The underrating of the assignment seeks to extensively analyze the CRISIL Company case to determine the key issues and workable solutions to resolve the prevailing problems. The organization’s description provides a story about the strengths and weaknesses of CRISIL, the competitive risks the company was subjected to as a result of the emerging issues based on the Glassdoor reviews, and the approaches laid forth to redress the threats posed to the company resulting from its failure. A close analysis of the company’s description reveals CRISIL Limited Company as one of the brands that were much respected in India. However, there are several issues highlighted by many reviews that presented the weaknesses of the organization and seemed to be its serious threats to its future success. One of the key issues was the firm's compensation structures, which the majority of employees claimed to be too low when compared to other entities in the banking and finance sector. The claim is evident from the Glassdoor review results, whereby the CRISIL Company got a review rating of only 2.6 from the 518 total reviews. The number is just slightly higher than the average (2.5), which means that very many people were dissatisfied with the compensation.
The second key issue raised was poor work-balance experience and career opportunities. A significant percentage of the employees compared the work-life balance and career opportunities within CRISIL with its competitors and found the situation to be so poor in CRISIL. As such, most middle-level talents opted to find work experience from CRISIL and then seek greener pastures in financial institutions, startups, or banks. This raised a competitive threat to the company. With the high rate of employee turnover, the firm was on the verge of sinking due to a lack of well-trained employees and frequent recruitment of new workforce.
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Ideally, the major factor that produced all the issues was the lack of a proper employee value proposition (EVP) in the company. In relation to this, the company lacked absolute programs geared toward providing the employees with opportunities for the development of new skills, which is a key factor for motivating the employees in an organization. Also, a good remuneration is a key motivational factor for employees; however, the firm did not have a guideline for rewarding its high performing employees – this could easily demoralize the hardworking workforce. However, the company presented with the opportunity to grow from its decision to diversify into other businesses, an initiative that generated for it US$24.41 million from its operations in 2016.
Based on the issues raised, initiating a career training program for all the employees in the firm would be one of the greatest solutions to curb the issue of employee-turnover. The proposed solution would enable the company to retain its multi-talented employees for a competitive advantage. Also, offering fair compensation along with rewards for the best performing employees would serve as a motivational factor not only to keep the employees in the company but also to make them enhance their performance in their areas of specialization, hence increased productivity. The suggested actions would be implemented by organizing on-job training for all the workforce departments once per year and to engage them in benchmarking to enhance their skills and opportunities. Setting aside financial rewards for the best performers is also an effective approach to implementing the proposed solution. One of the major potential failures that should be anticipated is the lack of total support from the organization's management. However, the downside of the solutions is the increased expenditure on training and financial rewards. Nonetheless, the progress of the implementation would be monitored semi-annually by analyzing the trend of the employees’ reviews and the stability of the firm in terms of profit and productivity.
