ADVIK Hi-Tech Private Limited (AHPL) is one of India's leading & Global automotive components manufacturers catering to the needs of a number of domestic and overseas customers across the four continents in the two-wheeler, stationary engine, and transmission system segment for the past twelve years.
They provide custom-made solutions for customer’s designs, keeping in mind their needs and specifications serving customers across India, Europe, UK, US and ASEAN Region.
The Management Team intended to plan their Compensation & Benefits Strategy and wanted to conduct a benchmarking exercise across companies in the industry in Pune & Bangalore. They also wanted to reduce attrition and increase average employee tenure by creating differentiation in their compensation and benefits practices.
February 2023 - May 2023
How we helped a fast-growing Global Automotive Component Manufacturing in Compensation & Benefits Benchmarking across multiple geographies in India and 115 data points
We had interactions with key members of the HR team to understand the functions of different departments and unique roles. We studied the hiring requirements for each role such as education, experience, salary levels, etc. to have a deeper understanding of the role.
We analysed data for each location across parameters such as levels, experience, education, promotions, appraisals, joining bonuses, and functional delta. We compared attrition data, years of experience of an employee and appraisals data across departments & levels to identify trends & patterns.
Based on the functional understanding and data analysis, we planned the approach and data sources to conduct the benchmarking and finalised the companies that we would want to benchmark against for electrical and mechanical departments for different locations. Some of the parameters covered in the benchmarking included salary structure for corporate and plant functions, leave policy, notice period, working hours, working days, bonuses, and benefits such as transport facilities, canteen facilities, insurance, and more.
We delivered the following during the project:
Advik has adopted the recommendations and has created a detailed plan of action to implement the same. They aim to be the preferred choice of potential talent in Pune and Bangalore as they aim to further grow the company multi-fold.
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