An unique dialog with Khaitan & Co’s Group Improvement Chief

Prime company legislation agency Khaitan & Co. is bringing in Pritish Gandhi as Director – Management & Rewards, beginning March 14, 2024.

Previously Affiliate Associate – Human Capital Options at Aon India, Pritish is a trusted advisor to Boards, CXOs and HR leaders on a spread of individuals issues. 

Over the past three years, he grew Aon’s Government Compensation and Governance observe in India right into a dominant management place. 

Now, in his upcoming position at Khaitan & Co., Pritish can be placing his years of consulting expertise into observe at an more and more giant and complicated agency inside an trade that’s busily refining its folks and rewards strategy.

Amar Sinhji, Government Director at Khaitan & Co., advised Individuals Issues: “As our agency grows each by way of scale, geographies and complexity, it is very important regularly refine and realign our enterprise and rewards methods. Pritish’s key accountability because the Head of Management & Rewards can be to assist us strengthen {our capability} by the alignment of technique, construction, management, and our administration processes. He’ll work with the senior management group in strengthening our insurance policies and processes, particularly round compensation, rewards & recognition, efficiency metrics, engagement, and tradition. Pritish as a longtime trade chief in these areas is a good addition to our agency and we’re very proud to have him be a part of us.”

Khaitan & Co. now has greater than 200 companions throughout seven workplaces, together with one in Singapore.

Individuals Issues had an unique interplay with Pritish about his motion from a decade of HR consulting to operational HR management, the form he anticipates his profession would take at Khaitan & Co., and his ideas on the evolution of the rewards perform. This is what we heard from him.

As you look again in your years at Aon, what’s your favorite achievement?

My proudest achievement is the institution of the “Aon HR Studying Middle”, with 20,000 alumni throughout Southeast Asia and the Center East. AHLC distinguishes itself with wealthy content material, distinctive learner expertise and steady innovation. The excessive level for me was to co-create Subsequent Generations CHROs program in partnership with IIM Bangalore. It’s heartening to see this system alumni as outstanding CHROs throughout India Inc. at the moment.

Inform us about your plans for bringing your expertise and experience into your new position.

After I work with a corporation (as a guide), I attempt to search out the hardest drawback that the group wants to unravel for. As an advisor, I centered on creating an impression within the areas of Boards & Governance, Management Effectiveness, Group Effectiveness, and Rewards and Efficiency.

As an working chief, I’m eager to drive synergy in these areas to create long-term institutional impression. 

Khaitan & Co. is at a really attention-grabbing stage. With a wealthy legacy, the agency now aspires for its second century to be much more illustrious than the primary one. Rising from right here is about driving possession in Companions, making a succession pipeline, and transferring in the direction of aware progress; all of that are greatest delivered by constructing a strong establishment.

Khaitan & Co. has been round for greater than 100 years, there’s a lot to discover in your new position – what are you most wanting ahead to?

The distinctive factor about Khaitan & Co. is that they’ve, for a really very long time, an implicit understanding of what their tradition is. HR is subsequently a custodian of that tradition. Our position is to evangelise it additional, to inculcate it in newer members.

Now, the problem is that because the agency grows, the way it ensures that the tradition is actualized at a bigger scale.

That is the place the partnership mannequin is available in. With partnership-based corporations, both headquartered in India or working in India below a world model, we should have a look at what the companions habits is like. Companions habits just isn’t solely about having pores and skin within the recreation but additionally about proudly owning the collective success of the agency, which incorporates its tradition.

Which begs the query: does the efficiency and rewards mannequin stability starvation for achievement and group play?

So, I plan to give attention to making Companions and the Agency (much more) profitable by working throughout the areas of Governance, Management Effectiveness, Efficiency and Rewards.

There’s an important side of HR’s evolution in the way you describe your new position. The place do you see compensation and rewards/recognition getting into at the moment’s quickly evolving enterprise surroundings?

To know the place compensation and rewards are going, we should first perceive that Indian corporations have gained the battle of expertise on the government stage, and they’re going to win extensively extra sooner or later. Prime Indian HQ-ed listed FMCG organizations are at the moment paying 50-60% extra to their CEOs than the Indian listed entities of comparable sized-MNCs.

That is occurred as a result of Indian corporations are much more keen to pay Indian executives what they deserve than MNCs. CEO pay as a share of EBITDA and as a share of market cap in India is considerably decrease than Europe, Australia, Southeast Asia, or the US, which may solely imply one factor: in comparison with world norms, Indian executives are vastly underpaid.

What do you assume wants to vary?

A few a long time again, market benchmarking was key to crafting an efficient rewards technique. Over time, most corporations gravitated in the direction of the median and comparators turned more and more from the identical trade. Slightly than knowledge guiding new resolution paradigms, I usually see rewards leaders utilizing knowledge to defend why issues are the best way they’re. 

Two issues should change right here. One is that knowledge should be far richer to be helpful. Wage increments and exterior competitiveness can be essential knowledge factors. Organizations should have a look at design paradigms: what’s the coverage for brief time period incentives, what’s the coverage for long run incentives, what is the foundation of the reward technique. Secondly, organizations should turn out to be extra open to experimenting with the rewards paradigm. First movers will see disproportionate benefits. 

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