Developing a Human Capital Management Program for an IT company and a Commodity Exchange
Background and Challenge
The client, an IT company was into the development of IT products for the stock and commodity exchanges and also had a commodity exchange of its own. Over the last few years the company had seen exponential growth. However, the aspect of human capital management (very critical for a firm of this nature) had been neglected during the growth years. This was leading to a situation wherein key employees were leaving the organisation and the overall employee morale was suffering. The top management hence wanted a comprehensive ‘Human Capital Management Program’ which not only covered the current aspirations of people but also assisted the management in managing growth going forward.
Approach and Recommendations
To develop the Human Capital Management Program, UC adopted the following approach:
- Identified the ‘real’ issues faced by employees by conducting workshops wherein all were asked for their candid feedback (in a questionnaire form)
- The final deliverables included:
1) Redesigned organisation structure - To remove existing anomalies and align the organisation structure to the strategy
2) Performance evaluation system - To determine a scientific method of evaluating performance and rewarding employees
3) Job descriptions - To remove ambiguities in roles and provide a clear guideline as to the expectations from the employees
4) Job profiles- To assist the organisation in finding the right fit for the right job
5) Career progression framework: To provide a clear career growth path to all employees
6) Redesigned compensation structure: To benchmark the compensation with the market across all levels
Based on the above deliverables and studied, UC assisted the management in creating the Human Capital Management Program that they wanted.