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CRISIL Communication Plan Corporate Communication and Marketing Dr. Savita Hanspal July 3, 2020

Background

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The case study, CRISIL: DESIGNING A COMPELLING EMPLOYEE VALUE PROPOSITION, deals with designing a compelling employee value proposition (EVP) for CRISIL Limited (CRISIL). CRISIL is an analytical company that provides rating, research, risk, and policy advisory services. The company was founded in 1987 and was one of the first businesses to enter the industry. Once the business became popular, they started experiencing steep competition. CRISIL is considered one of the top contenders in the ratings industry and is known for providing employees with enriching job content, growth opportunities, a strong clientele focus and a good work-life balance. They utilize a well-known site, Glassdoor, to read the reviews about their company. There were some very positive reviews, as well as negative reviews that immediately caught their attention. However, Exhibit 5, shows that CRISIL is plagued with high turnover rates, with many employees leaving for better opportunities elsewhere (Saini & Kaura, 2018 p.11). Employees are the heart of the organization, and it is therefore vital for employees to feel engaged, motivated, and energized. Hence, the importance of utilizing employee value proposition (EVP) to recruit talent and to retain current employees. According to Saini and Kaura (2018), some employees perceived CRISIL’s compensation structure as relatively low compared to other entities in the finance and banking sector. Others had concerns about a poor work-life balance and a lack of meritocracy in the organization (Saini and Kaura 2018). CRISIL were doing well according to the Glassdoor ratings, but lacked balance and career opportunity. Many mid-level employees would use CRISIL to gain enough work experience and then move on to other opportunities. Anupam Kaura has been assigned to develop a compelling employee evaluation proposition (EVP) for CRISIL. Kaura wonders how to effectively position CRISIL and questions whether or not they should be competing for talent within ratings systems or position itself as a

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preferred employer? Kaura must also consider what relevant and key facets of the EVP would appeal to the organizations’ current and potential employees. Purpose of Communication Plan As mentioned above, CRISIL developed their EVP to help appeal to current and protentional employees. They needed to act immediately to prevent further employee loss. The goal of the EVP was to identify a holistic employment package for CRISIL’s existing and potential employees. This meant that the plan would have a long-term value of investment, which in turn will keep costs in check, reduce turnover and sick leave, while at the same time will attract potential employees. Another goal was to build awareness among existing employees about CRISIL’s strengths, thereby emphasizing its brand, job content, and the work – life balance it offered rather than its compensation (Saini and Kaura, 2018). The third goal was based on a review that said CRISIL offered very little room for growth. CRISIL’s goal is to become an umbrella brand that offers a variety of growth opportunities. Analyze Data Survey: Section one was based on employees’ compensation, benefits, work-life balance, culture, advancement opportunity, and satisfaction with the job. Results show that employees are neutral when it comes to the current state of the company. Although the reviews are neutral the company would benefit from improving all areas. Section two focused on how employees feel about working for CRISIL. According to the scores, they need improvement. If they do not act soon then they are going to lose good employees. An employee should enjoy working for their employer. CRISIL should make sure that they incorporate a plan to provide growth opportunities for their employees. Section 3 asked three questions. The first was what changes can CRISIL due to boost employee morale. Based on the feedback, most employees want incentives. The work

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that they put in is valuable and companies should recognize that. Recognizing your employees will go a long way. The survey then asked where you would like to be in the company within the next 1-2 years, most employees stated want to be in a different position. Employees want to grow within a company. In addition, the company should provide employees with the opportunity to promote growth. The last part of the survey asked for other suggestions. All employees agreed that they needed to be compensated fairly. If you look at the competitors, you will see that they are offering higher pay for the same position. The company should compare what competitors pay their employees to what they are paying and make them equal. This will help boost employee satisfaction and will encourage them to stay wit the company. Communication Plan Audiences CRISIL’s target audiences are their employees, as they are the most important. They are the reasons why CRISIL has had such success. The EVP team collected data from three main sources – employee engagement surveys, exit interviews, and focus group discussions – to determine the major facets of the EVP (Saini and Kaura, 2018). In addition, the team wanted to focus on group discussions with their employees and they wanted to follow up the exit interviews with qualitative analysis. The idea behind the group discussion is to help motivate and engage all employees. From the data analysis, the EVP generated themes like job content, work environment, CRISIL as a strong brand, great leadership team, and growth and development opportunities (Saini and Kaura, 2018). The themes would be organized through cascade sessions that will communicate the five elements. In addition, each element would last up to 45 days. The cascade session will cover the EVP development process, introduce EVP themes, and include organized activity-based learning. CRISIL Edge is a dedicated segment that was developed to help publish employee interviews and share stores, leadership views and factoids supporting

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various EVP dimensions. CRISIL also organized career fairs to share information to their employees about the available opportunities and the relevant skills required for a specific role (Saini and Kaura, 2018). Communication Plan Message What does CRISIL want to communicate to their audience? While communicating with their audience, effective messages should be clear, concise compelling and believable. CRISIL was incorporated in January 1987 and was India’s first credit rating agency. CRISIL diversified into research & analytics, along with risk & infrastructure solutions. This growth, diversification and employee perception of compensations and growth opportunities prompted the need for employee value proposition (EVP). CRISIL wants to position themselves as an employer in the competitive market, along with attracting and retaining talent. CRISIL wants to use EVP to communicate and raise awareness to the opportunities within the organization. “Therefore, the purpose of the EVP was to build awareness among existing employees about CRISIL’s strengths, thereby emphasizing its brand, job content, and the work-life balance it offered rather than its compensation” (Saini & Kaura, 2018 p. 2). In Exhibit 8, it showed that CRISIL has many opportunities areas in which they can improve. These areas are lack of clarity on career progression, opportunities for growth and development, lack of recognition/appreciation of work, work has become routine; not enough learning opportunities, lack of employee-friendly policies and procedures (Saini & Kaura, 2018 p. 12). Presently, Kaura and along with his team wanted to increase actions taken by the company. This included employee engagement and communication by leaders and middle management. Examples of employee engagement that CRISIL utilized was bootcamps for specific skills, training programs for international locations and campus engagement, an

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employee engagement app, and an online marketplace for deals. CRISIL have begun utilizing employee engagement survey tools, and employee policies such as flexible working hours, sabbaticals, and paternity leave. Through these initiatives, CRISIL wants to communicate the importance of their employees and their engagement. These actions taken by the company show their commitment to promoting work-life balance as well as providing opportunities for their employees to grow. Communication Plan Tactics How does CRISIL want to communicate to their audience? Tactics are important, as they support the organizations strategy; tactics are utilized as means of executing the strategy. Therefore it is essential that both the organizations strategy and the tactics they utilize are aligned. Missed aligned tactics and strategy can confuse the audience, send them mixed messages and attract a different audience than intended. Tactics represent specific activities that CRISIL will utilize to communicate their messages to their audience. Tactics are chosen based on their ability to deliver messages in a specific time frame or utilization of resources. Tactics are important for companies like CRISIL to implement to successfully incorporate an objective that align with the company’s strategy. Tactics consists of various communication networks such as email, social media, intranet, storytelling, and public relations. CRISIL wants to communicate to their employees that their importance along with the importance of employee engagement. CRISIL wants to communicate that they are taking actions to provide opportunities to employees along with promoting work-life balance among employees. CRISIL uses various communication methods to reach their target audience. CRISIL utilizes cascade to inform employees of the EVP development process along with being

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introduced to the EVP themes. Cascades sessions were used to communicate the elements of the EVP and systematized activity-based learning surrounding each of the themes. CRISIL Connect is CRISIL’s intranet, this platform can be used for communications regarding cascade sessions and allowed the organization to post job opportunities. CRISIL “Edge” is used to publish employee interviews and to share stories regarding leadership views and facts that support EVP dimensions. “Edge” was also used to share messages from the company’s president, promote growth and development amongst employees, create an opportunity for employees to share stories, and provided a question-and-answer session. CRISIL held a career fair in their cafeteria, this allowed employees to see available opportunities and skills required for each specific role. Career fairs offers an experience for employees to engage with leaders and management, as the career fair makes these individuals more approachable for employees. Through the utilization of the employee survey, CRISIL is able to communicate to the employees that they matter and it helps with employee engagement as employees are able to voice their opinions. The employee survey will allow CRISIL to have an ongoing gauge of where the employees are in terms of satisfactions and identifying areas that they can improve to show the employees their opinions and engagement is valued. Communication Plan Prioritizing Tactics Measuring Effectiveness

Instrument of Measurement Some employees who have worked for CRISIL have expressed they have been satisfied with what CRISIL offers its employees in terms of compensation, excellent work-life balance, culture and vast growth opportunities. On the other hand, there have been employees who

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completely disagree and feel as though compensation, culture, work-life balance, meritocracy and growth opportunities within CRISIL can use some improvement. The most beneficial way for CRISIL to evaluate, engage with employees and create a better communication between management and employees is to implement an employee satisfaction survey. “It is important to remember that there is a way to measure and develop staff satisfaction levels. After you have identified and measured issues, you must create an action plan, carry out those actions and re-evaluate in the future.” (Marsden-Huggins, 2016) This survey should be conducted monthly to gauge the improvements and compare to previous surveys completed. The survey should be done anonymously to create a sense of trust amongst employees. By getting employees engaged through surveys not only will it increase productivity but more importantly, it will uncover issues quickly, retain employees, and develop employees to have a better outlook on working for CRISIL. See Appendix A for a sample Employee Satisfaction Survey. See Appendix B for examples of completed surveys along with feedback.

APPENDIX A

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Employee Satisfaction Survey The purpose of this survey is to give management of CRISIL ideas and feedback on how to improve the workplace environment for our employees. The survey is to be completed anonymously by employees of CRISIL. Section 1: Please choose a number on a scale of 1 - 5 for each topic reflecting CRISIL, one being needs improvement and 5 being excellent, no changes needed. Please circle your choice. 1 1 1 1 1 1

Compensation to employees Benefits Work-Life balance Culture of work environment Opportunity for advancement Overall satisfaction with job

2 2 2 2 2 2

3 3 3 3 3 3

4 4 4 4 4 4

5 5 5 5 5 5

Section 2: Please choose a number on a scale of 1 – 5 for each feeling about working for CRISIL, 1 being strongly disagree and 5 being strongly agree. Please circle your choice. I rarely think about seeking employment elsewhere I see myself working at CRISIL for at least the next 2 years I can dedicate time to my personal life while employed at CRISIL I enjoy the atmosphere working at CRISIL I believe there are opportunities for growth for me at CRISIL I would recommend CRISIL as a great company to work for

1 1 1

2 2 2

3 3 3

4 4 4

5 5 5

1 1 1

2 2 2

3 3 3

4 4 4

5 5 5

Section 3: Please answer the following open-ended questions with honest feedback. What changes would you recommend to boost employee morale at CRISIL? ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ Where would you like to be in the company within the next 1 – 2 years? ______________________________________________________________________________ Other suggestions: ______________________________________________________________________________ ______________________________________________________________________________

APPENDIX B

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Employee Satisfaction Survey (Completed by)

The purpose of this survey is to give management of CRISIL Limited ideas and feedback on how to improve the workplace environment for our employees. The survey is to be completed anonymously by employees of CRISIL Limited. Section 1: Please choose a number on a scale of 1 - 5 for each topic, one being needs improvement and 5 being excellent, no changes needed. Please circle your choice. This reflects your rating of the company regarding the following matters: Compensation to employees Benefits Work-Life balance Culture of work environment Opportunity for advancement Overall satisfaction with job

1 1 1 1 1 1

2 2 2 2 2 2

3 3 3 3 3 3

4 4 4 4 4 4

5 5 5 5 5 5

Section 2: Please choose a number on a scale of 1 – 5 for each feeling about working for CRISIL, 1 being strongly disagree and 5 being strongly agree. Please circle your choice. I rarely think about seeking employment elsewhere I see myself working at CRISIL for at least the next 2 years I can dedicate time to my personal life while employed at CRISIL I enjoy the atmosphere working at CRISIL I believe there are opportunities for growth for me at CRISIL I would recommend CRISIL as a great company to work for

1 1 1

2 2 2

3 3 3

4 4 4

5 5 5

1 1 1

2 2 2

3 3 3

4 4 4

5 5 5

Section 3: Please answer the following open-ended questions with honest feedback. What changes would you recommend to boost employee morale at CRISIL? I believe the communication at CRISIL could greatly improve employee morale. Leaders within CRISIL should listen to the ideas and advice given by employees. Leaders can also give advice to employees to continue up the career ladder. I would also recommend the organization better promote work-life balance as it will show the organization cares about the employees. Where would you like to be in the company within the next 1 – 2 years? In the next two years, I would like CRISIL to give me more opportunities to advance up the career ladder, either through trainings that develop my skills or through opportunities that give me exposure to positions higher up on the ladder. Other suggestions:

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My biggest suggest to CRISIL is that I want to be compensated fairly, similar positions in other organizations have better compensation levels. In order to keep employees satisfied and keep them from looking else where for employment compensation levels should be equal to those positions in other companies. I believe this can help with recruitment, retainment and satisfaction.

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Employee Satisfaction Survey (Completed by)

The purpose of this survey is to give management of CRISIL Limited ideas and feedback on how to improve the workplace environment for our employees. The survey is to be completed anonymously by employees of CRISIL Limited. Section 1: Please choose a number on a scale of 1 - 5 for each topic, one being needs improvement and 5 being excellent, no changes needed. Please circle your choice. This reflects your rating of the company regarding the following matters: Compensation to employees Benefits Work-Life balance Culture of work environment Opportunity for advancement Overall satisfaction with job

1 1 1 1 1 1

2 2 2 2 2 2

3 3 3 3 3 3

4 4 4 4 4 4

5 5 5 5 5 5

Section 2: Please choose a number on a scale of 1 – 5 for each feeling about working for CRISIL, 1 being strongly disagree and 5 being strongly agree. Please circle your choice. I rarely think about seeking employment elsewhere I see myself working at CRISIL for at least the next 2 years I can dedicate time to my personal life while employed at CRISIL I enjoy the atmosphere working at CRISIL I believe there are opportunities for growth for me at CRISIL I would recommend CRISIL as a great company to work for

1 1 1

2 2 2

3 3 3

4 4 4

5 5 5

1 1 1

2 2 2

3 3 3

4 4 4

5 5 5

Section 3: Please answer the following open-ended questions with honest feedback. What changes would you recommend to boost employee morale at CRISIL? To raise employee morale at CRISIL I would recommend that they start promoting growth within the company. As an employee I am looking for ways to grow and ideally, would want to grow within the company. I would also like to recommend that they provide incentives for all employees and do monthly recognition. Sometimes I want to feel appreciated for the work that I accomplished. This tells me that I am on the right track. Lastly, I think that CRISIL should develop a mentor program. Where would you like to be in the company within the next 1 – 2 years? If there is change then I want to see myself in a management level position, possibly mentoring other potential employees.

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Other suggestions: Other suggestions I wo...