One of the top FIVE Financial Services companies in India was concerned about the competitiveness of its total compensation package for executives who managed the service business. This unit provided one-third of the company’s revenues. The primary issue was the comparability of the scope of responsibilities each executive had and their impact on the strategic plan to be the market leader in these service businesses.
EclipticHRS consultants interviewed the incumbents in the identified positions to determine the critical skills, competencies, and scope of accountabilities for each job. Further, an organizational analysis revealed the uniqueness of how the company was structured to deliver the services on a national basis. From this research, EclipticHRS developed a survey instrument and pared down the competitor companies list. The team then visited the identified companies and conducted an in-depth benchmark analysis, including organizational assessment, lines of business and services provided, global reach, and customer profiles. Besides, the team obtained information on the competitors' rewards programs, especially long-term incentive compensation programs.
While no company is exactly comparable to its key competitors, our market research confirmed that the client was a leading provider of state-of-the-art services on a national basis. Consequently, its executives had a broader range of responsibilities and faced greater challenges than their counterparts in competitor companies.
Based on the recommendations of the EclipticHRS team, the client reviewed its use of the various compensation elements and decided to increase the long-term incentive compensation opportunity for several of the key positions.