A German based Automotive GCoE wanted to build strategies to tackle the double-digit attrition rate within the organization. To achieve this, the client had outlined two major requirements. First, they would have to understand the current compensation mix through a benchmarking study. In addition to that, they wanted to understand the compensation philosophy and ranges that were being followed by their competitors for similar jobs, and skills and the various compensation tools used by industry peers to address the talent needs. They also wanted to analyze and set benchmarks against different salary anchors like TGC, TGP, TC, and TR. Followed by this, the client wanted to conduct a cost analysis of people across different functions to forecast the budget requirements over the next 3 years in order to reach the target percentile positions. For this, the organization would require help in choosing the right set of peers from Automotive & Engineering GCoEs, as per the job functions, skills, and technology areas.
Zinnov carried out extensive primary and secondary research to find key data and insights to help the client in mapping out a plan to retain talent and tackle attrition. The team rolled out questionnaire datakit among industry peers to collect their incumbent data. The data collected through primary research was supplemented with analysis of results from secondary sources like Naukri, LinkedIn, etc. All the findings were validated by consulting internal, as well as external stakeholders.
Once the findings were in place, the Zinnov team deeply assessed the data to bring out the key trends around compensation within the industry, the best practices and the current compensation ranges. The team used Zinnov Proprietary Career Framework for aligning grades and job and level mapping. Client medians were compared against the GCoE’s produce insights.
The Zinnov team followed efficient reporting formats once the results of the research were ready, to present the key findings to the client. The report included excel dashboard that compared TGC, TGP, TC and TR salary anchors, data points on people costs and increments that would enable the client to reach the target percentile positions for all job functions, graphical representation of compensation ranges and salary anchors for each skill requirement of the client and, an executive summary with recommendations.
Zinnov enabled the German GCoE to redefine their compensation strategy and job & level mapping, through the results obtained from the research. The team also helped the client to prioritize key skills and roles to retain top talent. In addition to this, Zinnov is currently working with the organization to strategize on budgetary spends for the next 3 years.