Non Monetary Benefits

Synopsis of the project Title: Benchmarking of non monetary benefits at Haier vis-a-vis other consumer durable companies Introduction :- Purpose/objective of the project: The purpose of the project is to do a benchmarking study so as to compare and contrast non-monetary benefits offered/provided by Haier as compared to to that provided by the industry. Target companies will include:Whirlpool,Samsung,Videocon,LG,Sony,Godrej,Voltas,Onida. (The list is for illustrative purposes and may vary from the final list depending on availability of data) Benchmarking is the process of measuring an organization’s internal processes and then identifying,understanding and adapting outstanding practices from other organizations considered to be best in class. Types of benchmarks: 1. criterion reference approach: simply defines the attributes of a good practice in a functional area. the benchmark consists of simply the attributes constituting good practice. 2. quantitative benchmarks: inevitably distinguish the normative and competitive levels of achievement. These distinguish where practices are quantifiably different in other companies/industries. The differences will often signal good practices Quality of data:Each benchmark lists currently available data sources. Non monetary benefits: They are the indirect compensation benefits which are provided to the employees in lieu of their services iprovided by them to the organization. they are the benefits that are not or cannot be measured directly in terms of monetary units. The objective of the project is to get an overall picture of the compensatory benefits that the companies are providing to their employees specially the non monetary benefits , to know the satisfaction levels of the employees with them and also give some inputs or recommendations based on the gathered data and survey. Co Profile: The Haier group was established in 1984 in Qingdao in china . the group has emerged as a top multinational manufacturing a wide range of home appliances and consumer electronics products with 15 industrial parks globally including:USA ,Europe,Middle East Africa,South Asia,apart from its robust presence in china. Haier is the world’s 4th largest whitegoods manufacturer and one of China’s Top 100 IT Companies. Haier has 240 subsidiary companies and 30 design centers, plants and trade companies and more than 50,000 employees throughout the world. Haier specializes in technology research, manufacture industry, trading and financial services Haier India started its operations in India in 2004 and is a 100% subsidiary of Haier group. Currently Haier has 23 branch offices all over India (which include all 4 regions:north,south,east,west). India operations already has an established dealer network of 1600 dealers which is backed by a strong after sales service ,and after sales service workforce. Scope: The project shall seek help from cover people both intra Haier as well as extra Haier. It shall seek to gather information and data from managers HR of Haier as well as HR managers(specifically dealing with compensation and benefits) of the other target companies. Methodology: * Research design: The research design would primarily be explorative in nature and the findings would be collated into the best practices followed by the industry. Post research, the practices at Haier would be benchmarked against these findings and suggestions/ recommendations would be proposed based on the results. The project has been designed to know the whats, whys, hows, whens ,and wheres of non monetary benefits. then to get the live examples of what other industries are providing. followed by knowing what other consumer durables companies are offering to their employees. nd finally analyzing the data and comparing the data gathered with that of the Haier,and coming out with the conclusions and some recommendations. * Type of data to be used: For the purpose of conducting the research both primary as well as secondary data types shall be used. Primary data: in the form of questionnaires Secondary data:in the form of information collected from the internet and books. * Data collection methods: Its an exploratory kind of data collection method. Procedure: The project will kick start with the research on the topic,proceeded by getting a knowledge of the practices followed at haier and trends that have been there regarding the non monetary benefits,then doing a survey of other consumer durable industries regarding the non monetary benefits , followed by distributing a questionnaire regarding the same and getting it filled by the companies,which shall be followed by doing an analysis and comparison of the same with that of the haier. Then bringing out some recommendations based on the gathered data,information and survey. nd lastly concluding it with some inputs on recommendations. Results : At the end of the project a detailed report shall be submitted on what was done ,how it was done,what strategies were adopted to complete the project,what difficulties were faced and how they were overcome,what observations were made and how the collected data ,information and survey done can be a help to the Haier and finally what came out of the project. Conclusion: The project shall give some inputs in the form of recommendations and suggestions,and also give details on the learnings from the project.

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