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Pay of HR heads rises as finance sector expands

Source | The Economic Times : By Sneha Shah, Rica Bhattacharyya

The expanding gamut of the financial services sector is leading to an increase in crorepati human resource professionals, with salaries of chief HR officers catching up with those of chief executive officers in finance and compliance functions.

The emergence of new segments like small finance banks and financial technology companies, and the expansion of non-banking finance corporations, with a flood of private equity money backing these businesses, are opening up highprofile opportunities for HR executives, driving big movements and payouts in this space.

According to industry experts and search firms, the salaries of chief human resources officers (CHROs) and HR heads in these segments could range from Rs 80 lakh to Rs 1.5 crore, excluding 20-30% bonus and stock options.

Some of the recent top-level movements in HR include Agnel Victor, who joined as head HR at Avendus Capital in April 2016; Ladwa Srinivas, who moved to Reliance Nippon Life Insurance in May 2017 as CHRO; Sharad Vishvanath, who was appointed as group head, digital banking, analytics & HR at Au FINANCIERs (India) in April this year; Debraj Sinha, who joined Magma FincorpBSE 1.07 % as chief people officer in November; and Kavita Shrivastav, who moved to Piramal Finance as head HR in November.

“There is a growing trend of institutional capital backing domestic platforms that is creating new opportunities in financial services beyond traditional banking,” said Vivek Kapadia, director at executive search firm Vito India. HR is no longer considered a support function and increasingly promoters and management are demanding seasoned HR professionals who act as key business drivers.

“HR heads with strong HR transformation experience, ability to scale businesses with a focus on people and technology, and put in place a robust framework to enable some of these platforms to unlock value, are in high demand,” said Kapadia.

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