The document discusses Janalakshmi Financial Services' HR dilemma regarding high employee attrition. Some of the key issues identified include low salaries for sales officers, ineffective engagement and communication among employees, and penalizing officers by constantly raising their targets. Potential options discussed to address the issues include revising the compensation structure based on a cost of living index and market benchmarks, emphasizing cross-selling and customer relations to link targets, and combining roles to improve customer service. The recommendation is to categorize branches and employees, link targets to branch age and portfolio size, introduce cost of living allowances, and consider non-cash rewards to boost motivation and reduce attrition.

1. JANALAKSHMI FINANCIAL SERVICES’ HR DILEMMA
…PRESENTED BY…
ANANTHI S…DIPANJAN ROY…HARI SHANKAR R…KANAGESWARI M…RANJITH R…VINEETH M
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2. SITUATION ANALYSIS
CUSTOMER IMPRESSION ON THE BRAND IS COMPLETELY
RELIABLE ON THE FIELD SALES EXECUTIVE.
PROPER TRAINING AND RECRUITMENT ,SATISFIED
COMPENSATION STRUCTURE SO THAT THE PERFORMANCE APPRAISAL
PROCESS IS SIMPLE AND FAIR.
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3. PROBLEM IDENTIFICATION
A KEY PROBLEM WAS THE LOW SALARIES
FOR SALES OFFICERS .
DESIGNING OF THE COMPENSATION
STRUCTURE .
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4. CONTINUE…..
THE FIRM WAS PENALIZING OFFICERS BY RAISING THEIR TARGETS AND
THUS REDUCING THEIR SALES-FORCE MOTIVATION.
LACK OF EFFECTIVE ENGAGEMENT ,COMMUNICATION AND
INFORMATION AMONG THE EMPLOYEES.
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5. CRITERIA…..
LOWER THE ATTRITION RATE
AWARENESS OF NON-MONETARY BENEFITS
EMPLOYEE ENGAGEMENT.
INTENSIVES WHICH WILL LEAD TO PRODUCTIVITY.
EMPLOYEE RECOGNITION PROGRAM.
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6. OPTIONS…..
. COST OF LIVING INDEX
• REWARD SYSTEM
• SLIDING TARGET CUSTOMER STRUCTURE
• LINKING TARGET WITH BRANCH AGE
• EMPHASIS ON CROSS SELLING CUSTOMER RELATIONS
COMBINE THE RESPONSIBILITY OF CREC AND CRES
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7. DECISION & RECOMENDATION
Career bands Career Levels Compositions
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2
.
3
4
Top management
Senior management
Mid management
Junior management
50th percentile of market :variable component to be paid
annually
66th percentile of market :variable component to be paid
annually
75th percentile of market :variable component to be paid
annually
90th percentile of market :variable component to be paid
annually
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8. CONTINUE…..
. LINKING TARGETS WITH BRANCH AGE.
COST OF LIVING ALLOWANCE.
EMPHASIS ON CROSS-SELLING & REPEATED CUSTOMERS.
COMBINE THE RESPONSIBILITIES OF CREC & CRES(CUSTOMER RELATIONS).
SATISFACTION
TRUST
ASSISTANCE
LOYALTY
SUPPORT
COMMUNICATION
FEEDBACK
SERVICE
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9. ACTION PLAN…..
. JFS BRANCHES TO BE CATEGORIZED IN TWO CATEGORIES BRANCH AGE &
PORTFOLIO SIZE.
CATEGORIZATION OF EMPLOYEES.
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10. CONTINGENCY…..
. INTRODUCTION OF NON CASH REWARD SYSTEM.
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11. THANK
YOU
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