HDFC HR Practice

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The various HR practises implemented in HDFC LTD

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HDFC HR Practices

About the Company Premier housing finance Company in the country

Incorporated in 1977 and Founded by Late, H T ParekhDeepak Parekh CharimanKeki Mistry CEO, Vice-ChairmanRenu Karnad Managing Director

Over 330 Branches across the country and 7 International Branches

Cumulative loan approvals as on Mar 31 2014: Rs 681,872 Crs

A strong Asset Base of overRs.2.97 trillion

Overall Organization Structure (Business Verticals / Regions)

HDFC BankHDFC LifeHDFC Asset Management CompanyHDFC ErgoHDFC Venture FundCredila Financial ServicesHDFC Sales Pvt LtdGRUH Finance LtdHDFC LtdHDFC Realty

3

HR Function / Vertical Organization Structure

MD

LearningDevelopmentEmployee WelfareTalentAcquisitionMedical And travelReimbursementVehicleLoanHomeLoansBranch Cordinator

Talent Acquisition (Recruitment & Selection) The recruitment process is entirely done through the following methodsCampus Recruitment

National Competitions

Job postings on Company Website

Internal Referral

Selection Process Entry LevelThe process mentioned if for Grade XIV to Grade IX

Talent Management (Performance, Career & Competence Management)Performers are identified right from the grass root level and nurtured in various roles

The selected candidates undergo job rotation to understand working of different departments of the organisation

Performers are also sent on International Training to excel in various Managerial Skills

Personality development sessions are also carried out to groom the talent for bigger responsibilities to be undertaken at a future point in time

PerformancePerformance matrix KRA is used to measure performance of employees over the year

KRA is carried out once a year

Example for a employee in Corporate Sales he would be graded on the basis of ,New Business CreationNumber of Activities doneMentoring/ Support Roles Performed to JuniorsTeam Bonding Activities Done

KRA

Learning & DevelopmentAll employees are inducted through a brief induction training and followed up with a year long on the job training

CHF, Centre for Housing Finance is a of the art training facility situated near Mumbai

The centre provides a rigorous training stretching for a fortnight. The training includes in depth study of various functions with in the firms right from administration to treasury

The individual is assessed throughout the training and a feedback sent back to the respective Regional Head

The process assists the recruits in understanding the process, gives an in depth product knowledge and blend into the organizational learning culture of 'learning by doing

Total Rewards (Compensation & Benefits)Compensation is on the basis on grade the employee belongs to

There are a total of 14 Grades within the organization with Grade 1 being the highest

Incremental Salary Hike of an average 10 to 15% YoY

DesignationMinMaxSenior Officers(Entry Level)300000350000Management Trainee400000550000Assistant Manager550000750000

BenefitsEmployee home loans at a subsidized rateFree medical and health check up for employeesProjects /Homes are identified for employeesScholarships for children of employees

Talent Retention (Employee Engagement Initiatives)The company focuses on providing long term wealth creation through ESOPS

Regular job rotation mitigating the monotony factor and also providing an overall business perspective

Employees are trained in various departments and functions which helps them nurture and enhance personal skill sets like negotiations skills, managerial skills, people management skills and so on

Performers are also sent on International Assignments

Unique HR PracticesThe company incorporates an open door culture

Whistle Blower Policy

Grievance Readressal Forum,- which is a forum focusing on attending to issues/ concerns faced in any department. The issues/ concerns are addressed right from the root level and issue specific solutions provided

Comparison of HR Practices with Industry Best Practices in the regionRegular Staff Meetings:Staff meeting are carried out twice a week by Branch Coordinators so as to better understand the difficulties faced by employees during their day to day work. This report is then sent to the HR manager once a month so that suitable steps can be taken up.Mentorship Programme:HDFC Ltd boasts of world renowned leaders heading the organisation , and mentoring is given huge importance so that there is a smooth transition from the baby bloomers to millennialsRigorous Recruitment Process: HDFC has a very rigorous recruitment process to maintain high standards of work culture and employee productivityEmployee Retention Steps:HDFC one of the best employee retention rate in the industry , this is attributed by the employee welfare programs and work culture implemented within the company.

Gaps & RecommendationLEVEL OF ATTRITION over the past few years the level of attrition has gone up . This is attributed to the fact that the recruitment now focuses on young blood and are moving on from baby boomers. Employee satisfaction surveys can be used to measure satisfaction level of employees. This can be used to improve the employee satisfaction and hence in talent retention.Ergonomic design of workplaces will help to improve the productivity of employees.HDFC limited site official website does not have Mission and Vision statement. We recommend the inclusion of Mission and Vision statement in website.HDFC limited is company with legacy. The company stories could be used to motivate and inform the new employee about HDFC Limited.

Project MethodologyThe project was majorly carried out through Primary Research Contact Person :

Mathews.CherickalBusiness Development Manager / People Engagement Chennai Regionmathewsmc@hdfc.com+91 9884971557

ReferencesMathews.Cherickal ( HDFC LTD.)www.hdfcltd.com

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