When we thought of writing a story about the HR industry in India we did not realize the complexity that this task will entail. This hugely fragmented, complex, and diverse industry is where client organizations and service providers aim to partner for a common goal - to equip organizations with their people needs to cope with the rapid growth. The ‘Industry of HR’ is estimated to be more than INR 10,000 crores and growing at a rate of 14%. As we go along, we will see huge transformation in this market as customers - CEOs and CHROs - demand better quality, broader scope of services, greater transparency and accreditation.
The complexity of this industry is two-fold: at one end of the spectrum, newer & innovative players are entering this growth space, benefiting from low barriers to entry and ability to monetize fast; at the other end, the industry is consolidating, fueled by the need for service providers to build capacity and capabilities in capturing this evolving market. This complexity leaves client organizations confused about who the major players are, what do they offer, how to correctly assess the capabilities of these players and how does one ensure delivery of promised service levels.
We thank all industry professionals, consultants and CEOs of service providers who shared their time and knowledge in helping us put together this top-down view of this landscape, probably for the first time in India. People Matters is committed to bringing transparency and information to our readers and we hope this story will help many HR practitioners in their quest to identify, select and partner with the right service providers.
This action-packed issue also presents a special report on Total Rewards as we do at this time of each year. Following People Matters’ events on this theme in Mumbai and Delhi, this report comes with a compilation of ideas from prominent HR professionals, consultants and strategists who are experts in this domain. The Rewards Special is an overview of the future of employee rewards in India, best practices in pay-for-performance and a detailed study of executive compensation. We have also looked beyond the cash component and focused on insurance benefits trends, career and recognition as increasingly important parameters in employee rewards.
Finally, we bring to you the story of the extraordinary transformation of Bank of Baroda during the tenure of Dr. Anil K. Khandelwal as CMD, as told by the man himself. Dr. Khandelwal represents a rare brand of leaders who have risen up the ranks having started in the HR profession. As a prelude to the release of his book “Dare to Lead”, this exemplary story from the trenches to the boardroom brings insights into compassionate leadership, cultural & systemic transformation and the message of ‘tough love’.
Wishing you all a rewarding financial year ahead.