Successful microfinance institutions are made up of successful individuals, and as Unitus discovered in its 2009 Compensation Benchmarking study, well-designed compensation programs play a significant role in crafting a high-performing staff. As such, Unitus is proud to announce the launch of the second annual Unitus-Hewitt Microfinance Compensation & Benefits Survey.
Open to MFIs throughout India, the Survey is a successor to the 2009 Benchmarking study that provided participants with valuable insights into their operations and was identified as a key industry HR initiative in “Microfinance India: State of the Sector Report 2009.”
“The 2009 survey allowed us to add a key layer of understanding about the best practices in rewarding staff to our already strong HR Advisory practice,” said Unitus VP and India Country Director Ganesh Rengaswamy. “In 2010, we plan to take this initiative to the next level by expanding the assessment and by combining the survey results with our understanding of the microfinance space, the progressive practices of other industries, and an overall technical expertise in the space of compensation and benefits.”
The study will evaluate MFIs across India on key measures of compensation and benefits, including benchmarking of 25 key positions across eight organizational levels, and study 10 popular non-cash benefits (e.g. loans, insurance, incentives/bonus, leave, travel policy, ESOPs, Reward & Recognition, etc). Following the survey, participants will receive customized reports, as well as the opportunity to participate in an implementation workshop to discuss results and recommendations.
“The survey will measure and analyze salary benchmarks from MFIs from all across India, including regional differences in compensation and target market (rural v. urban), as well as insights into the design on non-cash components and variable pay structures,” said Sandeep Chaudhary, Hewitt’s Rewards Consulting Leader for South & West Asia. “When coupled with the reporting and implementation program Unitus has designed, we anticipate this being a highly useful engagement for participants,” Chaudhary added.
The survey is the first initiative of Unitus’s newly launched MFI Industry Compensation & Benefits Forum, an endeavor to bring a better understanding of remuneration issues and practices in microfinance to the industry. Based on the results of this survey and the needs expressed by the participating MFIs this forum will initiate workshops, additional studies, best practice sharing, and focused group discussions on various compensation and benefits issues for the MFI sector throughout the year.
Read the Unitus-Hewitt Compensation & Benefits Survey 2010
Confidentiality of Data
The information shared with Unitus-Hewitt will remain completely confidential and will NEVER be shared with any organization individually. Only synthesized data will be made available to the participants of this study.
About Hewitt Associates
Hewitt Associates (NYSE: HEW) provides leading organizations around the world with expert human resources consulting and outsourcing solutions to help them anticipate and solve their most complex benefits, talent, and related financial challenges. Hewitt consults with companies to design and implement a wide range of human resources, retirement, investment management, health management, compensation, and talent management strategies. As a leading outsourcing provider, Hewitt administers health care, retirement, payroll, and other HR programs to millions of employees, their families, and retirees. With a history of exceptional client service since 1940, Hewitt has offices in 33 countries and employs approximately 23,000 associates who are helping make the world a better place to work. For more information, please visit www.hewittasia.com