NEW DELHI - NASSCOM,
the apex industry body for Software and Services Companies in India, and Hewitt Associates, (NYSE:HEW) a global HR outsourcing and consulting firm, have partnered to conduct a comprehensive survey of Compensation and Benefits trends for the Indian IT and IT Enabled Services (IT/ITES) industry. The study titled "Total Rewards Management 2003" will provide detailed information on compensation, benefits and people practices exercised by Indian companies. The study is a broad-based initiative, which will survey over 250 IT/ITES companies across India and will be released in June 2003. The NASSCOM-Hewitt compensation benchmark study will cover:
Compensation: Market analysis on all key components of compensation such as salary, loans, retirals, conveyance, housing and variable pay for each level will be benchmarked. Through this report, organisations will be able to gather insightful information on various aspects of their compensation vis-a-vis the market standard.
Benefits: This section will capture various design and delivery features of each of the benefit policies made available by the organisation. Through this study, enterprises will be able to assess what benefits employees perceive to be most important and also how benefit programs differ at various levels of management.
People Practices: This report will look at sharing best practices across organisations in areas such as work environment, health & wellbeing, development & learning, and the ratio that employees spend on time/work/life.
The study will also include an "HR Dashboard" - a tool that will provide business leaders from participating companies with insightful information on attrition, performance orientation, differential pay (geographic and functional) and other cost metrics. The study will look at factors that support not only human resources (HR) but also all the business unit heads in taking strategic people decisions. The study also aims to identify the best-in-class HR practices, incentives & variable pay strategies, and top management orientation towards people issues.
Speaking on the objectives of the study, Mr. Kiran Karnik, the President, of NASSCOM, said, "The Indian IT and ITES industry is highly people intensive and the salary cost in many cases is more than 40% of total revenues. It is therefore essential that companies devise the right compensation and rewards mix in order to attract and retain talent. Through this year's study we are also, for the first time, aiming to establish benchmarking for Indian IT and ITES companies based on their compensation and people practices."
"The inaugural study conducted last year unearthed some key trends and insights related to the IT/ITES sector in India," said Nishchae Suri, Measurement Practice leader, Hewitt Associates in South and West Asia. "These trends include an orientation towards market benchmarking, the emergence of variable pay as a key performance orientation, a move towards simplified remuneration structures that accrue cost savings and ease administration, and an increased use of technology to manage and improve systems across the HR value chain. These best practices underscore the recognition by industry leaders of these HR systems as strategic contributors to building and sustaining competitive advantage." About NASSCOM
National Association of Software and Service Companies (NASSCOM) is the apex umbrella organization for IT software and service organizations in India. Formed in 1988, Nasscom's objective is to act as a catalyst for the growth of the globally competitive software-driven IT industry in India. Nasscom is a non-profit organization with over 854 member companies that collectively contribute to more than 95 per cent of revenues of Indian software industry. Its members include software, Internet and E-commerce companies spanning private, public sectors that include home-grown companies and multi-nationals. Nasscom is internationally represented at WITSA (World Information Technology Services Alliance) and ASOCIO (Asian Ocean Computing Industry Organisation). Further information on NASSCOM is available at www.nasscom.org
. About Hewitt Associates
Hewitt Associates LLC (www.hewitt.com/ www.hewittasia.com
) is a global HR outsourcing and consulting firm delivering a complete range of human capital management services to companies including: HR and Benefits Outsourcing, HR Strategy and Technology, Organizational Change, Retirement and Financial Management, and Talent and Reward Strategies. The firm provides services from 86 offices in 37 countries.