New Delhi, January 31, 2018:
- Awarded at the year’s biggest HR leadership summit, Leading From Behind, in Mumbai
- India’s first People Capital Index recognizes 50 best companies out of 180 for exemplary talent nurturing
- PCI can become a gold standard for talent development: Venkataram Arabolu, Managing Director – BSI Group India
India’s first and most significant standard of talent delight, the People Capital Index, has awarded Apollo Munich Health Insurance for being one of India’s top 50 with a high degree of employee satisfaction about its talent development efforts and programs. This was announced at the prestigious HR leadership summit, Leading From Behind, where the 50 companies that ranked high as per the findings of the People Capital Index, were felicitated. Apollo Munich received the PCI award in the presence of the Who’s Who of Corporate and HR leaders along with industry professionals and practitioners.
The People Capital Index Report for companies in India is the first significant and deep dive into employee perception of how well their organizations are working on developing their people capital. Jombay, one of India’s fastest growing talent assessment and development companies, conducted extensive anonymous surveys of mid-managers in different organizations via social and online media and internal company referrals to obtain their inputs.
For a company to qualify for evaluation per the norms of India’s People Capital Index, a minimum of 30 of its mid-management level employees should have taken the anonymous online survey. By that yardstick, 180 Indian companies had qualified to be in the PCI race; of these, 50 were felicitated. PCI released a list of the Top 50 PCI score companies in alphabetical order without a ranking. So the HR policies, programs and initiatives for talent development at Apollo Munich have been acknowledged as being among the best across Indian enterprise.
The British Standards Institution (BSI), the world’s most experienced Standards Body and founding member of ISO, has been the standards & audit partner for PCI.
Venkataram Arabolu, Managing Director – BSI Group India Pvt Ltd., said, “After carefully evaluating the process, scoring and methodology of Jombay’s People Capital Index, we believe that this benchmarking index, has a lot of potential to become a global standard for talent development. PCI follows a highly transparent process as it runs anonymous surveys independently, making it difficult to get influenced results. We at BSI feel that PCI will serve as a yardstick for the Learning and Development fraternity. It will create and give them a concrete measure to evaluate their existing practices and be future-ready.”
Suruchi Wagh, Co-founder and CPO of Jombay, said, “We are delighted to have given Indian enterprise its first People Capital Index. It is the first survey on ‘people’ in India that provides a deep-dive on the human capital development efforts of an organization. Apollo Munich Health Insurance, which is amongst the best 50 Indian companies on PCI, is not only powering talent development, but also setting an example with great takeaways for the entire HR fraternity in India. The HR team at Apollo Munich should be very proud indeed. The People Capital Index also has many findings, takeaways and insights which, coming as they do from employee feedback, will help and guide HR practitioners a great deal in people development and thereby also combat attrition. We are confident that the PCI will become the People Development gold standard for all companies and HR professionals across Indian enterprise.”
Dr. Sriharsha Achar, Chief People Officer, Apollo Munich Health Insurance said, “Employees and Customers have always been at the focal point of whatever we do at Apollo Munich. It is a matter of pride and satisfaction that our employees have expressed great satisfaction with our HR policies and initiatives that are aimed at empowering them and enable them do their best every day. Our employees are our most precious asset, and this high rank on India’s first People Capital Index is the most satisfying vindication of both, our HR policies and the focus and support of our top leadership for the growth and development of our employees.”
Some key insights and takeaways from the People Capital Index:
The PCI reveals the areas the best 50 companies have scored over the rest. Key differentiator: Enabler of employees, supporter of professional development genuinely caring for the employees. Not merely conducting the talent development initiatives because it is protocol. Apollo Munich, which is amongst the Top 50 Indian companies on PCI, is not only powering talent development, but also setting an example with great takeaways for the entire HR fraternity in India.
The PCI also throws light on the key gaps in human capital development efforts that corporate India needs to work on, like the need to align L&D interventions to business and make them more relevant; the lack of ready-to-implement tips and relevance which hence serve as the biggest challenge in creating adoption and impact; the need to change metrics tracking learning; the low degree of alignment of corporate India’s human capital development agenda to that of what employees want and the learning area domain gaps like developing leadership skills.
Need-gap areas like these lead to the lessons for companies that have not scored highly on the Index. Areas here include the need to sync learning content with business relevance, to make learning real time, all the time, and more.
At a time when the People Agenda has invariably featured amongst the top 3 priorities of most CEOs, the People Capital Index has provided several takeaways and insights to help HR heads in their quest for talent retention through talent engagement and delight.