A global business conglomerate with diverse interests in Pharma, Financial Services, and Real Estate Piramal Group has rolled out a retention plan named “Long-term incentives (LTI)”.
Long-term incentives (LTI) are a mix of stocks and discounted stocks, and the overall compensation includes LTI, bonus, and fixed payouts. The LTI plan was rolled out in the company to lower the attrition rate.
According to Mint, This initiative will benefit 280 middle and senior management employees of the company. However, previously it benefited 70 of the senior employees in the organization.
Vikram Bector, Chief Human Resources Officer (CHRO), Piramal Group said, “From around 70 senior leaders, most of whom directly reported to the CXOs/business heads, we have gone down to offering long-term incentives to around 280 mid to senior leaders, which is a four-fold increase in our employee base covered under this program across our three businesses.”
“The reasons are both internal and external. A large number of our employees across levels have been instrumental in helping the businesses grow in India and globally, hence it is only logical that we reward them for their hard work”, Vikram Bector Bector added.
“We also proactively and continuously benchmark our total reward practices with competitors and this is a result of those efforts as well,” Vikram Bector further said.
Led by Mr. Ajay Piramal, the Chairman, Piramal Group has offices in over 30 countries with a Team of over 10,000 people from 21 diverse nationalities. Additionally, it has a brand presence in over 100 global markets.
It has promoted 12% of the employees each year in the period of two years. Additionally, The company has also worked on releasing the employee shortlisted for another vertical within the exact and official notice period. This has resulted in the financial services, 60% of its hiring have been performed through reference.
