Banking, Financial services and Insurance (BFSI) is an industry term for companies that

provide a range of such financial products/services such as universal banks. This term is
commonly used by information technology (IT)/Information technology enabled services
(ITES)/business process outsourcing (BPO) companies and technical/professional services
firms that manage data processing, application testing and software development activities in
this domain.
The global BFSI Industry faced serious turmoil during the early 21st century, when a series of
crisis like 'Subprime mortgage crisis' in US, and the Great Recession worldwide, that began
in Q3-2008 and ended in Q1-2009, gave a huge setback, resulting into negative growth.
But global research reports say that the industry is now coming back on track, and is gaining
pace on a path of recovery.
With the industries getting back on track, heres a research towards their being able to engage
the employees through instruments called Rewards.
The methodology used was one-one interview through a questionnaire (as attached). The
following are the broad answers to the questions asked.

Accenture(Services):
Q1.
The reward programme was never revamped in Accenture consulting.
Q 2.
There were 7 individual awards and 2 group awards given at Accenture, catering to all the
levels of employees, except for the Champions award that was given only at the managerial
levels. Most types of award frequencies were done, including on-spot awards, quarterly and
yearly awards. The distribution method of awards also included peer to peer, immediate
supervisor to direct reportee and the award from the office of MDs.
Q.3.
The criteria included for different awards included on displaying Accenture values, project
complexity basis, feedback, going extra mile and amount of uploads or downloads to the
repository.
Q.4
A good percentage of about 15% from total cost were given to the reward programme.
Q.5
Employee perceptions were rated to the full scale of 5 in effectiveness.
Q.6.

For each category of employees too, the rating were on the full five scale.
Q.7
There was never a case of dropping any award.
SBI Life Insurance (Insurance):
Q1.
The reward programme was never revamped in SBI Life Insurance
Q2.
The individual and group level rewards were given at all levels. The frequency included
annually, semi-annually and on festivals. The awards were given by distributed by the HR
team, organising committee during festivals, as well as by the reviewing authority.
Q3.
The rewards were on the criteria including- completion of 3 years of service, sales target
achievements for the particular month etc.
Q4.
Data not available for the percentage.
Q5.
The employee perceptions rate 4 for effectives.
Q6.
Rating for 3 in each of the four age-group categories.
Q7.
There was never a case of dropping any award.
PNB MetLife India Insurance Co. Ltd (Banking & Insurance)
Q1.
The reward programme has been revamped once in the last 10 years.
Q2.
There were only individual rewards given- one for all levels and the other for below manager
levels. The frequency included spot awards and monthly awards. The rewards were
distributed either by the HR Team or functional head. The awards were either presented in the
town hall or on the desk (in case of spot awards).
Q3.
The awards were given basis performance matrix, SLAs, behaviours and quizzes, activities
etc.
Q4

Only 2% of the total expenditure was spent on rewards.

Q5
The employee perceptions were rated as 3.
Q6.
For millennials, the rating was 2. For rest all the categories, the ratings were 3.
Q7.
They has dropped one award because people were not happy with the prize money of the
award. It was an award where cash was appended in the salary. For the employees, the
amount appended was very less.