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    Compensation 101 2022

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    ajay
    Anita Prakash was hired as the new CEO of Buy More in August 2015. She had 15 years of experience in the retail industry, previously serving as VP of Sales for the Southeast Asian consumer goods company Hugo Inc. Buy More was founded in 1993 by four entrepreneurs seeking an alternative to stagnant corporate jobs, and had grown to 150 stores across India by 2005. Recently, Buy More's profits had been eroding due to increased competition. Anita was tasked with reviewing the compensation of key personnel and presenting recommendations by September without outside assistance, as salaries had previously been determined arbitrarily. Her total budget for salaries could not exceed 70 million rupees.

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    Compensation 101 2022

    Uploaded by

    ajay
    33 views2 pages
    Anita Prakash was hired as the new CEO of Buy More in August 2015. She had 15 years of experience in the retail industry, previously serving as VP of Sales for the Southeast Asian consumer goods company Hugo Inc. Buy More was founded in 1993 by four entrepreneurs seeking an alternative to stagnant corporate jobs, and had grown to 150 stores across India by 2005. Recently, Buy More's profits had been eroding due to increased competition. Anita was tasked with reviewing the compensation of key personnel and presenting recommendations by September without outside assistance, as salaries had previously been determined arbitrarily. Her total budget for salaries could not exceed 70 million rupees.

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    Anita Prakash was hired as the new CEO of Buy More in August 2015. She had 15 years of experience in the retail industry, previously serving as VP of Sales for the Southeast Asian consumer goods company Hugo Inc. Buy More was founded in 1993 by four entrepreneurs seeking an alternative to stagnant corporate jobs, and had grown to 150 stores across India by 2005. Recently, Buy More's profits had been eroding due to increased competition. Anita was tasked with reviewing the compensation of key personnel and presenting recommendations by September without outside assistance, as salaries had previously been determined arbitrarily. Her total budget for salaries could not exceed 70 million rupees.

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    © All Rights Reserved
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    Download as docx, pdf, or txt
    33 views2 pages

    Compensation 101 2022

    Uploaded by

    ajay
    Anita Prakash was hired as the new CEO of Buy More in August 2015. She had 15 years of experience in the retail industry, previously serving as VP of Sales for the Southeast Asian consumer goods company Hugo Inc. Buy More was founded in 1993 by four entrepreneurs seeking an alternative to stagnant corporate jobs, and had grown to 150 stores across India by 2005. Recently, Buy More's profits had been eroding due to increased competition. Anita was tasked with reviewing the compensation of key personnel and presenting recommendations by September without outside assistance, as salaries had previously been determined arbitrarily. Her total budget for salaries could not exceed 70 million rupees.

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    COMPENSATION

    Buy More 101

    Anita Prakash, a young talent of Indian origin, had joined ‘Buy More' as the CEO Asia on
    August 10th 2015. She was a graduate from Stanmore University and brought 15 years of
    retail industry experience. At 45, she joined the list of young talent with superfast career
    growth and featured in various magazines across the globe. Before joining Buy More, Anita
    was heading the South East Asian giant of consumer durable goods, ‘Hugo Inc.’ as their VP
    Sales. She had steered the company through the recession that hit the world in 2008.
    Buy More was established in 1993 by a team of four techies who were getting bored and
    stagnant working for someone else. Abhishek Kumar, Varun Dham, Bettina Lacroix and
    Jasmeet Singh met at Sysnew, Philadelphia as System administrators and soon realized that
    they had a lot in common. They were all tech-savvy and wanted the world to enjoy a vast
    array of technological products at the cost that suited an individual's pocket. After a lot of
    free throwing of ideas at the coffee lounge of their workplace, they decided to move back to
    India and start a retail chain of everything and anything that relates to technology. The
    company began its operations with four stores in the four cities in the South: Bangalore,
    Chennai, Coimbatore and Hyderabad. The consumers were left to make the trade-off to
    choose cost over quality or vice a Versa. By 2005, Buy More was operating 150 stores across
    the country covering Tier II and Tier III level cities.
    Recently, though the company increased its sales, its profit margins were eroding and
    dragging along the break-even point. In the retail industry, Buy More was facing a lot of
    competition with margins for cost-effective goods going down every year.
    The company’s plan to hire a fresh and young brain was to steer Buy More towards
    sustainability and profitability. The Board of Directors at Buy More had lured Anita by
    giving him a package of Rs 90 lacs and 1.2% equity.
    Anita was entrusted with the task by the Board to review the compensation of his key
    personnel and present his recommendations by September first week 2015 without any
    specialist consultant’s assistance. She was well aware of the chaotic Salary structures as a
    result of individual bargaining skills displayed in front of the previous general manager.
    There was no structure when it came to compensation of this personnel.
    Anita’s first job was to allocate salaries for these people. She was free to ignore their current
    salaries and arrive at what would be the right amount to pay them. Given that the
    organization missed its EBITA targets, there was no bonus available to be paid to the
    employees this year. The Salary, therefore, would be the only monetary reward for them in
    the coming year.
    Her total budget for the key personnel cannot exceed seven crores or 70 million Indian rupees
    (excluding Anita, of course).
    CEO

    VP
    VP Marketing VP Sales VP HR VP IT VP Finance VP operations
    Procurement

    Chief Head Enterprise Chief vendor


    Chief Marketing Chief Sales Head Accounts chief logistics
    recruitment solutions management

    Head
    Chief talent Chief software
    Investment and
    management architect
    savings

    Chief Employee
    relations

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