We collaborate with organisations to reimagine work

Businesses today have been compelled to transform the way they work by navigating through critical people problems. Work can be more than a process when reimagined. Meanwhile, workplaces can be fit for future and resilient to drive value and impact by unlocking the growth potential of each personnel. Adopting a hybrid workforce, structuring motivating incentives and inspiring consistent and effective performance are some of the concerns prompting a reassessment of traditional human resource (HR) mechanisms.

We build people-driven workplaces

At Grant Thornton Bharat, we help organisations drive productivity, value and impact through the workforce and HR. Our Human Capital Consulting team leverages technology and industry insights to help you build an adaptable organisation that is transparent; create a productive and value-driven workforce; and design each aspect of work in a way that inspires the worker to drive meaningful work.

  • Strategy
    Strategy

    Our bespoke people strategy is aligned with organisational goals and business imperatives and is key to achieving exceptional organisational performance.

    What we do

    • Vision and mission statement
    • Strategy alignment
  • Structure
    Structure

    We help create a structure for an organisation that provides a blueprint for aligning people and processes to support the implementation of the strategy.

    What we do

    • Organisation structure
    • Job descriptions
    • Manpower optimisation
    • Job evaluation
  • Systems
    Systems

    We develop well-articulated systems, supported by structured processes, which ensure implementation of strategic initiatives right down to the grassroots of the organisation

    What we do

    • Performance architecture
    • Compensation and benefits
    • HR policies
    • HR process audit
    • Measuring employee experience

Grant Thornton Bharat Human Capital Survey: COVID19 impact and what employees want

Grant Thornton Bharat Human Capital Survey: COVID19 impact and what employees want

Accelerating change to build the future of work

With constant disruptions engulfing a dynamic world, issues of human capital need to be viewed as business issues that must be addressed across the C-suite. New business models, technology, agility and regulation are constantly redefining the way organisations work. To stay at the top, organisations need to have real-time access to experts who can guide them on their Human Capital journey with innovative technology solutions designed to not only drive, but sustain and extend organisational performance and engagement.

Here is a snapshot of our end-to-end Human Capital offering:

 

Vision and mission statement

As leaders today navigate continuous disruptions, complexities and uncertainties, quick decision making will inevitably impact the future of the company. Creating meaningful vision and mission statements provide workforce across the workplace unanimity of purpose, which allows them to maintain a strategic direction, aligned to their reason of being. At Grant Thornton Bharat, we have helped multiple organisations at various stages of their growth to articulate their vision and mission statements tailormade to their unique value proposition.

Strategy alignment

To stay relevant and maintain competitive edge in the ever-evolving world, organisations must align their strategic goals to give meaning to the workplace and an identity to the worker. We have supported organisations across sectors to articulate their strategy with innovative tools. Our approach has resulted in maximum value delivery while staying true to the organisation's vision.

Organisation design

Despite a clear strategy and exceptional talent, most organisations find it difficult to achieve and sustain optimal performance, consequently, there is misalignment between organisation processes, systems, communication channels, resources and people. We partner with clients to design structures that are geared to deliver company strategy. Formulated at the nexus of effectiveness, efficiency and expertise, our solutions highlight the organisation’s value proposition. Our cross-sectoral clients include non-bank financial companies, real estate, retail, technology and manufacturing, among others.

Job evaluation

In a competitive work environment, organisations need to ensure external competitiveness and internal parity to manage talent expectations. We work with clients to conduct a job evaluation exercise by using the methodology best suited for them. This is done to assess the relative value and worth of a job, based on various factors, to establish a rational and scientific pay structure.

Job descriptions

Job descriptions are used as a recruitment tool to support career pathing and, most importantly, as a means of performance assessment as it clearly outlines the responsibilities and accountability of a role across the organisation.

At Grant Thornton Bharat, we have worked with clients to help streamline various facets of their organisation design, including developing content-rich job descriptions to aid clarity of responsibilities.

Workforce optimisation

A truly optimised organisation ensures that the right people, with the right skills, are hired at the right time and cost. Optimising workforce allows you to leverage your resources to maximise the benefit they deliver, which, in turn, helps in achieving organisational goals and maintains effectiveness in cost and productivity. We support clients to develop targeted manpower optimisation solutions that are benchmarked against relevant industry norms.

Performance architecture

Well-structured performance management ensures that employee behaviour, development and assessment are all aligned to the overarching business goals. We provide clients all-encompassing and bespoke performance architecture solutions. We integrate multiple dimensions that influence performance, such as market conditions, leadership, structure and strategy and individual job performance. 

Compensation and benefits

A strong compensation strategy is one that is externally competitive, legally compliant and is perceived as fair. At Grant Thornton, we believe that this can be effectively created by developing a relevant pay philosophy, which, explicitly, states how the organisation seeks to manage pay.

To ensure that an organisation’s compensation strategy complements its business strategy, we support clients with the following:

  • Compensation structures that are competitive yet aligned to the organisation’s pay philosophy
  • Long-term incentive plans, such as employee stock option plans (ESOP), stock appreciation rights (SARs) and other prevalent tools to attract, retain and reward critical talents
  • Short-term incentive plans to reward individual performance and drive a high-performance culture
HR Process Audit

Organisational landscapes are changing rapidly to accommodate updated social, environmental and regulatory requirements. HR processes need to be one step ahead of these expectations to provide a tailored experience for people and businesses. The People Organisation Diagnostic, Grant Thornton’s proprietary tool, is created for assessing and improving the existing HR frameworks to make your organisation future-ready.

The HR Audit operates on three principles:

  • Minimising risk
  • Aligning processes
  • Linking strategy

Design criteria for these three principles are identified through thorough desktop analysis, leadership input and business strategy assessment. The HR Audit then provides targeted feedback on improvement areas evaluated against the prevalent industry/sector benchmarks. These results provide a clear starting point for organisations to commence their HR transformation journey.

HR policies

HR policies serve as the cornerstone for managing people processes with consistency, fairness and structure. The policies ensure compliance with employment laws and protect the organisation against unwarranted employee claims. They also reduce uncertainty around pay, progression, code of conduct, etc., amongst employees, leading to increased job satisfaction.

Our Human Capital Consulting team can support your organisation in designing comprehensive and clear people-centric HR policy documents that are in line with your growth strategy.

Measuring employee experience

Employee experience scores help businesses understand the effectiveness of their people strategy and close the gaps that impede positive employee interactions.

At Grant Thornton, we believe in creating a holistic assessment for employee experience through qualitative and quantitative methodologies. We have developed a proprietary tool, PeopleVoice survey, that captures insights around employee experience, image and market pull. The results illustrate a clear picture of the external aspects of the company that attract new talent, along with the internal attributes that motivate and retain talent. Our comprehensive assessment methodology, coupled with stringent confidentiality measures, ensure that the results of the people experience survey are authentic and uncluttered.

Related Services

Governance, Risk & Operations

  • Business process improvement
  • Supply chain improvement
    SOP development and validation
  • Authority level matrix

Business consulting

  • Strategy action plans
  • Business planning
  • Commercial due diligence

COVID-19 and compensation

Impact on remuneration
Over 45% of the Human Capital Survey respondents indicated that their total pay (fixed + variable) decreased as an impact of COVID-19. Of these, over 59% experienced a reduction of more than 10% in their total pay.
Sectors affected
This impact was more pronounced in mid-size companies (<1,000 employees) in sectors such as real estate and hospitality. The larger companies in consumer-led sectors, such as consumer, retail and e-commerce, pharma, healthcare and life sciences, showed higher resilience to the adverse impacts of COVID-19.
Reduction in fixed pay
While the total pay decreased for 45% respondents, a temporary reduction in fixed pay was experienced only by 16% of employees. There was, however, a trend of decrease in variable pay component with over 31% of employees receiving no variable pay, 33% experiencing a decrease in variable pay.

Employee expectations

Total benefits
The survey respondents showed equal importance to benefits such as life/medical insurance, home office set up allowance, work from anywhere model and flexible working hours. Almost half of the respondents said that the actions taken by their employers met their additional needs. However, almost 49% of respondents expressed that there is a need for action from employers.
Pay philosophy
Almost 46% of respondents stated that there is a need for a higher fixed compensation, even if the total pay reduces. This trend of an expectation in reduction of pay-at-risk is more pronounced in the younger workforce. Over 84% of employees with a work experience of less than 10 years opted for this option.
Long-term incentives
73% from employees indicated there is a need for organisations to introduce long term incentive plans (Employee stock ownership plans (ESOPs), retention bonus, etc.) in their compensation structure. This option is also the most preferred by the younger workforce, who is looking for more wealth-creation opportunities.
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