1.0 INTRODUCTION
The existing company that has selected is Nestle Berhad. This report starts with an introduction and brief background about Nestle and Nestle Malaysia. This report includes the remuneration and benefit management practices which have financial and non-financial in the Nestle Berhad. In the end, there are some suggestion to improve the practices by our group and a conclusion of this whole report.
Nestle Company had started off from a single man’s idea, and develop into Giant Corporation. In 1866 Henry Nestle, a pharmacist, developed a milk food formula for infants who were unable to tolerate their mother milk. Its product became a success, and it create a demand throughout Europe. Nestlé’s company remain successful, which allowed them expand to new region throughout the world, making them the world’s biggest food and beverage company. Nestlé’s headquarters are located in Vevey, Switzerland, but the Nestle Company has factories or operation in almost every country in the world. Nestle has 447 factories, operates in 194 countries and employs around 335,000 people. Nestle product includes baby food, medical food, bottled water, breakfast cereals, coffee and tea, confectionery, dairy products, ice cream, frozen food, pet foods and snacks.
Nestle Malaysia was established in the year of 1912 in Malaysia as Anglo-Swiss Condensed Milk Company. Since 1962, with its first factory in Petaling Jaya, Nestle Malaysia now manufactures its products in 7 factories and operates from its head office in Mutiara Damansara. Today, the company employs more than 5,000 people and manufactures as well as market more than 300 Halal products in Malaysia. Its brand name such has Milo, Nescafe, Maggi, Nestum and Kit-Kat have become trusted household names and enjoyed for generation.
People who work in Nestle will enjoy a selection of core benefits, including a competitive salary, and a range of flexible benefits to choose from. Employees will find that their reward is linked to their performance, hence the highest performance will see the greatest reward. There is also a direct link between the performance of the business and the reward Nestle are able to offer. Nestle reward program is designed to reflect the valuable contribution which every employee makes, not just senior managers. Flexibility is also an important part of Nestle benefits package. That is why, wherever possible, Nestle will provide employees with the flexibility to select the options which suit their circumstances.