HRIS- THEORETICAL DIMENSIONS HUMAN RESOURCE INFORMATION SYSTEM The Human Resource Information System (HRIS) is a software or online solution for the data entry, data tracking, and data information needs of the Human Resources, payroll, management, and accounting functions within a business. Normally packaged as a data base, hundreds of companies sell some form of HRIS and every HRIS has different capabilities. Pick your HRIS carefully based on the capabilities you need in your company. Human resource Information system helps HR managers perform HR functions in a more effective and systematic way using technology.
It is the system used to acquire, store, manipulate, analyze, retrieve, and distribute pertinent information regarding an organization’s human resources. A human resource information system (HRIS) is a system used to acquire, store, manipulate, analyze, retrieve, and distribute pertinent information about an organization’s human resources. The HRIS system is usually a part of the organization’s larger management information system (MIS) which would include accounting, production, and marketing functions, to name just a few. Human resource and line managers require good human resource information to facilitate decision-making.
Don’t waste your time!
Order your assignment!
Typically, HRIS provides overall: • Management of all employee information. • Reporting and analysis of employee information. • Company-related documents such as employee handbooks, emergency evacuation procedures, and safety guidelines. • Benefits administration including enrollment, status changes, and personal information updating. • Complete integration with payroll and other company financial software and accounting systems. • Applicant and resume management. The HRIS that most effectively serves companies tracks: • attendance, • pay raises and history, • pay grades and positions held, performance development plans, • training received, • disciplinary action received, • personal employee information, and occasionally, • management and key employee succession plans, • high potential employee identification, and • Applicant tracking, interviewing, and selection. With an appropriate HRIS, Human Resources staff enables employees to do their own benefits updates and address changes, thus freeing HR staff for more strategic functions. Additionally, data necessary for employee management, knowledge development, career growth and development, and equal treatment is facilitated.
Finally, managers can access the information they need to legally, ethically, and effectively support the success of their reporting employees. An effective HRIS provides information on just about anything the company needs to track and analyze about employees, former employees, and applicants. Your company will need to select a Human Resources Information System and customize it to meet your needs. Applications of HRIS • HR planning • Succession planning • Work force planning • Work force dynamics analysis • Staffing • Employee data base development • Performance management • Compensation and benefits Learning and development • Job evaluation • Benefits management • Develop innovative Organization Structure • Salary survey • Salary planning Benefits of HRIS • Faster information process, • Greater information accuracy, • Improved planning and program development • Enhanced employee communications (Overman, 1992). Barriers to the success of HRIS • Lack of management commitment • Satisfaction with the status quo • No or poorly done needs analysis • Failure to include key people • Failure to keep project team intact • Politics / hidden agendas • Failure to involve / consult significant groups Lack of communication • Bad timing (time of year and duration) HRIS are often misunderstood and misapplied because of incomplete conceptualizations that do not focus on strategic vision as the central force. There are numerous cases of technological human resource information systems that fail to achieve organizational goals because necessary elements have been overlooked or misused, as demonstrated by unsuccessful team building and training programs. In reality, an HRIS that is driven by strategic vision is an open system, where information technology facilitates communication freely between integrated features.
Such information sharing is crucial to learning organizations that view employees as their main competitive advantage HRIS Vendors 1) SimpleHR: SimpleHR is the affordable human resource software for small businesses. Supports all common HR tasks such as tracking vacation, attendance and performance reviews. View salary and job history online. 2) Auxillium West HR Software HRnetSource for small to mid-size organizations — comprehensive HRIS, Self-Service add-ons, Online Employment Application module to streamline recruiting, link to your payroll, work-flow features, HR portal. )Checkpoint HR [pic] CheckPoint HR has helped small- to mid-size organizations automate all aspects of their human resource operations. As a leading Administrative Service Organization (ASO), CheckPoint HR’s powerful, Web -based Human Resources Management (HRMS) technology platform offers an affordable, innovative solution to manage payroll and benefits administration, as well as other business -critical human resources processes. This allows small- mid-market organizations to deliver world-class services to its employees, reduce costs, and improve operational efficiencies. ) HRMS Solutions, Inc. [pic] HRMS Solutions is a national provider of HRIS, Recruiting and Talent Management, Payroll and Time & Labor Solutions for small and mid-market companies. 5) CompareHRIS. com Compares industry leading HR software, HRIS & HRMS. 6) Apex Business Software Powerful HRIS based on SQL Server that supports multiple users over multiple sites. Offers Web self-service, time & attendance, leave-approval workflow, benefit tracking, license management, and e-mailed reminders. TATA CONSULTANCY SERVICES [pic]
Tata Consultancy Services Limited (TCS) (BSE: 532540, (NSE:TCS)), is a software services and consulting company headquartered in Mumbai, India. It is India’s largest provider of information technology and business process outsourcing services. The company is listed on the National Stock Exchange and Bombay Stock Exchange of India. TCS is part of one of India’s largest and oldest conglomerates, the Tata Group, which has interests in areas such as energy, telecommunications, financial services, manufacturing, chemicals, engineering, materials, government and healthcare.
History Tata Consultancy was established in the year 1968 and is considered a pioneer in the Indian IT industry. Despite unfavourable government regulations like the Licence Raj the company succeeded in establishing the Indian IT Industry. It began as the “Tata Computer Centre”, a division of the Tata Group whose main business was to provide computer services to other group companies. F C Kohli was the first general manager. The legendary JRD Tata was the first chairman, followed by luminaries such as Nani Palkhivala.
One of TCS’ first assignments was to provide punch card services to a sister concern, Tata Steel (then TISCO). It later bagged the country’s first software project, the Inter-Branch Reconciliation System (IBRS) for the Central Bank of India. It also provided bureau services to Unit Trust of India, thus becoming one of the first companies to offer BPO services. In the early 1970s, Tata Consultancy Services started exporting its services. TCS’s first international order came from Burroughs, one of the first business computer manufacturers.
TCS was assigned to write code for the Burroughs machines for several US-based clients. This experience also helped TCS bag its first onsite project – the Institutional Group & Information Company (IGIC), a data centre for ten banks, which catered to two million customers in the US, assigned TCS the task of maintaining and upgrading its computer systems. In 1981, TCS set up India’s first software research and development center, the Tata Research Development and Design Center (TRDDC). The first client-dedicated offshore development center was set up for Compaq (then Tandem) in 1985.
In 1989, TCS delivered an electronic depository and trading system called SECOM for SIS SegaInterSettle, Switzerland. It was by far the most complex project undertaken by an Indian IT company. TCS followed this up with System X for the Canadian Depository System and also automated the Johannesburg Stock Exchange (JSE). TCS associated with a Swiss partner, TKS Teknosoft, which it later acquired. In the early 1990s, the Indian IT outsourcing industry grew tremendously due to the Y2K bug and the launch of a unified European currency, Euro.
TCS pioneered the factory model for Y2K conversion and developed software tools which automated the conversion process and enabled third-party developers and clients to make use of it. In 1999, TCS saw outsourcing opportunity in E-Commerce and related solutions and set up its E-Business division with ten people. By 2004, E-Business was contributing half a billion dollars (US) to TCS. On 9 August 2004, TCS became a publicly listed company, much later than its rivals, Infosys, Wipro and Satyam. During 2004, TCS ventured into a new area for an Indian IT services company – Bioinformatics. 1968 |TCS begins operations | |1971 |First international assignment | |1974 |First mainframe computer | |1981 |Tata Research,Development & Design Centre, Pune | |1985 |Tandem Centre | |1988 |IBM Centre | |1993 |ISO 9000 certification awarded | | |TCS’ first big international capital markets project for the Switzerland depository (SEGA) goes live | |1997 |New corporate training facility opened at Thiruvananthpuram | |1998 |TCS starts verticalisation of business | |1999 |Qwest, HP, Sholinganallur centres assesed at SEI-CMM level 5 | |2000 |TCS-Calcutta, Lucknow, Bangalore, Hyderabad, GEDC, Ambattur and Ahmedabad centres certified at SEI-CMM | | |level 5 | |2001 |TCS completes acquisition of public sector nit, CMC | |2002 |Expansion into new growth markets like China/ Uruguay | |2003 |TCS becomes first Indian IT company to cross $ 1 billion in revenue | |2004 |TCS IPO – India’s largest private sector public issue of shares | |2005 |Acquisition of FNS in Australia and Comicrome in Chile; merger of Tata infotech and TCS; launch of | | |Chinese JV | |2006 |Launch of Ignite.
TCS unveils unique programme to transform science graduates into software professionals| |2007 |Launch of experience certainity, India’s first global marketing campaign from the private sector | | |TCS emerges as the largest private sector employer with over 100,000 employees | |2008 |Crosses $ 1. 25 billion in profits | ORGANISATION’S VISION The Tata Group is one of India’ largest business conglomerates established by Jamshedji Tata (Jamshedji) in the second half of the 19th century. Jamshedji’s vision for the Group was in line with nationalist goals and ideals then, and envisaged to make India self-reliant.
After Jamshedji, Jehangir Ratanji Dadabhoy Tata (JRD) became the Chairman of the Tata Group and played a significant role in continuing the vision of the group. Tata’s assets climbed from INR 620 million in 1939 to INR 100 billion in 1990. Tata Motors had increased its sales to INR 1 million in the year 1991 and it had rolled out 3 million vehicles in the same year. In 1991, Ratan Naval Tata (Ratan Tata/Ratan) took over the Chairmanship from JRD Tata. Although he was initially criticized for his poor performance, over the years, Ratan Tata disproved his critics. He restructured Tata Group’s business operations and made the Group compete globally. Under Ratan Tata’s chairmanship, Tata Consultancy Services went public and Tata Motors was listed in the New York Stock Exchange.
Starting from the late 1990s, Ratan revamped the operations of Tata Steel and made it one of the lowest-cost steel producers in the world. However, as the Tatas lacks an heir who can succeed Ratan, the group is at cross-roads to decide who will be the next chairman. After Ratan Tata’s retirement who would succeed him and carry the vision of the Group is a dilemma. Our PEOPLE, by fostering team work, nurturing talent, enhancing leadership capability and acting with pace, pride and passion. Our OFFER, by becoming the supplier of choice, delivering premium products and services and creating value with our customers. Our INNOVATIVE APPROACH, by developing leading edge solution in technology, process and products.
Our CONDUCT, by providing a safe working place respecting the environment, caring for our communities and demonstrating high ethical standards. ORGANISATION’S MISSION Our Mission in Tata is to improve the quality of life in India through leadership in targeted sectors of national economic significance to which the Group can bring a unique set of capabilities. TATA’S GROUP HOLDING STRUCTURE ORGANIZATION STRUCTURE [pic] HRIS AT TATA CONSULTANCY SERVICES The Human Resource Information Model at TCS [pic] Human Resource Model The human resource model is both flexible and adaptable. It is flexible, so that you can control different groups within the same company. It is adaptable, so that you can easily change the basic model as your enterprise changes. People
In HRIS, you can hold information about current and former employees, applicants, external contacts such as contractors, and employee contacts such as relatives and dependents. In addition to standard information such as addresses, nationality, interview records, qualifications, and absence information, you can define any other special information you need to hold for people. For example, you can define what information to hold on medical history, previous employment, or outside interests. You can also record employment information, such as hours of work and work choices. HRMS holds one integrated set of employee–related information. Payroll users access the parts of this information they require, while enterprise business rules determine who is responsible for entering and maintaining it. Work Structures
Work structures represent the different ways in which employees can work within your enterprise. They provide the framework for defining the work assignments of your employees. They enable you to manage the information about your enterprise that is independent of your employees. You can also think of work structures as representing the organizational units of your enterprise. The Business Group is the largest unit and represents your enterprise as a whole. The work structures include your internal organizations (such as departments or divisions), payrolls, jobs or positions, grading structures, and any special employee groupings that you use in your enterprise.
There is one integrated set of work structures for human resource and payroll users. Compensation and Benefits In HRIS you can define your own types of compensation and benefits, and the business rules you want to apply to them. As you change policies, move people within your enterprise, and adjust their individual remuneration packages, the system maintains their compensation and benefit history. For example, suppose you want to define a special type of payment and make this available only to employees who work at a particular location. In HRMS you use a compensation element to represent the payment. You define the business rule as a link between the element and the specific location.
Then when you assign employees to the location, they automatically become eligible for the payment. Assignments In HRIS, the assignment describes employees’ places within the enterprise: the organization for which they work, their role, grade, location, and so on. As you change the assignment information for an employee, you automatically build up their work history. Your compensation eligibility rules link compensation and benefits to work structures, such as jobs or grades. The assignment places employees within the work structures of the enterprise. In this way, an employee’s assignment determines their eligibility for compensation and benefits.
You can use assignments to identify major employee groups within the enterprise for management, for reporting and costing, and for compensation and benefit planning and administration. Shared Information in Oracle HRMS For all Oracle HRMS applications, you enter and maintain the same fundamental information about your structure and operations, your employees and their assignments and employee compensation and benefits. You then add the specialized information you need specifically for human resources, or payroll management or benefits administration. Common Information The common core of fundamental information used for human resources, payroll and benefits administration includes: ? Your operational basics: Payrolls with their calendars and pay periods – Currencies and methods of payment you use ? Your organizational structure: – Internal organizations, such as companies, divisions, departments, work groups, or production team – External organizations of key importance to you, such as employment agencies, tax authorities, or union headquarters – Organization location information, including addresses and telephone numbers – Hierarchies showing the relationships between your organizations – Any grade and grade scale structures you use ? Your employees’ essential personal information, such as: – Name and address – Marital status – Birth date – Nationality – Ethnic origin Your employees’ current work statuses, such as: – Active assignment – On maternity leave – Terminated ? Your employees’ assignments to: – Internal organizations – Grades, or grades and grade steps – Jobs, or jobs and positions – Salary bases for quoting pay, such as hourly or annual – Payrolls ? Elements of your employees’ pay and benefits: – Earnings such as salary, wages, commissions, bonuses, allowances – Employer charges such as employer contributions to legislatively–mandated or private insurance or pension plans – Deductions such as contributions for union dues or employee stock purchase plans – Nonpayment benefits such as vacation time or a company car Shared Windows in Oracle HRMS
While many of the windows in your system relate exclusively to the human resources, payroll or benefits functions, some include information relevant to more than one function. These latter windows are shared windows. Shared windows can include some information fields relevant to both human resources and payroll users, and other fields for information specific to either human resources or payroll users but not both. Using Shared Windows You can control the use of fields on shared windows by the value your system administrator gives to each user or responsibility for the HR:User Type profile option. The three valid values are: ? HR with Payroll User ? HR User ? Payroll User Users with an HR User profile These are restricted in their use of fields on certain windows. In particular they: ?
Do not see certain fields on the Element window, which are only required if you are processing elements ? Cannot assign employees to a payroll if both Oracle Payroll and Oracle Human Resources are installed Also, in all legislations, apart from the US, they: ? Do not see the Statutory Information field in the Payroll window ? Cannot adjust element entry Pay Values THE TCS HRIS Fundamentals Enterprise Modeling Rather than using an artificial model of your enterprise, you can customize Oracle HRMS so it accurately reflects the organization of work and management of people within the enterprise. Using Oracle HRIS you can model the jobs, positions and grades to reflect the structures and culture within your enterprise.
Organization Management In addition to your enterprise model, you need to represent all the different organizations that make up your enterprise. You can set up and represent: ? All the default information applicable across your enterprise ? The physical work locations of your employees ? External organizations of importance to human resource management, such as recruitment agencies, insurance providers and tax authorities ? Reporting lines and other relationships among these organizations. You represent these relationships by building organization hierarchies Defining a Payroll One of the most important features of Oracle HRMS is the ability to define payrolls.
A payroll is a set of employees whose pay you process with a single frequency, for example, weekly or monthly. You can define as many payrolls as you require to meet the pay policies of your enterprise. You put an employee on a payroll by making an assignment to the payroll. You can also assign employees to other employee groups: for example, groups to indicate membership of a union or social club. Cost Analysis Oracle HRMS enables you to enter the labor costs associated with your employees. You can use the Cost Allocation key flex field to set up account and cost centers against which you want to collect costs, and the levels you want to record costs.
Using Oracle Payroll, you can automatically accumulate these costs. Managing Workforce Using Oracle HRMS Workforce Management Oracle HRMS provides you with an easy, efficient and flexible employee management system that enables you to organize employees exactly as you want. You can hold a wide range of personal information, such as medical details, work schedules and preferred language for correspondence, as well as the basics such as date of birth, employee number and addresses. You can also enter personal contacts, including dependants and beneficiaries and inquire and report on people held on the system. You also need to record and manage how people work for your enterprise.
This information is the substance of the relationship, or contract, an enterprise has with each of its employees. It associates the employee to the enterprise’s work structures and compensations and benefits policies. Recruitment Oracle HRMS provides comprehensive recruitment support, enabling you to integrate all your recruitment processes, from identifying vacancies to hiring new employees. Using Oracle HRMS, you can set up your recruitment procedures exactly as your enterprise requires. In particular, you have flexible control over the following key areas: ? Recruitment and selection procedures ? Security of applicant information ? Handling of bulk applications Generation of standard letters to applicants at different stages of the recruitment process Career Management and Succession Planning Oracle HRMS career and succession management functionality is built upon the principles of performance management and the competence approach. The highly configurable framework of Oracle HRMS enables you to define all the components of a performance management system to meet the needs of your enterprise. You can define competencies, behavioral descriptions, multiple types of appraisal and competence evaluation, performance ratings and career and succession plans. Budgeting An essential activity in the cycle is budgeting your human resources.
Using Oracle HRMS you can define non–monetary budgets, such as head count and full–time equivalent, that are based on your work structures. Updation Of New Records New Records You cannot create a record and then update it on the same day. If you try to do this, Oracle HRMS warns you that the old record will be overridden, and then changes Update to Correction. This is because DateTrack maintains records for a minimum of a day at a time. Future Updates Using DateTrack, you can make future updates. For example, suppose you are relocating an employee, with six months notice. You decide to enter the relocation on the system straight away. So you set your effective date to the first day when the employee will be at the new location, and change the location on the assignment.
Later that month you promote the employee to a new grade. So you set your effective date to today’s date and change the grade on the assignment. Oracle HRMS checks to see whether the record has a future update scheduled. It finds that the location changes in the future and prompts you for the type of update you now want to make. You have two choices: Insert: This simply inserts the change before the next scheduled change. This is the correct choice for the example. The employee would be promoted from today. The future–dated relocation still takes place in six months time . Replace: This change replaces all future–dated changes. In the example, the employee would be promoted from today.
However, the record of the relocation would be completely removed from the system. DateTrack Date Security There is a DateTrack: Date Security user profile option, which determines whether you can change your effective date. Your system administrator sets this profile option. You can check its value on the Personal Profile Values window. There are four possible values: ? All: You can change to any other effective date. ? Future: You can change between today’s date and any future dates. ? Past: You can change between today’s date and any past dates. ? Present: You cannot change to a date other than today. 1 – 27 Introduction to Oracle HRMS Present: You cannot change to a date other than today. DateTrack Deleting Options
When you delete datetracked information, Oracle HRMS prompts you with the following options: End Date: This ends the record on your effective date. When you re–query the record, this end date displays in the ‘To’ field. Purge: This totally removes the record from your database. If there are any future updates to the record after your effective date, Oracle HRMS may prompt you with another two options: All: This removes all future updates to the record. The current snapshot is valid until you make another change. Next: This removes the next future update to the record. It then resets the current snapshot’s end date to the end date of the deleted update. You do not always see all of these options when you choose to delete.
Some windows do not allow all four operations. You do not always see all of these options when you choose to delete. Some windows do not allow all four operations. The Organization Management With TCS HRMS systems Oracle HRMS can represent all the components of your enterprise. You can record the physical locations where your employees work and all the different departments and sections that make up your enterprise. You can even record information about other organizations you work with, such as recruitment agencies or tax authorities. How do you represent your enterprise as an employer? Oracle HRMS enables you to represent your enterprise as an employer by setting up a Business Group.
This corresponds to a company or corporation, or in large enterprises, to a holding or parent company or corporation. Organization Management Overview You can represent your enterprise at the highest level by defining it as an employer, and then representing all the departments and sections below this. To enable you to get the most out of the Organization Management functionality, you need to understand the components provided to represent your enterprise. These are: ? Locations: You can set up the physical locations of your employees. ? Representing employers using Business Groups: You need to represent your enterprise as an employer. HRMS enables you to do this by creating Business Groups. This is the largest organizational unit you set up.
You can set up: – Single or multiple Business Groups: You can set up one Business Group or many Business Groups, depending on the needs of your enterprise. – Defaults for Business Groups: To save you time, you can enter defaults for the Business Groups. This defines the type of information that will generally apply to all employees in the Business Group, such as, default working hours for all employees, employment standards, and such. These can be overridden. ? Representing organizations: HRMS enables you to represent all levels of your enterprise and those enterprises you work with. You can represent: – Internal organizations: These are the groupings in which employees work, such as branches, departments or sections. External organizations: You can also include information about the external organizations you work with, such as, training vendors, tax offices, certification bodies or worker’s compensation boards. ? Organization hierarchies: You can show reporting lines and other hierarchical relationships among organizations in your enterprise. You can use: – Multiple hierarchies: You can set up as many hierarchies as you need, you might want to set up hierarchies for matrix management, security hierarchies or hierarchies for reporting. Organization change and version control: Changing your hierarchy to reflect simple changes in reporting lines is not difficult Valid Changes to the Position Hiring Status [pic] Other Management Issues :
Other Management Issues When you consider this environment there are other areas your decisions may affect: Remuneration Policies: Individual compensation and benefits are often regulated, or based on union negotiated agreements. Reward systems: are usually based on the role performed rather than on personal or performance assessment. This may mean that you have to define detailed eligibility rules for compensation and benefits. Comparative Grades and Positions: Valid grades are defined for positions and it is common to use grade steps and progression points. National or union pay scales establish actual rates of pay for a grade and this is independent f performance. An employee is paid the rate for his or her grade and step. Incrementing rules, which determine progression to the next step, are usually part of the plan and are often time–based. Job evaluation methods exist to compare roles across the industry with agreed grading structures and rates of pay. Budgeting : Headcount or full–time equivalent budgets are usually set for each position. You can calculate your Salary budgets from the position budgets, combined with valid grades and progression point information. In an HR environment you would calculate actual salary costs, at any time, from the current salaries of assigned employees.
In an environment including Oracle Payroll, you would calculate actual salary costs directly from payroll run results. There is an automatic vacancy when an employee terminates employment. The position exists even when there are no holders. Recruitments :The stages of the recruitment process and the procedures surrounding these are probably well defined and regulated. Standard letters for each stage of the process are also likely to be well established. In this environment people are recruited for their ability to perform a role. You would hold job descriptions and skill requirements for each position using attachments for text and the Special Information Type for structured data.
Standard Reports Typically there is a well defined set of standard reports needed in this environment. Often these are required by government. Grade and Grade Structures Grades and Grade Structures Grades are normally used to record the relative status of employee assignments and to determine compensation and benefits, such as salary, overtime rates, and company car. Using Grades to Compare Roles You can define one or more valid grades for each job or position. You enter this information in the Valid Grades window, which opens from the Job window or the Position window. When you enter a grade assignment, the list of grades shows which ones are valid for the job or position you select.
Grades can have different levels of complexity, which need to be represented in the overall structure of the grade. [pic] Grades In its simplest form, a grade can be a single character, or number, in a logical sequence. For example: ? Grade A ? Grade B ? Grade C By adding a second segment to the grade name, you can identify sub–grades, such as: ? Grades A. 1, A. 2, A. 3, and A. 4 ? Grades B. 1 and B. 2 ? Grades C. 1, C. 2, and C. 3 A more complex structure could be used to distinguish grades for different staff groups, such as: ? Manual. A. 1, Manual. A. 2, and Manual. G. 1 ? Clerical. C. 1 and Clerical. C. 2 Grade Relationships to Compensation and Benefits
In TATA Consultancy Services, there are rule based reward structures based on grade. These rules can relate grades and pay directly or indirectly. You can associate compensation and benefits with your grades. For example, you can record a minimum or maximum salary for a grade. There are two approaches: ? Using grade rates, you can either enter a fixed value for each grade, or you can enter a minimum, maximum, and mid–point values for each grade. ? Using grade scales, you can associate each grade with several points on a pay scale, and enter compensation values for these points. Attention: The compensation information can change independently of the grade.
Therefore, you should not define it as part of the grade name. Instead you should relate it to the grade, either directly or indirectly. Direct Relationship You may have a salary administration system in which the actual level of pay normally falls between a minimum and a maximum value for a grade. Regular performance reviews and ratings can involve comparison with the mid–point value of pay for your grade. In Oracle HRMS, this is a grade rate. [pic] Direct Grade rates [pic] In Oracle HRMS, you can set up a table of values related to each grade. These are called grade rates. You can enter a fixed value or a range of valid values for each grade.
For example, you might define a salary rate and an overtime rate of pay for every grade, with minimum, maximum, and midpoint values. Both rates would be in monetary units. However, you can also define rates with non–monetary units, such as days, hours, or numbers. ———————– Phiroz A. Vandrevala Executive Director & Head Global Corporate Affairs Seturaman Mahalingam Chief Financial Officer & Executive Director N. Chandrasekaran Chief Executive Officer & Managing Director Venkatraman Thyagarajan Director Dr. Ron Sommer Director Aman Mehta Director Prof. Clayton M. Christensen Director Laura Cha Director Subramaniam Ramadorai Vice Chairman Ratan N. Tata Chairman