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Talent Management:
  Driver to Organization Success
    TOTAL REWARDS TOWARDS AN ENGAGED
               WORKFORCE:
         "MAXIMIZING THE RETURNS"

           Using Benefits as a
           Using Benefits as a
              Differentiator
              Differentiator



Girinarayana               Girinarayanan.g@ge.com
                           g.girinarayan@gmail.com
      n
 15 Feb 2013
Special Incentive ….
The facts and Challenges for India
    The facts and Challenges for India
    The work-force in the country stands close to 400 million
    Only 35 Million are covered under the Social Security
    Unorganized Sector contributes > 60% of the national income
    Unemployment and insecure employment
    Very low minimum wages
    Wide spread poverty and deprivation

“According to international statistics, over 300 million
people in India live in extreme poverty on less than US
$1 a day, and over 500 million on less than US$2 a day.

Only half of the population has access to piped water,
and most health services (in fact about 92%) are paid for
out of pocket, making India’s health system the biggest
private health service in the world”
India’s Economic Growth !!!
      India’s Economic Growth !!!
   “India’s economy is projected to grow 5% in the current
    fiscal year, the lowest in a decade and substantially lower
    than the 5.7% projected earlier by the finance ministry”
   Economy is estimated at $1.89 trillion (around Rs.100
    trillion), would see growth decelerating by almost half from
    9.6% in 2006-07
   The Central Statistics Office (CSO) revealed that the
    economic growth of India is estimated to fall to 5 percent in
    2012-2013 financial year, which is a lowest figure in 10
    years.
2008 Recession: A flashback
2008 Recession: A flashback
       Big turmoil in the global economy
       Economic crisis reduced GDP Growth &
       stagnated revenue growth
       Auto industries witnessed mayhem, Realty
       collapsed, Banks landed up in soup because of
       default in loan payments.
       Restructuring exercise from Corporates to make
       lean organization and reduce manpower cost
       Some Corporates implemented heavy cost
       cutting measures thro - Salary cuts, layoff,
       closing down business etc.
     Bottom line
     Bottom line
        Fear of unknown
        Job loss / Salary cuts for employees
        Heavy stress to manage the crisis
        Falling ill-health
        Strain in family relationship
        Social pressure
        Hampered the living style
        Default in the loan payment
Maslow vs. Benefits Hierarchy
Maslow vs. Benefits Hierarchy
It helps employees to :
Manage uncertainty
Provide Financial Security for future
Pay attention to Healthcare
Be able to manage and live happily post
retirement
                     Bottom-line:
                     Bottom-line:
  An opportunity to improve value, control costs and
  An opportunity to improve value, control costs and
                drive Business Goals
                 drive Business Goals
Benefit Programs in India
                Benefit Programs in India




Major Drivers
Changing Income Tax rules
Viewing compensation as a CTC
Changing employees expectations
Salary increases will continue to have spiralling growth
Market value for the job may diminish
Differentiation in salary – pay for role and contribution
Variation in Salary revision cycle
Using Benefits as a Differentiator
Changing Trends…..
                  Changing Trends…..
“ Company needs to understand that every employee has
unique benefit needs and therefore they need to create a
culture of wellbeing”

Benefits play an important role in choice of an employer
and helps the employee to live a healthy and balanced life”

Way Forward…..More focus on flexi benefits…..
 Way Forward…..More focus on flexi benefits…..
Healthand Wellness to meet individual need
 Health and Wellness to meet individual need
Focuson family support
 Focus on family support
Financialassistance thro stock purchase
 Financial assistance thro stock purchase
Supportto CSR --Charitable institutions //Educational institutes
 Support to CSR Charitable institutions Educational institutes
Changein Leave management system
 Change in Leave management system
Sabbaticals– focus on Learning & Development
 Sabbaticals – focus on Learning & Development
Statutorybenefits can be made mandatory… Removal of PF
 Statutory benefits can be made mandatory… Removal of PF
Ceiling, effective implementation of Employee Compensation Act
 Ceiling, effective implementation of Employee Compensation Act
etc.
 etc.
Using Benefits as a Differentiator
s you
                Bl es
            God

                     .com
                 mail
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         raya
   i rina              e.co
                            m
g.g                  @g
                an.g
          rayan
  Gi  rina
Attracting Talent
                                                                      Attracting Talent
                                   Base Benefits
                                    Base Benefits
                                   Comprehensive Insurance
                                    Comprehensive Insurance
                                   Vacation
                                    Vacation
tR
 to
int
 ee
nin
otR
  n                                Time off
                                    Time off
                                   Tax benefits
                                    Tax benefits


                                                                  Car Schemes
                                                                   Car Schemes
      Long term Service rewards
       Long term Service rewards                                  Club Membership
                                                                   Club Membership
      Retention Bonus
       Retention Bonus                 Benefits:
                                       Benefits:                  Corporate Cards
                                                                   Corporate Cards
      Superannuation
       Superannuation
      Health and wellness
       Health and wellness
                                      Employee
                                       Employee                   Perks
                                                                   Perks
                                                                  CSR
                                                                   CSR
      ESOPs
       ESOPs                       Value Proposition
                                   Value Proposition

                                   Rewards
                                    Rewards
                                   Paid Training / /Sabbaticals
                                    Paid Training Sabbaticals
                                   Education Assistance
                                    Education Assistance
      E
     lm
     op
      pm
     yy
     eelE
       o                           Global Exposure
                                    Global Exposure
  nR
   cR
   e
  toe
   gc
  ino
  on
   nig
    t
    o                              Onsite job assignments
                                    Onsite job assignments            No
                                                                      dNS
                                                                      lcS
                                                                       io
                                                                      ai
                                                                      elc
                                                                        a
                                                                        d
                                                                        e
                                   Employee of the Year
                                    Employee of the Year

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Using Benefits as a Differentiator

  • 1. Talent Management: Driver to Organization Success TOTAL REWARDS TOWARDS AN ENGAGED WORKFORCE: "MAXIMIZING THE RETURNS" Using Benefits as a Using Benefits as a Differentiator Differentiator Girinarayana Girinarayanan.g@ge.com g.girinarayan@gmail.com n 15 Feb 2013
  • 3. The facts and Challenges for India The facts and Challenges for India The work-force in the country stands close to 400 million Only 35 Million are covered under the Social Security Unorganized Sector contributes > 60% of the national income Unemployment and insecure employment Very low minimum wages Wide spread poverty and deprivation “According to international statistics, over 300 million people in India live in extreme poverty on less than US $1 a day, and over 500 million on less than US$2 a day. Only half of the population has access to piped water, and most health services (in fact about 92%) are paid for out of pocket, making India’s health system the biggest private health service in the world”
  • 4. India’s Economic Growth !!! India’s Economic Growth !!!  “India’s economy is projected to grow 5% in the current fiscal year, the lowest in a decade and substantially lower than the 5.7% projected earlier by the finance ministry”  Economy is estimated at $1.89 trillion (around Rs.100 trillion), would see growth decelerating by almost half from 9.6% in 2006-07  The Central Statistics Office (CSO) revealed that the economic growth of India is estimated to fall to 5 percent in 2012-2013 financial year, which is a lowest figure in 10 years.
  • 5. 2008 Recession: A flashback 2008 Recession: A flashback Big turmoil in the global economy Economic crisis reduced GDP Growth & stagnated revenue growth Auto industries witnessed mayhem, Realty collapsed, Banks landed up in soup because of default in loan payments. Restructuring exercise from Corporates to make lean organization and reduce manpower cost Some Corporates implemented heavy cost cutting measures thro - Salary cuts, layoff, closing down business etc. Bottom line Bottom line Fear of unknown Job loss / Salary cuts for employees Heavy stress to manage the crisis Falling ill-health Strain in family relationship Social pressure Hampered the living style Default in the loan payment
  • 6. Maslow vs. Benefits Hierarchy Maslow vs. Benefits Hierarchy
  • 7. It helps employees to : Manage uncertainty Provide Financial Security for future Pay attention to Healthcare Be able to manage and live happily post retirement Bottom-line: Bottom-line: An opportunity to improve value, control costs and An opportunity to improve value, control costs and drive Business Goals drive Business Goals
  • 8. Benefit Programs in India Benefit Programs in India Major Drivers Changing Income Tax rules Viewing compensation as a CTC Changing employees expectations Salary increases will continue to have spiralling growth Market value for the job may diminish Differentiation in salary – pay for role and contribution Variation in Salary revision cycle
  • 10. Changing Trends….. Changing Trends….. “ Company needs to understand that every employee has unique benefit needs and therefore they need to create a culture of wellbeing” Benefits play an important role in choice of an employer and helps the employee to live a healthy and balanced life” Way Forward…..More focus on flexi benefits….. Way Forward…..More focus on flexi benefits….. Healthand Wellness to meet individual need Health and Wellness to meet individual need Focuson family support Focus on family support Financialassistance thro stock purchase Financial assistance thro stock purchase Supportto CSR --Charitable institutions //Educational institutes Support to CSR Charitable institutions Educational institutes Changein Leave management system Change in Leave management system Sabbaticals– focus on Learning & Development Sabbaticals – focus on Learning & Development Statutorybenefits can be made mandatory… Removal of PF Statutory benefits can be made mandatory… Removal of PF Ceiling, effective implementation of Employee Compensation Act Ceiling, effective implementation of Employee Compensation Act etc. etc.
  • 12. s you Bl es God .com mail n@g raya i rina e.co m g.g @g an.g rayan Gi rina
  • 13. Attracting Talent Attracting Talent Base Benefits Base Benefits Comprehensive Insurance Comprehensive Insurance Vacation Vacation tR to int ee nin otR n Time off Time off Tax benefits Tax benefits Car Schemes Car Schemes Long term Service rewards Long term Service rewards Club Membership Club Membership Retention Bonus Retention Bonus Benefits: Benefits: Corporate Cards Corporate Cards Superannuation Superannuation Health and wellness Health and wellness Employee Employee Perks Perks CSR CSR ESOPs ESOPs Value Proposition Value Proposition Rewards Rewards Paid Training / /Sabbaticals Paid Training Sabbaticals Education Assistance Education Assistance E lm op pm yy eelE o Global Exposure Global Exposure nR cR e toe gc ino on nig t o Onsite job assignments Onsite job assignments No dNS lcS io ai elc a d e Employee of the Year Employee of the Year