The students of TAPMI had the privilege to attend a guest lecture on "Compensation Management and its Challenges", on September 21, 2014 (Sunday). This session was conducted by Mr. Manmay Madiman, Vice President - Human Resource, ICICI Prudential Life Insurance. He is an alum of TAPMI (batch of 2003) and was accompanied by Ms. Sucharita Dey, Senior Manager - Human Resource.
The session commenced with Mr. Madiman briefing us about the background of ICICI Prudential Life Insurance, under the heads of environment, internal anchors, performance and rewards strategy.
He then led us through the developments in the evolution of ICICI Prudential Life Insurance, under the phases of - start up and hyper growth stage, slow down stage (including not only retention but also attrition), transformational stage and finally growth stage. He pointed out that something that made sense in one stage may become a bottleneck in another stage and thus one cannot just look at compensation in isolation.
Instead of making it a monologue, Mr. Madiman wanted to touch upon points that were important to the students and thus took time to patiently answer all questions that the students asked. These covered topics of how to design the right reward and recognition programme, how transparent should the system be in terms of compensation management, what are the effects of an economic downturn on compensation, what are the metrics as well as pitfalls of variable pay, can attrition be controlled linking it to compensation and does non-financial rewards affect motivation of employees.
The biggest learning that Mr. Madiman shared from a practical viewpoint was that there is no 'one right way' or 'one right thing to do'. A more important question is - what are the consequences of the way/path chosen.
Overall, it was an interactive session led by the honourable speaker with equal and intent participation by the students.