Compensation at Millat Tractors
EXECUTIVE SUMMARY
Introduction of organization:
Millat Equipment Limited (MEL) is a part of Millat Group, comprising of three other companies, Millat Tractors Limited (MTL), Bolan Castings Limited (BCL) and Millat Industrial Products (MIPL).Millat Equipment Limited is one of the leading manufacturing organizations in Pakistan producing transmission components. The company acquired a complete gear manufacturing setup along with state of the art inspection facility from M/s AGCO Limited-UK, (owners of the Massey Ferguson brand of tractors) with an understanding to buy back the transmission components after meeting the local requirements of AGCO Licensee in Pakistan.
The HR Department
The HR department of Millat equipment Ltd. is relatively new and consists of a manager, deputy manager, assistant mangers, junior executives and further assistants to junior executives. The structure of department is very vertical and the junior executives have often got to report directly to the Manager HR, which bypasses the chain of hierarchy. We interviewed Mr. Shafiq ur Rehman who is the assistant manager HR and has been with Millat Equipment Ltd. For 6 yrs now.
This project covers the various aspects of c&b policies of Millat Equipment Ltd. MEL does not follow formal job grades or salary ranges. It is decided on the bases of hierarchy of the job and the salary range for senior manager does not fall within any specific range. Benefits provided include medical allowances, travel allowances, salary advances, car schemes and life insurance. Increments are not performance based but are annual. Bonuses don’t either have criteria and they include WPPF, Eid bonuses and other bonuses as per head office’s discretion. The only difference between temporary and permanent employee is that the permanent employee is offered more chances of career advancement. Employees are retained through flexible organizational culture, annual dinners, equity in c&b, training and development
Introduction of organization:
Millat Equipment Limited (MEL) is a part of Millat Group, comprising of three other companies, Millat Tractors Limited (MTL), Bolan Castings Limited (BCL) and Millat Industrial Products (MIPL).Millat Equipment Limited is one of the leading manufacturing organizations in Pakistan producing transmission components. The company acquired a complete gear manufacturing setup along with state of the art inspection facility from M/s AGCO Limited-UK, (owners of the Massey Ferguson brand of tractors) with an understanding to buy back the transmission components after meeting the local requirements of AGCO Licensee in Pakistan.
The HR Department
The HR department of Millat equipment Ltd. is relatively new and consists of a manager, deputy manager, assistant mangers, junior executives and further assistants to junior executives. The structure of department is very vertical and the junior executives have often got to report directly to the Manager HR, which bypasses the chain of hierarchy. We interviewed Mr. Shafiq ur Rehman who is the assistant manager HR and has been with Millat Equipment Ltd. For 6 yrs now.
This project covers the various aspects of c&b policies of Millat Equipment Ltd. MEL does not follow formal job grades or salary ranges. It is decided on the bases of hierarchy of the job and the salary range for senior manager does not fall within any specific range. Benefits provided include medical allowances, travel allowances, salary advances, car schemes and life insurance. Increments are not performance based but are annual. Bonuses don’t either have criteria and they include WPPF, Eid bonuses and other bonuses as per head office’s discretion. The only difference between temporary and permanent employee is that the permanent employee is offered more chances of career advancement. Employees are retained through flexible organizational culture, annual dinners, equity in c&b, training and development