Volume Icon aims to be a lightweight volume control that sits in your systray.

./configure --prefix=/usr  
make  
sudo make install

--enable-oss
By default Volume Icon will be built with ALSA as its
backend. Note that it is not possible to build with both ALSA
and OSS support at the moment, so using this flag will
disable ALSA support.

--enable-notify
Enables notifications, this adds a dependency for
libnotify >= 0.5.0.

Type volumeicon & in terminal.
Note: Add this command into your startup app list to enable showing sound applet on system boot

If you have few soundcards in your system and getting such like error message on app start:
volumeicon: alsa_backend.c:86: asound_get_volume: Assertion 'm_elem != ((void *)0)' failed. Aborted
Then you need to change in $HOME/.config/volumeicon/volumeicon integer value from 0 to 1 in [Alsa] block.