybrid Rice, vegetable and Maize
seeds, Fertilizer Supplies Micronutrient and Foiler fertilizer, Agrimachineries supplies Tractors,
Power Tiller and Harvester and Animal Health supplies high quality Nutritional, Veterinary and
Poultry medicines and vaccines.
ACI Agribusiness is having strong partnership with national and international R & D companies,
universities and research institutions. Before introducing any product, it is elaborately tested in
the laboratory and farmers field.
ACI Agribusiness has a large, knowledgeable and highly skilled Field Force provides training
and technical advices to the farmers. ACI is significantly contributing to national food security
through its Agribusinesses division, which is the leading agricultural integrator of the country.
ACI Agribusinesses is providing complete solution to the farmers need. This division has five
separate SBUs. They are Seeds, Fertilizer, Motors, Crop Care & Public Health, and Animal
Health. Farmers have developed confidence in our products for quality and economics. Farmers
have also come to expect proper knowledge based service from our field force.
Subsidiaries of ACI Limited:
ACI Formulations Ltd.
ACI Agrgochemicals
Apex Leathercrafts Limited
ACI Salt Limited
ACI Pure Flour Limited
Conserve natural resources like water and energy for sustainable development, and adopt
environmentally safe processes.
Ensure appropriate communication and cooperate with internal and external interested
parties on environmental issues.
Field demonstrations on various methods of crop protection, that pose the least hazard for
the environment
Training on new technologies of cultivation, for higher yields and new crops
Training to channel partners (e.g. retailers and agricultural extension workers) and third
parties (e.g. NGO workers)
ACI also has similar education programs for animal and poultry farmers. These include
Free visits to farms by veterinarians, to identify problems and give advices to individual
farmers
Outcomes:
Our farmers are mostly illiterate having learnt the art and science of farming by assisting their
family on the fields. Our continuous endeavors to educate farmers have given significant benefits
on three fronts:
Raising the level of awareness among farmers on improving their agricultural output
through application of new technology, encouraging them to share experiences with
neighboring farmers and, in the long run, developing educated farmers.
Raising the educational level and technical knowledge of channel partners and third
parties who act as advisors to the farmers.
Most importantly, making the farmers aware of ways to protect the environment from
hazardous uses of chemicals on their farms, allowing them the opportunity for informed
decision-making.
ACI hopes to continue to play a leading role in promoting greater environmental responsibility
among farmers in Bangladesh.
Human Resource (HR):
ACI HR works with a vision for creating a work-environment to foster creativity, innovation and
productivity for achieving business excellence through dynamic and dedicated people.
We believe that Human Resources are the most important asset of the organization. We identify
the training needs and provide trainings accordingly to develop the knowledge and skills of our
human resources. Thought Leadership and Team Building meetings are conducted on a regular
basis. We provide an enabling working environment to unleash the full potential of the
employees and a performance based career progression. We have a value based culture where
dignity of the individual is the highest priority. We believe in empowerment and delegation. We
organize different social events like Family Day, Cricket Tournament, and Badminton
Tournament etc with an objective to strengthen the bondage among the employees. We practice
modern HR Policies and procedures for Recruitment & Selection, Manpower Planning and
succession planning. We use a combination of qualitative aspects and Balanced Score Card for
performance appraisal. We have attractive policies regarding car loan, gratuity, provident fund
and hospitalization. We offer performance bonus, leave fare assistance, festival bonus and
workers profit participation fund during different times within a year. ACI is a place to learn,
grow and contribute for improving the quality of life of people.
Finance and Planning:
ACI Finance and Planning function is the nerve centre of the conglomerate. Being the nature of
the structure, ACI Finance and Planning plays the centralized role in all kinds of financial and
accounting services. Meaning it handles financial and accounting matters of not only ACI
Limited but also of all of its subsidiaries supporting the mission and vision of the Group. The
major areas of its activities include:
Corporate Finance
Treasury
Costing
Credit Management
General accounting
Taxation
ACI finance is pioneering in introducing and implementing state of the art financial tools like
electronic banking, integrated accounting systems, better foreign exchange management through
hedging, derivatives etc. To allow us to excel in our performance ACI Finance has strong rapport
with all the international and major local banks, non-financial institution including leasing
companies.
Driving force of Finance is its motto which is to become most value adding business partner.
To drive this vision, ACI Finance proactively helps business in providing right and timely
information, analysis, budgetary management and participating in cross-functional team.
The Planning function not only compiles and coordinate the company plan of the conglomerate
but also instrumental in feeding the CEO and top team different macro and micro economic
situation of the country as well as world in large. These in-depth analyses help the company to
make correct and pragmatic decision as a part of strategic initiative.
The new business development area is one of the most exciting areas in ACI. Here we keep a
track on potential areas of growth being envisaged in the country, these are followed by rigorous
analysis and subsequently matching these with ACIs competence. This allows ACIs growth
engine to get enough fuel to take its course forward.
Distribution:
The company maintains strategically located sales centers in nineteen different locations across
the country. It has developed an advanced distribution system through its more than 300 skilled
and trained manpower and a large fleet over eighty vehicles. The distribution system is capable
of handling continuing volume of diverse range of products from the various businesses.
The companys distribution centers are highly streamlined, computerized and automated. We are
capable of maintaining a cold chain for some specialized range of products such as vaccines and
insulin. The combination of this advanced function and multidimensional capabilities made it
possible to handle hundreds of products efficiently.
Commercial Department:
Commercial Department of ACI is one of the most vital functional departments of the Company
which deals with the supply chain activities of ACI. In order to keep all the businesses running
flawlessly, the dedicated and hard working employees of this department maintain a good liaison
with the customers, both national and international. The Commercial Department is consistently
achieving the best prices for the products that we purchase, ensuring enormous amount of cost
savings for the company. It offers invincible professionalism and expertise in the entire
commercial activities of ACI.
MIS Department:
MIS department of ACI ensures the overall IT related supports for the company. This department
manages a smooth operation of softwares, hardware trouble shooting and business databases
related to sales and inventory. The MIS department consists of knowledgeable and skilled
programmers and software developers. MIS provides customized report and data analysis to the
management to facilitate effective decision making.
Training:
Training activities of ACI is focused on transforming its human capital to achieve business
excellence by increasing the bandwidth of ACI workforce. To win present and future challenges
we identify knowledge and skill sets that are pivotal factors and we design a variety of programs
so that achieving such success by using creativity, agility, flexibility, skill diversity and IT
technology becomes a custom. We scan external environment for comparing industry practices,
benchmark best practices and implement competency management programs to offer outstanding
services to our valued customers. Enormous and spontaneous shared efforts are made with the
strategic intent of achieving excellence in delivering customized services to meet the ever
changing development needs of the human resources. We design strategic learning roadmap
consisting tailored learning strategies for each of our employee clusters of the business divisions,
based on a shared vision, to make us a proud member of a learning organization. We adopt best
technology based modules, methodologies, facilities, in-house and external faculties/trainers to
ensure the best return from human development investments. Corporate Values of ACI are
embedded in the process of designing, developing and delivering each activity of Training
Department throughout the organization.
The word compensation has been derived from the Latin word Compensatio which means the
reward or remuneration given in exchange for labor or service. Compensation may be financial
and non- financial.
Various scholars have defined compensation in various ways. A few are mentioned below:
According to Thomas patten jr. and colleagues,
Compensation refers to all forms of pay or rewards going to employees arising from their
employments
According to R.S.Schuler,
Compensation Management:Compensation is a mode through which an organization logically
evaluates the contribution of its employees and provides them with financial and non-financial
incentives according to its affordability and within the government regulation
Compensation management provides a step-by-step approaches for designing a remuneration
system that recognize job requirements, employee related knowledge and skills, performance
related incentives that link individual, team, work unit, and organization performance.
Salary.
Wages.
Incentives.
Fringe benefits.
Dearness allowance.
Medical allowance.
Gratuity.
Retirement benefits.
Non-financial compensation:
Besides financial compensation, the organization also provides non-financial compensation to
the employees for attracting and performing their jobs in the organization. Non-financial
compensation includes the following:
Dignity.
Recognition.
Working condition.
Social status.
Achievement.
The more intelligent, self-assured and decisive a person is, the lower the pay
dissatisfaction. Consequences of Ineffective compensation:
A compensation consequences of ineffective compensation system, may be termed as overcompensation and under- compensation
When the employees are paid more than what they really deserve, the system is called overcompensation and when the employees are paid less then they really deserve, the system is called
under-compensation.
Over-compensation and Under-compensation are both harmful to the enterprise and employees
alike. The effects of over and under-compensation on employees and the enterprise are stated
below:
Effects of over-compensation
Demoralizing effects on other
employees.Over enthusiasm.
Effects of under-compensation
Loss of initiative.Lack of Motivation.
Feeling of insecurity.
Loss of initiative.
Feeling of anxiety.
Feeling guilt.
Decline in the quality of work life.
Feeling of discomfort.
Pay dissatisfaction.
Lower performance.
High turnover.
Not cost effective.
High absenteeism.
Loss of competitiveness of the firm.
Low Performance.
Grievances.
Search for higher paying jobs:
Absenteeism.
Turnover.
Low performance.
Pay dissatisfaction:
Job dissatisfaction.
Turnover.
Absenteeism.
Psychological withdrawal.
Poor mental health.
Compensation sub-systems of the reward system:People obtain compensation rewards that
provide money to purchase a wide variety of goods and services to receive in kind payments of
goods and services that would have required the expenditure of money.
There are eight compensation dimensions. These are as follows:
1. Pay for work and performance:
Base pay.
Base pay add-ons.
2. Pay for time not worked:
Holidays.
Vacations.
Election official.
Witness in court.
Maternity leave.
Paternity leave.
Blood donation etc.
3. Disability income continuation:
Short term disability.
Long term disability.
4. Loss of job income continuation:
Unemployment insurance.
Guaranteed annual income.
Job contract.
Unemployment benefits.
5. Deferred income:
Social security.
Pensions plans.
Savings and thrift plans.
6. Spouse income continuation:
Pensions plans.
Life insurance.
Group life insurance.
Total and permanent disability.
7. Health, Accident, Liability protection:
Medical, Hospital and surgical insurance,
Social security.
Health maintenance organization. (HMO).
They judge the job positions first and then they go for the study of the same categorized job
position in the other organizations, and see the pay level of these positions. Then, ACI Limited
decides that how much will be paid to the positions that they are defining or examining. In this
case ACI Limited tries to be very fair about the pay levels. They try to fix the pay level in such a
manner that is fair and effective for them and to the employees too.
ACI compensation & benefit packages are:
Allowances
Office
Management
staff
House
Rent
allowance
(100% of
basic)
Medical
allowance
(50% of
basic)
Transport
allowance
(50% of
basic)
Incentives/ Benefits
Field Staff
House Rent
allowance (100% of
basic)
Medical allowance
(100% of basic)
Transport
allowance (50% of
basic)
Utility allowance
(50% of basic)
Quarterly/Yearly:
Lunch
allowance
(Tk.1100
to Tk.
1500)
o Yearly
Leave Fare
Assistance.
(60% of
basic)
Utility
allowance
(50% of
basic)
o Yearly two
festival
bonuses.
(100% of
basic)
Office
Management
staff
Provident
fund.
Gratuity.
Group
Insurance
Policy.
Medical
Benefits.
Field Staff
Quarterly/ Yearly:
o Yearly
Leave Fare
Assistance.
(50% of
basic)
o Yearly two
festival
bonuses.
(100% of
basic)
o Yearly
workers
participation
Fund. (50%
of basic)
o Quarterly
sales
incentive.
(Not fixed)
o Long
Term:
o Yearly
performance
Bonus.
(50% of
basic)
o Yearly
workers
participation
Fund. (50%
of basic)
Provident Fund.
Gratuity.
Group Insurance
Policy.
Medical Benefits.
o Long
Term:
Quality of work output ( What was the quality of the product or service being produced or
served)
Monthly sales. ( How much sales was generated)
Work safety record. ( How many hazard or errors are being reduced)
Work attendance ( If the absent is reduced or attendance is good)
III.
All employees of ACI will receive a monthly medical allowance as per respective grade of the
employee. The allowance will be paid together with the employees monthly salary and for this
no receipt needs to be submitted.
IV.
Permanent employees of ACI Limited are eligible to become members of the provident fund.
Employees contribute 10% of their basic to the provident fund and the company makes equal
contribution to the fund.
V.
There are some employees who prefer to feel a sense of ownership; this also gives them direct
reason to want to see the company succeed because they are financially invested. As a means to
invigorate many companies offer profit sharing as a reward for strong motivation in a job well
done.
VI.
To provide flexible-time benefits plan for employees in order to ensure their right:
Many employee want Alternative work schedules. Sometimes employees flourish on different
kinds of work schedules as opposed to the traditional (and often monotonous) 9to 5 schedules.
VII. To set up leave for marriage, maternity leave, sickness leave and vacation leave plan
of ACI Limited employees:
ACI also has paid leave for marriage, maternity, sickness and vacation plan.
VIII.
To make sure short term & long term benefit plan of ACI Limited employees:
Short term benefits plan:
o Yearly Leave Fare Assistance.
o Yearly two festival bonuses.
o Yearly workers participation Fund.
o Quarterly sales incentive.
o Provident Fund.
o Gratuity.
o Group Insurance Policy.
o Medical Benefits.
IX.
ACI has gratuity plan. Gratuity is considered as long-term financial benefit for employees.
Payable at the time of leaving the company upon completion of at least 8 years of continuous
service. The employee will receive an allowance equal to his/her last drawn basic for each
completed year of service.
X.
ACI Limited provides insurance coverage for partial or permanent disability and death under
group life insurance.
XI.
ACI limited all management staff will have the following leave entitlement in a calendar year.
Privilege leave: 24 days
Sick leave: 14 days.
Various allowances of ACI Limited:
Different types of allowances given on the basis of salary in ACI Limited:
Employee Designation
Salary & Benefits
Office Management staff
Field Staff
5500-57000
3000-8500
100% of basic
100% of basic
Basic Salary
Medical allowances
50% of basic
100% of basic
50% of basic
50% of basic
Tk.1100 to Tk.1500
50% of basic
50% of basic
Transport allowances
Lunch allowance
Utility allowance
Payment shall only be made in Bangladeshi take. Every employee should have a salary account
in company nominated commercial bank. The salary will be transferred to the respective salary
accounts from the confidential department within the last day of each month.
2. Pro rate payment:
If any employee is hired in the middle of a month the salary will be paid on pro rate basis and the
salary can be paid in cash if the salary account is yet to be opened.
3. Advance salary payment:
No advance salary or advance from already earned salary can be disbursed to any employee
without written approval of the managing director.
Loan against salary:
Generally such loan is discouraged. Only en extreme cases, depending on the merit, loan may be
considered and approval for loan will require managing directors approval.
Incentives:
Compensation fluctuates according to:
A pre-established formula.
Individual or group goals because group goals are different from individual goals.
Company earnings
It controls costs because the employee is being paid for his/ her extra effort and for the
benefits brought to the organization.
Motivates employees.
Quality of work output ( What was the quality of the product or service being produced
or served)
Work safety record. ( How many hazard or errors are being reduced)
Group Incentives:
Customer satisfaction.
Reduction in accidents.
Company- Wide:
Company profits.
Market share.
Sales revenue.
Sales Incentive:
1.
I.
Instead of performance bonus, field sales staff will the rewarded with
quarterly sales incentive for their contribution to the company.
2.
II.
Incentive schemes for each business will be proposed by respective business
head during budget preparation for the coming year. This scheme will require approval
from the managing director and should be communicated to field force before beginning
of the year.
3.
III.
Based of requirement of the business, head of business may propose and
implement any change of the scheme subject to the approval of the managing director.
Provident fund:
The company has instituted provident fund for management staff.
1. All Management employees will join the provident fund scheme after confirmation.
2. Along with the confirmation latter Human Resource Department will send a provident
fund joining and nomination form to the employee.
3.
The provident fund will run on contributory basis, i.e. 10% of basic salary from the
employee and equal amount from the company.
4.
If any employee leaves the company, he/she will be entitled to the companys
contribution only after 5 years from the date of confirmation, else, the employee will only
be entitled to his/her own contribution.
Year
On completion of 8 years of service &
having not completed 12 years service
On completion of 12 years of service
On completion of 16 years of service
Amount
Half months basic salary for each completed
year of service
1 months basic salary for each completed
year of service
2 months basic salary for each completed
year of service
Voluntary Resignation:
Year
Amount
No gratuity is payable
Half months basic salary for each completed
year of service
1 months basic salary for each completed
year of service
2 months basic salary for each completed
year of service
I.
Group life insurance is payable under any kind of death during service
except in case of suicide.
2.
II.
Staff should advise HR Department the particulars of their nominees
including name and relationship.
3.
III.
advised.
4.
IV.
The payable insurance amount according to the management grades are
given below:
If the nominee is a minor, the name of the minors guardian should also be
Management Grade
JB- MIII
MIV- MVII
MVIII & above
Table: 4.5 Insurance
Amount
Tk.100,000/Tk.200,000/Tk.400,000/-
V.
Respective business/ department will pay equivalent to the payable insurance
amount to the nominee/ guardian (in case of nominee is a minor).
Medical benefits:
All employees of ACI will receive a monthly medical allowance as per respective grade of the
employee. The allowance will be paid together with the employees monthly salary and for this
no receipt needs to be submitted. For special case of treatment, following are the additional
support extended to the employees.
Level of employees
Amount
Hospitalization
50%
Surgery
75%
Hospitalization
50%
Surgery
75%
Field staff
6. These rules will be subject to modification from time to time at the discretion of the
company.
7. Normally, ACI does not allow treatment abroad, In case where treatment/ surgery are not
sagely/ reliably available in Bangladesh, the ACI may consider allowing the individual to
proceed abroad for such treatment/ surgery. In such cases, the company shall be totally
satisfied as to the merits of the case on the basis of the best medical option available. All
such treatment abroad should be approved by the managing director before initiating the
formalities.
8. The ACI will not be liable to pay medical charges for any facial or skin beautification
such as Rhinoplasty, Liposuction, Otoplasty, Blepharoplasty or laser/ lasik Surgery,
Facelift, Cosmetics dentistry/ tooth restoration, etc.
9. In case of treatment in the hospitals/ clinics which are not enlisted; the bills will be settled
at the rate of enlisted similar hospital/ clinic.
Leave:
Entitlement:
All management staff will have the following leave entitlement in a calendar year:
Level of Employees
Types of leave
Days of leave
Privilege Leave
24
Sick Leave
14
Privilege Leave
24
Sick Leave
14
Field staff
2. Privilege Leave is (PL) is credited after completion of one year service. However, there
will be proportionate entitlement from the date of joining to the end of that calendar year.
3. For staff leaving the companys service, proportionate PL is credited.
4. Sick Leave (SL) entitlement begins from the time of joining proportionate to the
remaining period of the calendar year. Full entitlement is credited from the beginning of
the following calendar years.
5. PL is not normally granted before completion of one year of service. However, in special
circumstances managers my recommend leave for his subordinate and forward the
application form to the head of the department for consideration, if approved, such leave
will be adjusted from future entitlement when due.
6. It is not the policy of the company to grant leave without pay. Under extreme
circumstances such as study leave, staff may make representation to their department
heads. Sanction of such leave should be made in consultation of the HR Department.
7. Leave records for all management staff will be maintained by the HR department at the
Head office. In January every year leave balance will be sent to the respective
management staff for confirmation. On receipt of confirmation the leave application of
the previous year will be destroyed.
8.
Leave roster will be prepared by each department for every year and department Heads
should ensure that management staff under him are given leave as per roster.
Particular
Respondents
percentage
Agree
11
55%
Strongly agree
35%
Neutral
10%
Disagree
0%
Strongly disagree
0%
Total
20
100%
Table: 4.8
Interpretation:
From the above graph, it is seen that 55% employees are agree, 35% employees are strongly
agree, they said that human resource department properly contributes in their job and 10%
employees are neutral.
Comment:
Most of the employees are said HR department properly contribute in their job.
2.
Are you satisfied with the levels of support that you normally get from HR
department when you face problems?
Particular
Respondents
percentage
Satisfied
45%
Strongly satisfied
25%
Neutral
20%
Dissatisfied
10%
Strongly dissatisfied
0%
Total
20
100%
Table: 4.9
Graph: 4.2 support to HR department
Interpretation:
From the above graph, it is seen that 45% employees are satisfied, 25% employees are strongly
satisfied, and 20% employees are neutral and 10% employees are dissatisfied.
Comment:
Most of the employees are satisfied with the levels of support that normally get from HR
department when they face problems.
3.
Are there any short term/ long term disabilities/facilities available in your
organization?
Particular
Respondents
percentage
Agree
11
55%
Strongly agree
45%
Neutral
0%
Disagree
0%
Strongly disagree
0%
Total
20
100%
Table: 4.10
Interpretation:
From the above graph, it is seen that 55% employees ate agree & 45% employees are strongly
agree they said short term/ long term disabilities available in organization.
Comment:
Most of the employee said short term/ long term disabilities are available in organization.
4.
Particular
Respondents
percentage
Excellent
0%
Very good
10%
Good
20%
Average
14
70%
Poor
0%
Total
20
100%
Table: 4.11
Interpretation:
From the above graph, it is seen that 70% employees said that organization incentive systems are
average, 20% employees said it is good, 10% employees are said it is very good.
Comment:
Most of the employees said that organization incentive systems are average.
5.
Are you satisfied with the compensation benefits and plans provided to you?
Particular
Respondents
percentage
Satisfied
30%
Strongly satisfied
10%
Neutral
15%
Dissatisfied
45%
Strongly dissatisfied
0%
Total
20
100%
Table: 4.12
Interpretation:
From the above graph, it is seen that 45% employees are dissatisfied with the compensation
benefits and plans provided to their, 30% employees are satisfied, 15% employees are neutral,
10% employees are strongly satisfied.
Comment:
Most of the employees are dissatisfied with the compensation benefits and plans provided to
them selves.
6.
Particular
Respondents
percentage
Agree
16
80%
Strongly agree
20%
Neutral
0%
Disagree
0%
Strongly disagree
0%
Total
20
100%
Table: 4.13
Graph: 4.6 TA/DA
Interpretation:
From the above graph, it is seen that 80% employees are agree, 20% employees are strongly
agree.
Comment:
Most of the employees said that organization provide the TA/DA.
7.
Are you satisfied with the TA/DA offered to you by your company?
Particular
Respondents
percentage
Satisfied
30%
Strongly satisfied
5%
Neutral
0%
Dissatisfied
13
65%
Strongly dissatisfied
0%
Total
20
100%
Table: 4.14
Interpretation:
From the above graph, it is seen that 65% employees are dissatisfied, 30% employees are
satisfied with their TA/DA, and 5% employees are strongly satisfied with their TA/DA.
Comment:
Most of the employees are dissatisfied with the TA/DA offered to their organization.
8.
Particular
Respondents
percentage
Satisfied
25%
Strongly satisfied
10%
Neutral
0%
Dissatisfied
13
65%
Strongly dissatisfied
0%
Total
20
100%
Table: 4.15
Interpretation:
From the above graph, it is seen that 65% employees are dissatisfied, 25% employees are
satisfied with the insurance coverage offered to them, and 10% employees are strongly satisfied.
Comment:
Most of the employee dissatisfied with insurance coverage offered to them.
9.
Particular
Respondents
percentage
Agree
15
75%
Strongly agree
25%
Neutral
0%
Disagree
0%
Strongly disagree
0%
Total
20
100%
Table: 4.16
Interpretation:
From the above graph, it is seen that 75% employees are agree & 25% employees are strongly
agree, they are said that organization provide the life insurance facility.
Comment:
Most of the employees are agree about the organization provide the life insurance facility.
10. What types of insurance facilities offered to you by your company?
Particular
Respondents
percentage
Individual insurance
10%
Group insurance
18
90%
Any other
0%
Total
20
100%
Table: 4.17
Interpretation:
From the above graph, it is seen that 90% employees said that organization provide group
insurance facilities to the employee, 10% employees said that organization also provide
individual insurance facilities offered to their employee.
Comment:
Most of the employees said that organization provide the group insurance.
11. Do your organizations provide the medical facilities?
Particular
Respondents
percentage
Agree
13
65%
Strongly agree
35%
Neutral
0%
Disagree
0%
Strongly disagree
0%
Total
20
100%
Table: 4.18
Interpretation:
From the above graph, it is seen that 65% employees are agree, they said organization provide
the medical facilities, 35% employees are strongly agree with the scenario.
Comment:
Most of the employees said that organization provide the medical facilities.
12. How would you rate the type of pension/retirement plan provided to you?
Particular
Respondents
percentage
Excellent
0%
Very good
0%
Good
25%
Average
11
55%
Poor
20%
Total
20
100%
Table: 4.19
Interpretation:
From the above graph, it is seen that 55% employees said ACI pension/ retirement plan is
average, 25% employees said that ACI pension/retirement plan is good, 20% employees said that
ACI pension/retirement plan is poor.
Comment:
Most of the employee said that ACI pension/ retirement plan is average.
13. Are you satisfied with your current salaries?
Particular
Respondents
percentage
Satisfied
10%
Strongly satisfied
0%
Neutral
5%
Dissatisfied
17
85%
Strongly dissatisfied
0%
Total
20
100%
Table: 4.20
Interpretation:
From the above graph, it is seen that 85% employees are dissatisfied with their current salaries,
10% employees are satisfied with their current salaries, and 5% employee are neutral position.
Comment:
Most of the employees said that they are dissatisfied with their current salaries.
14. Are you satisfied with your work environments?
Particular
Respondents
percentage
Satisfied
12
60%
Strongly satisfied
15%
Neutral
0%
Dissatisfied
25%
Strongly dissatisfied
0%
Total
20
100%
Table: 4.21
Interpretation:
From the above graph, it is seen that 60 % employees are satisfied with their work environments,
15% employees are strongly satisfied with their work environments, and 25% employee are
dissatisfied with their work environments.
Comment:
Most of the employees are satisfied with their work environments.
Major findings:
From the analysis it has seen that employees are not satisfied with the organizations incentive
systems.
ACI compensation related benefits and packages are not sufficient.
Most of the employees are dissatisfied with the TA/DA offered by their organization.
In the analysis it has seen that most of the employees are dissatisfied with the insurance
coverage offered to them.
ACI Limited only provides the group insurance facility but does not provide any individual
insurance facility.
From the analysis I found that ACI pension/ retirement plan is average.
With the organizations current salary structure, maximum amount of the employees are
dissatisfied.
Conclusion:
ACI Limited is one of the leading conglomerates in Bangladesh, with a multinational heritage. In
BD ACI Limited has been doing corporate business and soundly maintaining social
responsibilities. The agenda of this company earning profit, creating job opportunity, though
trade and commerce. Achievement of ACI Limited is beyond description. Maintaining
Government rules and regulations ACI Limited always try to contribute on national G.D.P and
G.N.P. not only local business but also internationally. ACI follows most of the compensation
practices and policy. They always try to contribute to employee satisfaction and given to
employees all types of compensation benefits. It has always been a dream to be able to work for
a highly reputed company and my dream was fulfilled for three months as I was conducting my
internship in ACI Limited. It has been an amazing experience for me as I completed my
internship as well as my first job from such an incredible organization. In this company, interns
are not treated as guests for three months. We are actually involved in real time projects where
our inputs and contributions are highly appreciated and necessary. During my internship or my
first job, I was exposed to many works which I never thought of even doing. As I have Human
Resource Management as my major so working under the department of HRM was really great
to me. Therefore I must acknowledge the fact that there are countless number of things that I
learnt during my internship about how the company operates, its day to day activities, problems
that occur every day and how to resolve them effectively and efficiently. No matter where I
work, Im confident that I will be able to apply my learning and knowledge in any organization.
Recommendations:
The organization should ensure standard incentive policy to their employees for their high
level of satisfaction.
The organization should increase its compensation related benefits which are provided to the
employees.
The organization should put more concentration on TA/DA which offered to their employees.
The organization should provide effective/acceptable insurance coverage to their employees.
ACI Limited should also provide individual insurance benefit along with group insurance.
The organizations pension/ retirement plan should be modified in favor of their employees.
The organization may increase current salary structure of their employees.
Bibliography:
Books:
Reports:
Websites:
www.aci-bd.com
www.google.com
www.scribd.com