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Everything

Good!
Group B9
1.
2.
3.
4.

Awantika Goel H16072


Rohan Baadkar H16098
Rubina Dey H16099
Shreya Jain H16109

Problem statement
To develop a compensation strategy (Internally aligned
structure)
Sales are going down although competitors seem to
have a good hold over the market through their
innovative selling techniques and team oriented
employees
Labor cost and customer response

Situation analysis
Organization believes in autonomy down the levels and
at the same time maintains lean structure (It wants to
keep a tight control on quality and cost)
Believes that training is important
It abhors recruiting employees from competitors
IT doesnt want to make HR the sole responsibility of HR
department alone

POSITION

GRADUATE

POST GRADUATE

EXPERIENCE

SKILLS

Zonal Head
Sales
Any grad or

Preferably MBA
Or any post grad

5 years in sales
8-12 years in
industry

Planning, organizing,
customer service, people
management,
understanding cost &
revenues

Branch
Manager
Sales

Any grad or

Or any post grad


MBA Insurance
desirable

Min. 4 years
Ideally 7-8 years

Communication, drive to
achieve, understanding of
industry, people
management

Branch
Any grad or
Head

bancassuar
nce Sales

Or any post grad


MBA Insurance
desirable

Min. 4 years
Ideally 7-8 years

Good in training,
communication

Corporate
Sales
(assistant
manager)

Any grad

MBA preferred

3-4 years gen


insurance/insuranc
e broking firm

Negotiation skills,
communication, product
knowledge

Retail
Executive

Any grad

Preferred

Communication, product
knowledge, result
orientation

Manager,
operation

Any grad or

Or any post grad

Min. 4 years,
ideally 7-8 years in

POSITION

GRADUAT
E

Deputy
Manager
Branch
Operation

Any grad or Any post grad

Functional
Grad in
Underwriter Maths

POST GRADUATE

EXPERIENCE

SKILLS

Min. 4 years,
ideally 7-8 years in
industry

Customer service,
meticulous, eye for
details, Ability to
manage& motivate

MBA Insurance a plus Min. 3 years in


concerned area

Expert knowledge to
solon

Zonal
Underwriter

7-10 years in
industry

Understanding of
insurance industry, other
industries, good
communication

Senior
Underwriter

Min. 5 years in
underwriting

Qualified in risk
management, Actuaries
may fit, though overkilled

Assistant
Manager
Training

Any grad

Min 3 years in sales Communication, MS


in insurance
office, development
orientation

Manager
Training

Zoanl head,

MBA premier B

Sales exp in
insurance min. 5
years
Ideally 7-9 years

Designing, developing
and delivering T&D
initiatives

Preferable

Communication,

HIERARCHY STRUCTURE

Corporate sales

Deputy
Manager

Underwrite
r

Assistant
manager
training

Elements Of Pay Mix


Serial No

Explanation

1.

Pay Element
Basic

2.

House Rent Benefit

Maximum up to 45% of basic

3.

Provident Fund

At 12% of basic

4.

Travel Benefits

All expenses pertaining to official


visits will be reimbursed

5.

Conveyance Allowance

10% of basic, covering daily


travelling expenses

6.

Merit Allowance

Pay for performance component

7.

Special Allowance

Different for different employees


at companys discretion

8.

Medical Insurance

Insurance Policies from the


company itself

Based on work experience,


qualification, responsibilities,
Criticality of work, market demand

Internally aligned pay structure

120 %
85 %
75 %

Fixed
according
to roles

140
%