Project synopsis

On

TIME & PAYROLL

Submitted by- Swati Tanwar Roll no- 0921003014

Company Profile
An industry leader in aluminium and copper, Hindalco Industries Limited, the metals Flagship Company of the Aditya Birla Group is the world's largest aluminium rolling company and one of the biggest producers of primary aluminium in Asia. Its copper smelter is the worlds largest custom smelter at a single location. Established in 1958, they commissioned our aluminium facility at Renukoot in eastern Uttar Pradesh, India in 1962. Later acquisitions and mergers, with Indal, Birla Copper and the Nifty and Mt. Gordon copper mines in Australia, strengthened our position in value-added alumina, aluminium and copper products. The acquisition of Novelis Inc. in 2007 positioned them among the top five aluminium majors worldwide and the largest vertically integrated aluminium company in India. Today we are a metals powerhouse with high-end rolling capabilities and a global footprint in 13 countries. There consolidated turnover of USD 15.85 billion (Rs. 72,078 crore) places us in the Fortune 500 league

Problem about the statement

In a company, payroll is the sum of all financial records of salaries for an employee, wages, bonuses and deductions. In accounting, payroll refers to the amount paid to employees for services they provided during a certain period of time. Payroll plays a major role in a company for several reasons. From an accounting perspective, payroll is crucial because payroll and payroll taxes considerably affect the net income of most companies and they are subject to laws and regulations Payroll is defined as a method of administrating employees salaries in the organizations. The term 'payroll' encompasses every employee of a company who receives a regular wage or other compensation. Some employees may be paid a steady salary while others are paid for hours worked or the number of items produced. All of these different payment methods are calculated by a payroll specialist and the appropriate pay checks are issued. The process consists of calculation of salaries and tax deductions of the employees, administrating the retirement benefits and disbursements of salaries to employees. It can also be called as an accounts activity, which undertakes the salary administration of employees in the organization. It identifies risks such as entering incorrect employee information into the system and making unauthorized adjustments to employee hours.

There are certain problems that are encountered by the employees while receiving payroll like Basic salary Sick Leave Paid Leave Maternity Leave Special Allowance Uniform Maintenance Allowance Conveyance Allowance Education Allowance Compensatory Allowance Heat Allowance Deputation Allowance

Subsistence Allowance Conveyance Reimbursement

Objectives and scope of the study

To study and evaluate the effectiveness of Time and Payroll system. To study Employee Profile To study Leave Management System To evaluate Time Management System To understand Payroll Management System To study Employee Transfer, Promotions & Increments. To learn HRD Procedure To prepare Reports

Methodology
The ongoing section will discuss the research methodology adopted to arrive and achieve the stated objective of the research.
Primary Data Source: The source of primary data in the research was Structured Questionnaire. This method of collecting data by mailing the questionnaire to respondents is most extensively employed in various economic and business surveys. This method of data collection was chosen because: As the employees are located at different geographical location so, the method was low in cost and adequate. It is free from the bias of interviewer, answers are in respondents own words. Respondents have adequate time to give well thought answers.

The questionnaire developed for the study included the Five Point Rating Scale. The scale items were5- Strongly Agree 4-Agree 3- Neutral 2- Disagree 1- Strongly Disagree

Secondary Data Source Source of secondary data were various books, reckoner and websites.

Sample Size The sample size selected was of 50 employees.

Questionnaire
Q1- Are your salaries distributed on time? o SA-Strongly Agree o A-Agree o D-Disagree, o SD-Strongly Disagree o N- Neutral Q2 All the deductions are calculated correctly or not? o SA-Strongly Agree

o A-Agree o D-Disagree, o SD-Strongly Disagree o N- Neutral

Q3 Are your Queries/ Complaints are handling well by payroll section? o SA-Strongly Agree o A-Agree o D-Disagree, o SD-Strongly Disagree o N- Neutral

Q4 Are your leaves are credited/ encashed correctly and timely by the payroll section? o SA-Strongly Agree o A-Agree o D-Disagree,

o SD-Strongly Disagree o N- Neutral Q5 Are your Attendance/ leave/ shift changes/ C offs are capturing correctly by Time & Payroll Office? o SA-Strongly Agree o A-Agree o D-Disagree, o SD-Strongly Disagree o N- Neutral Q6 Are your payment of LTA is processed correctly and timely by Payroll section? o SA-Strongly Agree o A-Agree o D-Disagree, o SD-Strongly Disagree o N- Neutral Q7 Are your Payment of Bonus/Ex-gratia is calculated correctly and paid timely by Payroll section? o SA-Strongly Agree o A-Agree o D-Disagree, o SD-Strongly Disagree o N- Neutral Q8 Are the Punching machines are good enough to capture attendance of employees? o SA-Strongly Agree o A-Agree o D-Disagree, o SD-Strongly Disagree o N- Neutral

Chapterization Scheme
Table of Contents
1. Profile of Industry 2. HR structure 3. Objective of the study 4. Research Methodology 5. Time and Payroll 6. Research analysis 7. Findings & observation 8. Conclusion 9. Recommendations 10. Questionnaire 11. Bibliography

Project Guide
Kothari, C.R., Research Methodology, New Delhi, New Age International (P) Ltd., 2008 www.adityabirla.com/the_group/heritage.htm www.adityabirla.com/the_group/corp_hrcell.htm www.adityabirla.com/the_group/corporate_cells.htm www.adityabirla.com/the_group/management.htm www.adityabirla.com/the_group/our_values.htm www.adityabirla.com/the_group/milestones.htm www.adityabirla.com/products/index.htm www.hindalco.com/products/overview.htm