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Compensation System of HCL Technologies Ltd

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HCL Technologies is an $ 7 Billion organization with employee strength of nearly 1.2 lakhs. HCL Technologies is one of 35 organization out of 7500 Technology Organization greater than $ 5 Billion and one of the 8 organization which has Net profit of $ 1 Billion. Its serves across 31 countries. The customer satisfaction of HCL grew every year and tops in Customer Satisfaction Avg Score of 472 ( as per Forrester). HCL Technologies Ltd is specialized in transformation of Information Technology and Engineering.

HCL had created Customer Delight and grow Revenues and Margins at the same time. It is thru 3 simple Values

Value Centricity

Trust and Transparency and Flexibility

Employee First

The Employee first and Customer Second policy, inverted the Organization Pyramid and created atmosphere of innovation with employee feeling and proactively creating solution and new idea-generation for Clients. HCL Employee had generated more than 1.6 Billion USD revenue through new idea generation. And also generated 2743 new ideas thru MAD Jam.

HCL Compensation Policy

HCL Technologies Ltd offers the best compensation to their employees which is competitive and range of benefits which are market relevant benefit. It helps employees in professional growth opportunities which recognize Individual contribution and performance. The Compensation is also designed with Social economical and comprehensive Incentives. HCL Salary is designed with strategy of highly competitive compared to the other competitive strategy of competitive companies.

The HCL Compensation laid on the below Strategy

Trust and Transparency

Competitive with the Competitors.

Legal Compliance.

Equal Pay

Employee Benefit for long continuity

Employee First

Position Rating

Bands in HCL Technologies

There are different brands for Technical and Support employees in HCL. Each band has its positioning and variation in the salary range along with other monetary benefits.

(i)Supports Bands

E0 – Fresher

E1,1 – Executive

E1,2 – Senior Executive

E2.1 – Associate Manager

E2,2 – Deputy Manager

E3.1 – Manager

E3,2 – Senior Manager

E4,1 – Group Manager

E4,2 – Director

E5.1 – AVP

E6 – VP

(ii)Technical Bands and Sub-Bands

E1,1 – MTS Software Engineer Consultant

E1,2 – Sr MTS Senior Software Engineer Senior Consultant

E2.1 – Project Lead Lead Consultant

E2,2 – Sr Project Lead Sr Lead Consultant

E3.1 – Project Manager Technical Manager Technical Architect

E3,2 – Senior Project Manager Sr Technical Manager Sr Technical Architect

E4,1 – Group Manager

E4,2 – Director

E5.1 – AVP

E6 – VP

Need for Right and Good Compensation policy in Human Resource

To Stay in the competitive IT industry, there is a need for hiring and retaining right talent for the key success of the Organization. HCL Technologies which follows the principle of Employee First, follows a very highly competitive and friendly compensation structure which attracts and retains right and best talent in the industry.

Compensation plays a very vital role in HR, it encourages the employees and drive them towards organization effectiveness.

lLegal Consideration

lIts a motivation driving factor

lImproves efficiency

lRetention of Good Employees

lAvoids Renege and loss them to competitors.

lJob Satisfaction

lCost of living

lLabor Market

lLabour Union

lJob Evaluation

lFinancial Position of the Organization

Pay for Performance

The Pay for Performance is based on pay for employee based on the pay band in accordance with their performance. The additional pay on top of the base pay, the performance of the employee decides the max or min pay of performance receivable.

There are many challenges in implementing this model in many organization. Some of the usual way of in evaluating the employee performance – Measurable in two categories

Qualitatively –

Based on Sales, Production, Customer Satisfaction, Customer Retention and Employee Engagement.

Quantitatively

Related to Operation side, mainly production,accounting and administrative.

Pay for performance best practices are

ØIdentify the trigger for Top Performers

ØIdentify clear cut objectives for Employees

Some of the popular pay for Performance in the Industry are

ØMerit Pay

ØLump Sum Bonuses

ØIndividual Employee Spot Award

ØIndividual Employee Incentives

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GradesFixer. (2019, May, 14) Compensation System of HCL Technologies Ltd. Retrived January 25, 2020, from https://gradesfixer.com/free-essay-examples/compensation-system-of-hcl-technologies-ltd/
"Compensation System of HCL Technologies Ltd." GradesFixer, 14 May. 2019, https://gradesfixer.com/free-essay-examples/compensation-system-of-hcl-technologies-ltd/. Accessed 25 January 2020.
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