The Leadership Style At Standard Hosiery Accounting Essay

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Standard hosiery employs an autocratic style of leadership. In an autocratic leadership style, the person in charge has absolute power and control over decision making Decision making is not shared. Decision making power lies with the chairman of Standard Hosiery. No one has the authority to interfere in the decisions of the chairman. However, board of directors is consulted in decisions. Some times the chairman calls the meeting of managers; sometimes chairman only takes the decisions of company. The departments are not allowed to add a minute small decision about the policies of the company. Policies are formed and decided by the chairman and followed by the employees of company. Senior managers not only control the efforts of their respective departments, but also monitor them for completion. Chairman of standard Hosiery issue commands without explaining the rationale, and managers obey instructions of the chairman without questioning. Managers guide their sub ordinates in the way they are told by the chairman.

Training & development;

All employees needed specific training related to their function to maintain company standards. Training is not only important for the employees but it is necessary for newly hired people.

Training is done by the respective department in which the person works. Training in Standard Hosiery is customized to suit the needs of the role in which people are placed. Each department in Standard Hosiery is supervised by managers, masters and in charge persons who are expert and they are responsible for training of the new and existing employees. They enable the new employee to have a strong grasp of the fundamentals and they equip the new employee for the requirements of his job. There is no separate training institution for the employees. Employees are trained by the method of the on-the-job training. The knowledge a person gains will be reinforced with practical assignments.

Employees Benefits & compensation;

Benefits are the rewards which are given to employees in the response of there good performance. It is being analyzed that employees productivity is directly related to benefits .if a firm wants to motivate their employees a good number of benefits should be given to them. Standard Hosiery by having in view this strategy is giving quite a reasonable number of advantages to their permanent employees. Some of these are given below.

Conveyance Allowance

Standard hosiery gives conveyance allowance to some of its employees. Special facility is being given to the ladies staff. There is also the facility of providing patrol which is 40rs per Km.

Traveling allowance

Employees such as field boys in export department are given travelling allowance for travelling for factory purposes.

Canteen

There is a canteen operating in the premises of standard Hoseiry. Meals, tea and other eatables are sold at subsidized rates

Over time

Over time is paid to the employees as well.

Mosque

The company has built a mosque in the premises of the factory for the convenience of employees. Al of the expenses of the Mosque is paid by the company.

Group insurance

In case of death of employees, Standard Hosiery has a policy to pay Rs.10000 on to the deceased family.

Hajj

Standard Hosiery also sends its employees for hajj. One employee is sent each year.

Leaves

Company allows following leaves to its permanent employees with in a year.

Annual leaves consist of 21 days

Casual leaves can take for7 days.

Sick leaves are 3 days

Marriage Allowances

Upon the marriage of a permanent employee, the company pays Rs.10000.

Health and safety

Health facilities are available in Standard Hosiery for the employees.

However following health and safety measures are taken in at the factory

Fire extinguishers are hung on the walls.

Standard Hosiery has made arrangements to provide first aid in factory premises in case of injury

In order to ensure healthy working environment for labor, yarn is stocked in warehouse to prevent fire

People working with oxygen masks in knitting department

Motivation& incentives

In order to achieve corporate goals, companies need to motivate human resources, and the finest way to get human resources charged is to provide performance incentives to employees. Standard Hosiery Ltd. motivates its employees in following incentives:

Bonus

Standard Hosiery pays a profit bonus to all its permanent employees in years when the profited is above the usual profit.

Complete attendance Allowance

Attendance allowance is paid to all those employees who have not absent even on a single working day through out a year. One month basic pay is paid to an employee as an allowance in order to motivate employees to make them regular.

Attendance Allowance

Rs.500 is paid to employees who have no leaves or absence during the month.

Economic and other Incentives

Credit facilities are provided to employees to permanent employees without any interest. Employees can take in advance their two months salary.

Controlling

Controlling is measuring and correcting organizational performance to guarantee events conforms to plans. It involves measuring of performance against goals and plans. Controlling has following steps:

Establishment of standard performance.

Measurement of actual performance.

Comparison of actual performance with the standards and finding out deviations

Taking corrective action.

Standard hosiery is ISO 9001-2000 certified Company. Being ISO certified means that companies operate using the ISO guideline. Standard Hosiery operates according to ISO standards. ISO 9001 is a quality assurance standard.

Standard Hosiery measures/checks following:

Production

Quality of production

Employee performance

Accounts

1-Measurement of Production on daily basis

A Simple production report is made on daily basis. This highlights number of units made by each sub-department of production department. It also tells what amount of raw material has been wasted and the number of B-pair socks produced.

Format of production report is given.

Order No.

P/O Qty

Knitting

Seaming

Processing

Press

Packing

Total

B Pair

Waste in Kg.

1

 

 

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

3

 

 

 

 

 

 

 

 

 

4

 

 

 

 

 

 

 

 

 

2-Quality of production

Laboratory is set up to cater the requirements of quality assurance of production processes like spinning, knitting, processing and packing socks. It performs tests on products (socks) manufactured by Standard Hosiery Limited. It ensures that the products comply with International Standards. The tests are done as per ISO. The tests are conducted under standard environmental conditions. .At every step of the production process, checking procedures are conducted. Process Consists Of

Inspection and Testing of incoming material

Inspection and Verification of correct issuance of materials and accessories against requirement

Independent in-line Inspection at every stage of the product manufacturing e.g. Knitting , Linking , Processing, Finishing / Packaging

Final Inspection before Delivery

QA Department works in parallel with the Production Department and is divided into following main wings:-

Testing Wing

Inline and Final Inspection Wing

1) Testing wing

It is equipped with all testing facilities regarding textile processing, yarn analysis, chemical and waste water analysis. All incoming raw materials either chemical or yarns for our product are tested in the Lab.

Testing Standards used in the Lab are internationally accepted.

2) In-line and Final Inspection Wing

In-line Inspection is done at every stage of product development like Knitting, Toe-closing, Processing, Boarding and packing by well trained and highly competent staff. QA Department is trying its best to accomplish the needs of its customers i.e. size specs, size fitting, stretch and weight. The Final Inspection (Internal or External) is performed in accordance to AQL, which is internationally acceptable.

QA Department is critical as it plays a vital role in customer's retention. This department ensures that quality prerequisites for socks are being met.

3-Measuring employee performance

Measuring employee performance against company's production involves aligning employee performance objectives with strategic goals. Standard Hosiery checks the performance of employees in various ways:

Firstly, the production report tells the number of units made by each department of production. This tells the output of each department

Production report also tells amount of wastage of raw materials. Not all but little number of the machines in standard hosiery is manually operated. After the completion of specific batch of socks, machines need to be shut down. If they are not shut down on right time, a great amount of thread gets wasted resulting ultimately in wastage and thus results in increase in cost of production. So if on a particular day, more amount of material gets wasted than usual, mangers come to know that the machines were not shut down on time and so responsible persons can be held accountable.

The percentage of inquiries converted to sales is an indicator of performance of merchandisers.

Performance of employees is seen by taking in account their attendance as employees' performance are adversely impacted by absences

manager appraises the employee's performance

Production Planning and control department keeps a check and report on the production orders that they are made in allocated materials planned and allocated time lines.

Reports are generated by each department. They act as a guide to take corrective actions.

4-Accounts

Standard Hosiery has hired auditors to check the transparency of accounts.

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