Our client, an Omidyar portfolio company is a housing finance company providing credit to low and middle income urban households to acquire new housing or to extend and improve their current housing. They are looking to engage with an HR consultant to review the organisation structure and compensation framework.
Scope of work:
1. Review of Organisation structure,
- Comparison with peer Housing Finance Companies, Industry benchmarking and proposed structure in consultation with the Management
- Review Job Description & Roles and Responsibilities for each profile and
revise as per the new Org. Structure and reporting lines.
- KRA & KPI’s of each Profile
2. Review of current Compensation structure and Pay-Bands
- Industry Benchmarking
- Revised Compensation Structure
- Revised Pay Bands with number of grades in each bands and detailing the
compensation structure including each of the compensation elements.
- Designing an Incentive / Variable pay plan linked to performance & retention
( Incentive Structure review)
3. Branch visit: 3 to 4 days, interaction with outgoing employees with help of current HR team.
Work would be defined in two phases. Both the phase has its own time frame:
Phase 1 Deliverables :
1. Presentation on Benchmarking both of compensation structure and Org. Structure.
2. KRA & KPI sheet for each profile
3. Detailed sheet on Compensation structure with component wise breakup ( HRA, Basic, Travel allowance etc.) incorporating both cash and non-cash component
4. Detailed sheet on incentive structure for Sales, Operations, Credit staff as well as all the non-operations profiles such as Finance, Accounts, MIS & IT, Compliance, Administration, HR, Training team, Audit, Treasury etc. with defined parameters
Phase 2 Deliverables :
1. To find the reason of higher attrition rate in entry level.
2. Gender equality and reasons for not being able to hire more women across the cadres
3. To determine why has HR cost come down with growth in revenue.
Note - This is a 2 months project based in NEW DELHI requiring full time support.
1. HR Consultant / HR Consultancy agency having relevant experience of minimum 8-10 years of working with Housing Finance Company/ Non-bank financial institution.
2. Well conversant with the HR issues of early stage Company and ability to
propose plus assist in implementing innovative solutions.
3. Good interpersonal skills
4. Business knowledge and ability to align self with the business
5. Result oriented, critical thinking and problem-solving skills