For a proper employee value proposition strategy, CRISIL will have to focus on components in three main areas
Compensation
The company's compensation has been identified as being below industry standards. Compensation and benefits are essential components for the recruitment and retention of talent for all-level jobs within the firm. CRISIL's talent pool is mainly made up of young individuals. The firm should offer a flexible schedule to its employees as a way to increase commitment from employees that have poor work and life balance (McNulty, 2015). The firm should offset its lower compensation with higher bonus packages. Bonus packages should be customized to each talent segment to enhance employee satisfaction.
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Performance Appraisals
To boost employee morale, CRISIL should use a 360-degree feedback performance appraisal method (Hosain, 2016). This is because employees require continuous communication to stay motivated. In this method, all employees within the firm would have the opportunity to appraise their managers, peers, customers, and suppliers. Employees will also be provided with the opportunity to conduct their self-evaluations. CRISIL will ensure effective performance analysis and support the engagement of all employees within the firm. However, the firm will have to ensure that the appraisal method is not affected by the subjectivity of those involved in appraisals.
Uniformity in Employment Experience Across Locations
CRISIL has numerous locations with different HR departments. This has resulted in different employee experiences across these locations. Hence, to establish uniformity in employee experiences, the HR employees should undergo training for the establishment of similar policies across different locations. The firm has already been identified as having the best training opportunities and services for its employees. Using these training resources to establish uniformity of employee experiences will promote the support and engagement of all employees.
References
Hosain, S. (2016). 360 Degree Feedback as a Technique of Performance Appraisal: Does it Really Work?. Asian Business Review , 6 (1).
McNulty, Y. (2015). Employing novel compensation approaches to compete for expatriate talent. The compensation handbook: A state of the art guide to compensation strategy and design , 503-518.
