Dipstick Report Final

8/10/2019 Dipstick Report Final

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June 2009

Employee engagementin recessionary timesA changing talentperspective


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Contents

Employee engagement- The HR challenge

Key findings

Aligning efforts with strategy

Communication

Training and leadership development

Rewards and recognition

Participant profile

Contacts

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4

6

11

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2

Employee engagement-

The HR challenge

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The economic outlook in the last 3 quarters has been

dominated by retrenchment and cost cutting. Globally

businesses are facing complex internal and external

challenges that are shaping their approaches to

employee engagement. Companies are finding it

difficult to keep their employees focused, motivated and

productive amidst business slowdown and job

insecurities. The real challenge lies in motivating and

providing opportunities for growth and development ofthose workforces that are retained.

As the market dynamics and customer preferences are

changing, companies are focusing on finding innovative

practices related to talent management and at the same

time keeping a close watch on the cost.

Companies appreciate that to remain viable and

competitive both in the short term and long term, they

must focus and improve on their ability to attract,

develop and retaintop talent.

Deloittes Human Capital Advisory Services (HCAS) team

in India undertook a cross industry dipstick survey on

Employee Engagement in Recessionary Times. The aim

of this survey was to understand how organizations are

reassessing their priorities to manage their talent in

smarter and more strategic ways. The output of the

survey is intended to provide insights into how

organizations across are meeting their business and

talent challenges with innovative practices.

The survey polled 41 companies spread across 5

locations of Bangalore, Chennai, Delhi, Hyderabad and

Mumbai. The timeframe for the survey was April May

2009 and data is based on primary research. A detailed

profile of the respondents can be found at the end of

this report.

About the survey

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Key findings

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3

This report presents the major findings of the survey

about how companies are managing employee

engagement in todays turbulent economy. It also takes

a look at the immediate strategic priorities and focus

areas as identified by HR leaders.

Aligning efforts with strategyCompanies continue to invest in critical talent as thereis an increased fear that competitors may try to lure

valuable employeesCompanies are increasingly involving employees in cost

management, quality and client service initiativesA significant slowdown in recruitment, and the focus is

now on retention and selective hiring, driven purely by

critical skills and business needs

CommunicationIncreased frequency of communication with employees;

focus on transparency and positive communications

while at the same time conveying a realistic picture ofthe companys performance and plansEmphasis on periodic employee surveys to keep track of

employee sentiment and increased efforts to handle

employee concerns

Training and leadership developmentCompanies are keeping a close watch on training spend

and are more focused on multi-skilling existing

employeesCompanies are heavily investing in building a strong

leadership pipeline identifying, engaging and

developing high-performing employees from within the

organization

Rewards and recognitionNo drastic changes in compensation structures and

reward philosophiesEmployee rewards have been tied up with specific

initiatives (cost cutting, client service et al) where

employee efforts are clearly identifiable and have an

immediate positive impact on business

Findings

Focus areas

Re-assessmentRe-assessment of the jobs and skills that drive the most

value in the organization. Identification of critical

workforce segments and creation of customized

programs for their skill enhancementA clear understanding of what employees really value

and what can be ignored, and based on that,

investment in appropriate areas and cut backs on lowpriority ones

Picking the right mix of rewards. Identifying catalysts

beyond Monetary reward - A challenging opportunity

or appointment on a critical client account et al

Re-deploymentCompanies are undertaking re-deployment of resources

to maximize outputsOrganization restructuring to eliminate layers and

redundant groupsUse of workforce planning to improve future flexibility.

Companies are also redefining the mix of full-time vs.part-time and regular vs. contract employees

Undertaking additional initiatives and training programs

to multi-skill people

Re-positioningCompanies are revisiting their Employee Value

PropositionRebranding to improve image in talent market and

ward off myths and speculationsEven if an immediate branding exercise is not needed,

companies are undertaking communication campaigns

to stress on positive offerings to employees- stability,

continued growth and development

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Aligning efforts with strategy

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Challenges today, opportunities tomorrow

Measuring returns

The present slowdown has clearly forced organizations

to re-evaluate their employee strength and decide

between options of letting go of those employees who

are replaceable and retaining only those employees who

form their critical workforce or no change at all in

workforce. The survey found that a majority of

companies are following a wait and watch approach by

not retrenching their employees immediately but instead

trying to balance both their employee and operational

costs.

With companies putting a freeze on hiring, an

interesting observation is that some companies have

opted to recruit consultants or freelancers- a move that

would help organizations save on employee benefit

costs. Lucrative bonus and international travel- once a

selling proposition to prospective employees is being

substituted with opportunities for advancement, flexible

working hours and relocation within the company

across teams.

Creating a leadership pipeline and an effective talent

pool still remains a top priority. Though most of the

companies surveyed have not gone on a downsizing

overdrive, the strategic focus is clearly on building

internal capability, separating the critical workforce from

the rest. Recruitment strategy is a clear shift from

quantity to quality.

Some companies have implemented metrics in place

that would help identify how their initiatives affect theway individuals or groups operate. Such measures are

critical in determining the ROI of any specific HR/training

initiatives. Performance expectation is clearly set against

HR initiatives and training activities so the correlation is

clearly observable and no unnecessary expenditure is

incurred on efforts that dont deliver maximum value to

business.

Organizations, especially in the hi-tech space are

continuing to invest in proprietary knowledge and

technological up-gradation in order to deliver increased

value to demanding clients.

Making a difference:

One of the companies in the manufacturing space has

identified a theme for the year - The Will to Win.

This theme is further defined around 3 Ps

People: Behaviours /values which represent The Will

to Win

Planning:Build the business plan around it & connect

organization/employee Goals to it

Profitable growth:Link business/employee

performance to The Will to Win

Energize employees:Excitement about the theme is

created through internal communication campaigns,

and by connecting rewards and recognition framework

with the right behaviours associated with the theme.

The business slowdown has clearly brought about

changes in job roles and job competencies-companies

reported an increase in job redesign, job rotation and

multi-skilling. Key performance indicators for each job

have also undergone changes as a result of performance

standards being considerably hiked (fig. 1). One of the

companies in the manufacturing space reported a

renewed focus on quality compliance as a key

performance indicator that is driven across the

management levels.

The survey also found that owing to increased business

pressures, certain management levels have been asked

to take on additional responsibilities. 36% of the

companies surveyed responded that the middle

management has been impacted the most, while 43%

agreed that employees at all levels in the organization

have been equally impacted by changes in job roles and

competencies.

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Performance

benchmarks havebeen considerablyhiked with measures

being stringent andmonitored quarterly


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Figure 1. Changes brought about by recession

More than 90% of companies surveyed stated that there

has been regular communication to employees about

the companys performance and future plans. A

common feature across most companies is that these

messages have clearly been driven from the top

management.

The survey found that companies are increasingly

involving employees in bringing about cost

49%51%

37%

44%

32%

Jobcompetencies

Key result areas Key performanceindicators

Span of control

management and innovation into the business, and

improving overall quality and client service (fig.2).

While focus group discussions (58%) and open forums

(46%) rank as the preferred methods for capturing

employee inputs, formal questionnaires and contests are

some of the other methods employed by companies.

Figure 2. Areas where employee inputs are asked for

39%

34%

71%

49% 49%

56%

Maintaining currentengagements

Winning newbusiness

Costmanagement

Qualityimprovement

Improved clientservice

Innovation

Jobroles

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Managing attrition

The survey found that there has been an overall

decrease in attrition rates. 23% of companies surveyed

reported attrition figures of less than 5% and 44% of

companies reported figures between 5-10%. However,

few companies in the Retail and Pharma space reported

higher attrition figures between 21-25% (fig. 3).

Of the overall attrition faced by companies, 65% is

voluntary attrition and the rest is involuntary. Companies

surveyed in the Retail and Real estate sectors faced an

increased attrition at the junior management levels

especially for positions like frontline sales and field

officers.


One of the IT companies surveyed has given their

new hires the flexibility to defer their joining dates

wherein they are encouraged to go for higher

education, while the company continues to provide

them base salaries. In this particular case,

employees were more than willing to oblige.

Figure 3. Overall attrition

44%

23%

9%9%

15%

Less than 5%

5% to 10%

11% to 15%

16% to 20%

21% to 25%

Interestingly, companies in the IT product space

reported facing increased attrition at the middle

management levels-this could be attributed to the

scarcity of niche skills especially in the product

development domain and due to competitors optimizing

on the recessionary period to poach resources by

offering them higher pay and job security.

Companies surveyed responded that past performance

records and feedback from managers were the two

methods mainly employed by companies to identify

employees to be retrenched. A few companies also

reported relying on client feedback and assessment

centres to identify such employees.

The survey found that an increasing number of

companies have offered support to such employees by

means of counseling (56%), placement assistance

outside the company (32%) and by giving them the

option to join back the firm at a later time(14%).

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Communication

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Figure 4. Focus areas for communication

10%

73% 73%

32%

39%

56%

41%

46%44%

41%

Change inbusiness plan

Costmanagement

Retrenchment Learning Maintainingcurrent

engagements

Organizationperformance

Newinitiatives

Winning newbusiness

Qualityimprovement

Improvedclient service

Employee communication has taken on an even greater

importance, especially to counter low employee morale.

The frequency of employee communications is definitely

on the rise companies surveyed reported that they

have been communicating more frequently with their

employees over the past few months and that there is

an increased focus on coaching leaders on how to be

assertive while communicating bad news and how to

maintain morale and productivity in their teams.

Companies surveyed agreed that times are tough and

unpopular actions are required- such as communicating

about layoffs and salary reductions, or discussing with

employees regarding their concerns and frustrations.

While more than 70% of companies stated that HR and

managerial staff have been dealing independently with

most of the employees concerns regarding job security

and potential impacts of the current recession, 43% of

companies reported using Townhall meetings as a way

of addressing such concerns on a common platform. Afew companies surveyed have also provided key

members from the management or HR representatives

with key messages, a Frequently Asked Questions (FAQ)

guide, and training on how to manage employee

anxiety.

Companies surveyed agreed that poorly managed

communication can often be a source of uncertainty

among employees. Too little effort invested in

communication can result in a lack of trust, high

attrition of top talent, damaged company reputation,

and a sharp decline in employee morale and

productivity. Additionally, poorly structured

communication can lead to misinterpretation of

information and perception of false promises.

Most companies surveyed felt that senior management

should be clearly visible in building excitement about the

future and creating a positive environment that boosts

employee morale.

According to the survey, organization performance, new

initiatives and cost management are the areas that

communication messages are currently focused on. The

need to focus on quality and client service is also being

clearly communicated to employees. Cost management

messages are sent out to employees on a regular basisas well as whenever there are specific instances of cut-

backs, for example, cut-backs on business class travel

(fig. 4).

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The survey found

that most companiesare focused on acommon set of

principles: maintaintransparency, targetthe right audience,

and consistentlydrive the message ofchange


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Figure 5. Methods for communication

78%

39%

12%

59%

29%

78%

7%

PodcastsOpen Houses /face-to-face

meetings

Internalemployee

surveys/ polls

Organizationnewsletters

BlogsIntranet /internal

companywebsite

E-mailsfrom

management

At the core of ourcommunication drive isthe clear message-Strivefor perfection with

greater momentumAmit Verma, Director-Human Resources,NVIDIA Graphics Pvt. Ltd.

Most companies already have a communication strategy

in place that applies to all employees, but if reductions

in force are anticipated or certain work groups are more

seriously impacted by the current recession, then the

communications are accordingly tailored to their needs.

Emails from management (78%), open houses (78%)

and organization newsletters (59%) are the most

commonly used methods of communication. A few

companies also stressed on the need for two-way

communication between the management and

employees. They have actively been using variouschannels like the company website, blogs and employee

survey polls as a means to constantly keep track of

employee opinions and feedback. Infact, 29% of

companies surveyed reported conducting employee

opinion polls on a regular basis (fig. 5).

Increasingly, organizations recognize that a compelling

employer brand is critical to becoming an employer of

choice and there is a clear focus on build ing stronger

brands as part of their talent strategy.

Survey participants reported having a clearly established

and well-defined employee value proposition, and said

they believe their employer brand provides a clearly

differentiated competitive advantage that helps attract

and retain the best talent.

While 76% of companies surveyed reported that there

has been no recent change in their value proposition to

employees, most of them also agreed that this was only

because they already had clearly defined employer

brands that include a strong focus on job security, andtalent development. The few companies that have

changed their value proposition in recent times stated

that they have now focused on aspects like no

retrenchment or cut in employee salaries and benefits

and business being booming as usual the value

proposition of being a part of a stable organization.

Employer branding


One of the IT Product companies surveyed has

recently started an initiative where about 10-15

employees across different levels and departmentsare randomly selected and invited for a lunch

meeting with the Managing Director. Employees

seem thrilled to be invited to a platform where they

have a chance for an informal dialogue and also to

discuss concerns and suggestions with the highest

level of management.

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Training and leadership

development

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Even in a time of layoffs, benefit reductions, and other

belt-tightening measures, companies surveyed recognize

the imperative to retain and train key talent. When

asked to anticipate how their companys focus on

training and development will change over the next

year, 50% of the respondents reported that there would

be an increased focus on training and development

initiatives, while the rest clearly stated that even if there

is no increase in spending on training initiatives, there

would not be any cut-backs either and that all learning

programs would be carried out as usual.

One of the main reasons for the continued emphasis on

employee retention and training is the recognition by

companies surveyed that they must make the most of

current employees instead of recruiting talent from the

outside, and they are doing this by investing in multi-

skilling and building new skills in their existing

workforce.

Some companies surveyed are trying to cut back ontraining spend by delivering learning programs creatively

at lower costs while some are increasing investment in

learning only for critical workforce segments that have

an unusually high impact on business value and some

others are cancelling or deferring learning programs that

dont deliver immediate value.

While companies agree

on the fact that trainingwould be an area of focusin the coming months,they also believe thattraining spend wouldneed to be closelymonitored

Training efforts are clearly focused on key talent

groups

Companies surveyed believe it is important to first

identify which talent groups are critical and deserve

special focus and resources. This requires a clear talent

strategy and understanding of the business talent

priorities. Without this clarity, they believe that

companies are likely to make short-term talent decisions

that harm their long-term prospects and hinder their

ability to capitalize on recovery from the learning spend.

The survey found that most companies have centred

their training efforts on key work groups like

Technology, Sales and Marketing and Customer Service.

Infact, Sales and Customer Service teams have received

additional training programs to equip them with skills

needed to deliver in tougher markets. (fig. 6).

Companies also seem to have a clear focus on the areas

of training being provided to employees. Most

companies surveyed stated that job-specific (63%),

multi-skilling (39%) and personal development (36%)

were the main areas in which training programs were

Figure 6. Training focus by work groups and levels

4%2%

5%4%

5%3%

4%

3%

6%

5%

7%

5%

3%

6%

4%

7%3%

1%

5%

4%

5%

5%

Technology Production Sales andmarketing

Support Customerservice

Research &development

4%

4%

Entry-level Junior management Middle management Senior management


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being provided. Communication and business

development skills were the other areas in which

training programs were being conducted.

As companies are keen on developing talent while at

the same time, keeping a check on the training spend,

they have been looking at innovations in training

program delivery. While classroom and on-the-job

training along with workshops continue to be the most

commonly used modes of training delivery, quite a few

companies reported an increased use of technology-

based training like virtual classrooms and podcasts.

Infact, 32% of companies surveyed reported relying

heavily on web-based learning (fig. 7).

Most companies also reported a significant drop in

hiring of external vendors, and increased

Figure 7. Training methods

encouragement for internal trainers through incentives

and frequent Train-the-Trainer programs.

The survey found that companies tackle talent

development challenges by implementing manager

development programs and by holding managers

directly accountable for talent development and

engagement through the incentive process. Managers

are also being involved in the process of defining

employee career paths. These companies also stated

that talent development is not solely the responsibility of

HR, but a responsibility shared between both business

and HR requiring active engagement, commitment, and

accountability from leaders and managers.

Talent development is not solely an HR effort

Classroomtraining

Seminars Web basedlearning

Virtualclassrooms

Workshops Buddyprogram

On the jobtraining

Fast tracklearning

programs

80%

27%32%

10%

37%

17%

66%

15%


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Leadership developmentOrganizations today seem to be clearly focused on

building strong leadership capability. The survey found

that 70% of companies have undertaken initiatives for

identification and development of high-potential

leadership. Both the amount of attention paid to

leadership development and the quality of leadership

programs seem to have considerably improved.

As organizations struggle to hold on to their best talent

and build a leadership pipeline, it seems that leadership

development is not being considered a casual one-off

exercise. It is increasingly becoming more integrated

with other talent management systems, particularly

succession planning and performance management.

Apparently, organizations have discovered that focusing

on the quality and integration of leadership

development can have a positive impact on business

growth.

Most companies surveyed have stated buildingleadership pipeline (68%), retention of critical workforce

(51%) and succession planning (51%) as the chief

reasons as to why leadership development is the current

focus area. Companies also stated a freeze on hiring at

senior management levels as another influencing factor.

The survey found that these programs are being

conducted across all levels in the organization and not

just focused on senior management. A few companies

stated that they offer a series of leadership development

programs that start at entry level and continue right

through the ranks of senior leadership. Elements of such

programs include rotational assignments, courses at

major universities, and task forces focused on solving

real-life business problems.

The emphasis also clearly seems to be on building the

next line of leaders across work groups like Technology,

Sales and Support with slightly lesser importance being

paid to R&D and Customer Service (fig. 8).

The survey also found that leadership development

programs are interwoven with the performance

management systems and high potential employees are

identified through the performance appraisal process,

assessment centres and nominations from superiors

based on an employees outstanding achievements at

work. A few companies reported conducting leadership

development programs not just for high-performers but

also for employees possessing core/critical skill sets andthose who would be extremely difficult to replace.


An IT services company has launched an initiative

called Developing Customer Centricity. People from

every department across the organization who have

demonstrated Customer Centricity in their work are

selected and then based on questionnaires and

focus groups with these people, the behavioural

indicators for the same are arrived at. Post thisexercise, the company has associated with an

outbound learning agency and designed a program

that would be conducted across the entire company

to ensure all employees demonstrate same levels of

customer centricity.

Figure 8. Leadership development focus by work groups and levels

Technology Production Sales andmarketing

Support Customerservice

Research &development

Entry-level Junior management Middle management Senior management

5%

9%

5%

2%

5%

5%

3%

1% 1%2% 2% 2%

2% 2%3% 4%

8%

7%

7%

9%

4%

4%5%

5%


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Keeping high potentials engaged

Companies surveyed reported that post identification of

high performers; delivering high-quality leadership

programs and keeping such high potential employees

engaged were the key focus areas.

The survey found that allowing high potentials to handle

critical projects or challenging business lines and work

on new initiatives were the main ways of keeping such

resources fully engaged. 61% of companies surveyed

stated that their leaders would identify keydevelopmental roles in the organization, and allow high

potentials to handle such roles thereby enabling them to

gain critical experiences through these roles. Some of

these roles focus on handling critical projects or global

operations, others innovation and still others running a

P&L. 27% of companies said they kept their top

performers engaged by actively involving them in new

product development. Few companies reported

engaging their high potentials by ensuring them access

to cross-functional experiences and by using global

assignments as a training ground for developing global

management capability (fig. 9).

Companies also give such high-potential employees

additional opportunities to interact with senior

management.

It is critical to informpotential leaders of theirstatus and the efforts thatthe organization isundertaking to build ontheir capabilities

Figure 9. Keeping potential leaders engaged

19

27%

61%

51%

61%

32%

17%

New productdevelopment

Handling criticalaccounts / projects

Handlingchallenging

business lines

Working on newinitiatives

People initiatives Others


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Rewards and recognition

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A well-planned rewards and recognition program is a

key driver for employee retention and engagement.

The current slowdown has forced companies to adopt

more stringent measures for evaluating performance.

While employees seem to acknowledge that they would

need to considerably hike their performance levels, they

also expect to be rewarded appropriately for their

efforts.

All companies surveyed already have in place or are

working towards putting in place a reward structure

that closely links pay with performance. The focus is also

on ensuring that these reward programs would help

retain the average performers and reward top talent.

The survey found that companies are also working on

building employee recognition programs that are

meaningful and appropriate. Companies are looking at

innovative recognition and awards programs especially

as a way to keep employees satisfied, despite moderate

salary hikes.

78% of companies surveyed stated that the rewards

structure has remained relatively unchanged in the

current economic downturn. Companies have restrained

from making any drastic salary/benefit cuts, and are

taking a more balanced approach.

Though monetary rewards and performance bonus

remain the widely used mechanisms for rewarding

employees, companies are using sponsorships for

further studies and nominations for training programs as

other ways of rewarding performance (fig. 10).

No drastic cuts

Figure 10. Methods of rewarding employee performance

Monetaryrewards

Bonus Paid leave Flexibleworkinghours

Moreholidays

Sponsorshipfor further

studies

Nominationsfor trainingprograms

Nominationsfor assessment /

developmentcentres

Job rotation

66%

54%

24%

12%10%

39%

44%

22%

34%

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When employees see

their contributionsbeing perceived asimportant, valued

and recognized, theyare more likely toembrace the

organizationscorporate goals andthereby work harder

at enablingcompanies to achievethe same in tougher

times


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Certif icates Cash awards Mailers to allemployees

Plaques Mention onthe intranet /newsletter

Gifts Giftcertificates

Team outingsto celebrate

achievements

Leadershiprole

Certificates, mailers to all employees and cash awards

are the most preferred means of recognizing employee

efforts. A mention in company newsletters, plaques and

team outings are other commonly used ways to show

employee recognition (fig. 11).

The survey found that companies are evaluating

employees on more parameters than just high

performance at work: innovation at work, cost-cutting

initiatives, and for ideas that impact bottom-line and

increase team effectiveness.

The survey also found that the Rewards and Recognition

program is clearly focused on the junior and middle

management levels; and specifically across work groups

like Technology, Sales and Support.

An interesting fact is that barring a handful of

companies (29%), the rest have not introduced any new

incentive schemes for the sales force. As such, the

earlier incentive schemes have largely remainedunchanged, despite the need to push for increased

sales.

Figure 11. Methods of recognizing employee performance

Companies shoulddevelop rewards andrecognition programsthat are perceived byemployees as consistentand transparentSanjay Raina, Executive Vice President Human Resources,United Spirits Limited

68%

56%

61%

44%

49%

39%

37%

46%

34%

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In compiling this report, we surveyed 41 companies

nation-wide, spread across Bangalore, Chennai, Delhi,

Hyderabad and Mumbai (fig. 12). Companies surveyed

cover a cross-section of industries (fig. 13).

Participant profile

Figure 12. Respondents by region

63%

5%15%

5%

12%

Bangalore

Hyderabad

Chennai

Mumbai

Delhi

Figure 13. Respondents by industry

44%

27%

7%5%

17%

Hi-tech*

Pharma

Manufacturing

Others**

*Hi-tech includes IT, ITES and Telecommunications

**Others include Retail, Real estate & infrastructure, Energy and health care

FMCG

Figure 14. Respondents by employee strength

12%

24%

5%5%

17%

Less than 100

250-500

2000-3000

100-150

500-1000

20%

15%

2%

150-250

1000-2000

3000+

In terms of employee strength, the largest chunk of

participants (24%) falls in the 250 -500 employee

bracket (fig. 14).

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Contacts

P. Thiruvengadam

National Practice Leader | Human Capital

Deloitte Touche Tohmatsu India Pvt. Ltd.

+91 80 6627 6108

[email protected]

Reshmi Dasgupta


+91 80 6627 6156

[email protected]

Sethuraman Shivram


+91 44 6688 5420

[email protected]

Sucheta Hota


+91 124 679 2000

[email protected]

Saraswathi Chandrasekharan


+91 40 4031 2642

[email protected]

Vishalli S Dongrie


+91 22 6619 8832

[email protected]

Bangalore

Chennai

Delhi

Hyderabad

Mumbai

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About Deloitte Human Capital Advisory Services (HCAS)Deloitte HCAS practice is globally the second largest human resource consulting practice. We are broad-based businessconsultants who specialize in integrating people issues with business strategy. Our mission is to enhance your organizationsperformance, productivity, and profitability through people.

Our Service Offering is spread across 3 domains:Total Rewards - Uniquely addressing overall business strategy, corporate culture and global alignment of employee programs.We provide design, delivery and performance improvement solutions to purchasers, providers and administrators ofemployee programs. Our integrated approach includes technical experience in retirement, health care, compensation,communications and tax.HR Transformation - Advising clients on how to maximize the efficiency and effectiveness of their HR service delivery modeland operation of the HR function, ranging from process design to selfservice applications and enabling technologies, andconsidering insourcing, outsourcing, and offshore solutions.Organization and Change - Addressing the critical elements of organizational effectiveness, including workforce planningand analytics, talent management, workforce strategies, the people dimension of transformation, and virtual workplacemanagement. We also help improve key components of change leadership, including leadership development, technologyand process adoption, learning and development, culture, knowledge management and capability transfer, andcommunications.DisclaimerThese materials and the information contained herein are provided by Deloitte Touche Tohmatsu India Private Limited(DTTIPL) and are intended to provide general information on a particular subject or subjects and are not an exhaustivetreatment of such subject(s). Further, the views and opinions expressed herein are the subjective views and opinions ofDTTIPL based on such parameters and analyses which in its opinion are relevant to the subject. DTTIPL makes no express orimplied representations or warranties regarding these materials or the information contained therein.Accordingly, the information in these materials is not intended to constitute accounting, tax, legal, investment, consulting, orother professional advice or services. The information is not intended to be relied upon as the sole basis for any decision

which may affect you or your business. Before making any decision or taking any action that might affect your personalfinances or business, you should consult a qualified professional adviser. None of Deloitte Touche Tohmatsu, its memberfirms, or its and their respective affiliates shall be responsible for any loss whatsoever sustained by any person who relies onthis material.

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Dipstick Report Final