Janalakshmi financial services
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The document discusses Janalakshmi Financial Services' high attrition rate of 41% among sales officers, which is above the market average of 32%. This is due to low salaries and compensation structure issues. The company was also reducing sales force motivation by raising targets. Options presented to address this include introducing a sliding target compensation structure tied to career level and band. Additional recommendations are linking targets to branch age, providing cost of living allowances, emphasizing cross-selling and repeated customers, and combining customer relation roles. The proposed actions aim to lower attrition by increasing awareness of benefits, engagement, incentives for productivity and an employee recognition program.
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Janalakshmi financial services
- 1. Janalakshmi Financial Services` HR Dilemma
- 2. SITUATION ANALYSIS 1.Customer impression on the brand is completely reliable on the field sales executive. 2. Proper training and recruitment ,satisfied compensation structure so that the performance appraisal process is simple and fair.
- 3. 3. Attrition rate is 41% which was extremely high and above the market average of 32%
- 4. PROBLEM IDENTIFICATION 1. A key problem was the low salaries for sales officers . 2.Designing of the compensation structure .
- 5. 3. The firm was penalizing officers by raising their targets and thus reducing their sales-force motivation. 4. Lack of effective engagement ,communication and information among the employees
- 6. Criteria Lower the attrition rate Awareness of non- monetary benefits Employee engagement Incentives which will lead to productivity Employee recognition program
- 7. 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
- 9. Introducing a sliding target compensation Structure Top management • 50th percentile of market :variable component to be paid annually Senior management • 66th percentile of market :variable component to be paid annually Mid management • 75th percentile of market :variable component to be paid annually Junior management • 90th percentile of market :variable component to be paid annually 1 4 Top management 2 3 Career bands Career level Target Composition
- 10. Linking Targets with Branch Age
- 11. Cost OF Living Allowance
- 12. Emphasis On Cross-Selling & Repeated Customers
- 13. Combine the responsibilities of CREC & CRES Customer Relations
- 14. Action Plan JFS branches to be categorized in two Categories Branch Age and portfolio size Categorization of employees
- 15. Contingency Introduction of non cash reward system
- 16. THANK YOU