Compensation and Benefits Design
Tejovathi Consulting recently completed a compensation and benefits redesign project for a leading FOREX company in India. The client had expressed a desire to improve productivity by implementing a variable pay system for its employees. The company approached Tejovathi Consulting to analyze their existing compensation and benefits structure, identify areas for improvement and develop a new system that would align with their goals.
Client:
A FOREX Major
Location
Chennai, India
Date:
Aug ‘2019
Category:
Financial Services
01. Сhallenge
After conducting a thorough analysis of the company’s existing grade structures, Tejovathi Consulting identified that the organization lacked depth in its grade structure. The team worked with the company to develop a new grade structure that better reflected the roles and responsibilities of employees, while also providing a clear path for career advancement. The new structure also allowed for greater flexibility in the allocation of compensation and benefits.
02. Solutions
To further support the new grade structure, Tejovathi Consulting worked with the company to develop new job descriptions for all positions. These descriptions included key performance indicators (KPIs) and key result areas (KRAs) to help employees understand their roles and what was expected of them. This ensured that employees were able to understand their performance expectations and work towards achieving their targets.
In addition to the new grade structure and job descriptions, Tejovathi Consulting also helped the company implement a performance management system. This system was designed to help managers track and evaluate employee performance against their KPIs and KRAs. The system also included policies for eligibility of variable pay and disbursement of variable pay, based on individual performance, team performance, and organizational performance.
03. Results
Overall, the new compensation and benefits structure, job descriptions, and performance management system implemented by Tejovathi Consulting helped the company improve productivity and align their compensation and benefits structure with their business goals. The company was able to create a more transparent and equitable system for employees, which led to increased job satisfaction and motivation. The new system also helped the company retain top talent and attract new talent, which further supported their growth and success in the highly competitive FOREX industry.
