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- 1. FUTUREGROUP
- 2. FUTURE GROUP Future Group, led by its founder and Group CEO, Mr. Kishore Biyani, is one of India’s leading business houses with multiple businesses spanning across the consumption space. While retail forms the core business activity of Future Group, group subsidiaries are present in consumer finance, capital, insurance, leisure and entertainment, brand development, retail real estate development, retail media and logistics led by its flagship enterprise, Pantaloon Retail, the group operates over 12 million square feet of retail space in 71 cities and towns and 65 rural locations across India. Headquartered in Mumbai (Bombay), Pantaloon Retail employs around 30,000 people and is listed on the Indian stock exchanges. The company follows a multi format retail strategy that captures almost the entire consumption basket of Indian customers. In the lifestyle segment, the group operates Pantaloons, a fashion retail chain and Central, a chain of seamless malls. In the value segment, its marquee brand. In 2008 Big Bazaar opened its 100th store, marking the fastest ever organic expansion of a hypermarket. The first set of Big Bazaar stores opened in 2001 in Kolkata, Hyderabad and Bangalore. The group’s specialty retail formats include, books and music chain, Depot, sportswear retailer, Planer Sports, Electronics retailer, Ezone, Home improvement chain, Home Town and rural retail chain, Aadhar, among others. It also operates popular shopping portal, futurebazaar.com. Future Capital Holdings, the group’s financial arm provides investment advisory to assets worth over $1 billion that are being invested in consumer brands and companies, real estate, hotels and logistics. It also operates a consumer finance arm with branches in 150 locations. Other group companies include, Future General, the group’s insurance venture in partnership with Italy’s General Group, Future Brands, a brand development and IPR company, Future
- 3. Logistics, providing logistics and distribution solutions to group companies and business partners and Future Media, a retail media initiative. Future Group’s joint venture partners include, US based stationery products retailer, Staples and Middle East based Axiom Communications. Future Group believes in developing strong insights on Indian consumers and building businesses based on Indian ideas, as espoused in the group’s core value of ‘Indianness’. The group’s corporatecredo is, ‘Rewrite rules, Retain values’. Future Group was founded on a simple idea: Rewrite rules, retain values. This fundamental belief created a new kind of marketplace, forever transforming Indian retail. Today our core values continue to guide how we do business and improve the quality of life of the people we serve. At Future Group we are committed to being a catalyst of positive change in the communities, societies and business sectors in which we operate. We envision India’s transformation into the legendary 'Sone Ki Chidiya' (golden bird), taking wings once again to reach greater heights. We take pride in our Indianness. Our belief in inclusiveness for long-term sustainable growth and economic prosperity evokes trust among consumers, employees, suppliers, partners, shareholders and the community. Our Values We share the vision and belief that our customers and stakeholders shall be served only by creating and executing future scenarios in the consumption space leading to economic development. We will be the trendsetters in evolving delivery formats, creating retail realty, making consumption affordable for all customer segments – for classes and for masses. We shall infuse Indian brands with confidence and renewed ambition. We shall be efficient, cost-conscious and committed to quality in whatever we do. We shall ensure that our positive attitude, sincerity, humility and united determination shall be the driving force to make us successful.
- 4. SERVICE PROFILE OF FUTURE GROUP Future Retail (India) Limited Home Solutions Retail India Limited Future Brands Limited Future Media (India) Limited Future Supply Chain Solutions Limited Convergem Communication (India) Limited Pantaloon Food Product(India) Limited Future Knowledge Services Limited Future Capital Holdings Limited Future Generali India Insurance Company Limited Future Generali India Life Insurance Company Limited Future bazaar India Limited Winner Sports Private Limited Staples Future Office Products Private Limited Talwalkars Pantaloon Fitness Private Limited Converge Indus League Clothing Galaxy Entertainment Corporation Ltd Future Consumer Products Limited Future Ventures India Limited FootMart Retail .
- 6. CO -PARTNERS OF FUTURE GROUP
- 7. CORE VALUES Indianness: Believing in the Indian way and in oneself Leadership: In thought and in business Respect& Humility: In dealing with everyone within & outside the organization Introspection: Forcontinuous learning, self-development and personal excellence Openness & Adaptability: Open to new ideas, knowledge and proactive in meeting challenges emerging from changing business scenarios Valuing and Nurturing Relationships: With customers, business associates, stakeholders, communities and society Simplicity & Positivity: To foster innovation, speed and imagination Flow:Learn and be inspired from the universal laws of nature
- 8. COMPANIES OF FUTURE GROUP
- 10. CUSTOMER SERVICE The support services that a retailer offers have become very important today. The credit policies and the product returns policies need to be clear marketing, buzzwords in the industry today and all these are aimed at enhancing customer service. In the Big Bazaar, the product range is good and availability of the products is very easy. Bag Bazaar provides the low price comparison to the other retailers. Big Bazaar provides the good services to their customer like; baggage counter, parking, product, help line, etc. FUTURE GROUP ADVANTAGE EMPOWERING PEOPLE Future Group’s diverse people initiatives are aimed to attract, motivate and empower our employees in many ways. These include: Shishya An initiative that provides an opportunity to develop and enhance skills and knowledge through various educational and learning programs. Seekho An initiative, aimed at encouraging employees who are consistent performers to fast- track their career growth by completing their higher education (MBA) in the retail domain. Happiness Index Program A priority initiative aimed towards building a culture of employee-level conversations to achieve happiness through sensitivity and empowerment. Vidyarambh ‘The festival of learning at our stores’ is aimed at building a culture of a knowledge- led organization. Suprabhat
- 11. A residential program that has Processes& Games, Guided Meditation, Power Breathing Techniques, Understanding Bias Barriers & Nature of the Mind. Combined with timeless wisdom and innovative, contemporary management techniques, the program helps employees explore their inner-self in collaboration with the Art of Living Foundation. L.E.A.P Our Leadership Excellence Advancement Program identifies and develops an individual’s leadership potential. Idea Board Unlike a "suggestion box", the Idea Board is an open forum that offers a platform for employees to voice their ideas openly. GENISIS Future Group’s Management Trainee Program aims to develop trainees into future leaders at the company through on-the-job training, project work and functional implementation. FUNCTIONS OF HUMAN RESOURCE MANAGEMENT 1. JOB ANALYSIS AND JOB DESIGN: Job analysis is the process ofdescribing the operations, duties and responsibilities of the job. In order to recruit retail employees on a scientific and rational basis, it becomes necessary to determine in advance a standard of personnel with which interested candidate can be compared. This standard must establish the minimum acceptable qualities necessary for the accomplishment of tasks by retail employees. Simple stated, the process through which these qualitative requirements (standards) are determined is known as Job analysis. Hence, job analysis is a data collectionfunction performed by the HR department that includes the following steps:
- 12. The above mentioned steps are discussedas under: (i) Collectionof factual materials: The first step of job analysis process includes collecting factual information relating to the job. THIS TASK IS USUALLY ACCOMPLISHED IN FOUR WAYS: (a) With the help of structured questionnaire (b) Using narrative descriptions (c) Observations, and (d) By interviews
- 13. 2. RECRUITMENT AND SELECTION OF RETAIL EMPLOYEES: The success ofa retail organization largely depends upon the team of efficient store employees who are chosenout of a number of applicants for the job. Recruitment is a very first step in the employment process, which aim at obtaining and maintaining an efficient store staff (floor employees) as a means of achieving sales targets.
- 14. 3. TRAINING AND DEVELOPMENT: After selecting the most suitable and eligible candidates in the organization, the next step of HR department are to arrange for their training. All types of jobs require some type of training for their efficient performance and therefore, all employees, new or old should be trained or re-trained from time to time. Further, the way new and new retail formats are emerging, new developments are taking place throughout the globe, it becomes imperative for any retail organization to systematically plan for the training program aiming at increasing the knowledge, skills, abilities and aptitude of employees to perform the new competitive tasks. 4. PERFORMANCE MANAGEMENT: After selected, training and motivation, the next task, a HR manager has to perform is to evaluate the personality and performance of each employee by quantitative factors (such as targets achieved). In actual, with the help of performance management, the management through HR department would like to find out how effective it has been hiring and placing employees. Performance management allows retailers gain access to the reliable, timely information that drives better decisions. The term ‘performance management’ and ‘performance appraisal’ are used synonymously by few authors and subject experts. But the retailers throughout the globe believe that performance management is a broaderterm that may include performance appraisal too.
- 15. A TYPICAL PERFORMANCE MANAGEMENT SYSTEM INVOLVES FOLLOWING ACTIONS: (i) To develop job descriptions clearly. (ii) Selecting right employees at right jobs with right selection process. (iii) To negotiate requirements and accomplishment based performance standards, outcomes and measures as and when required. (iv) To provide appropriate training, education and induction. (v) To facilitate ongoing coaching and feedback. (vi) To conductquarterly/half yearly performance development discussions. (vii) To design appropriate compensation and appraisal system that rewards employees for their outstanding contributions. (viii) To provide career development opportunities for employees. (ix) To assist with exit interviews to understand why loyal employees leave the organization.
- 16. 5. COMPENSATIONAND BENEFITS: Compensation and benefits represent a substantial part of total costin most of the organizations. Compensation is not only the concernof the organization but is equally important for the workers and employees to maintain their social image. The main objective of such compensation and benefits are to control the costs, to establish a fair and equitable remuneration to all, to utilize the compensation and benefits device as an incentive for greater employee productivity and to establish a satisfactory public image. Hence, it becomes imperative for the HR department of any retail business to have clear-cut policy guidelines regarding employees’ compensation and various benefits. For effective implementation of compensation plans, HR department should be aware about the benefits given to the employees in similar kind of organizations. The attitude of the employees towards his employer will usually be determined by the extent to which he/she is satisfied with the wages he/she is getting, though it is not the only reason for employee satisfaction. Even motivation comes after an employee is satisfied with his/her basic compensation. It is also the best way to satisfy the employee at the lower and middle level of management
- 17. EMPLOYEE SPLIT UPS SUPPORT FUNCTION DEPARTMENTS EMPLOYEES STORE KARTA 1 ASSISSTANT STORE KARTA 1 HUMAN RESOURCE DEPARTMENT SENIOR MANAGER 1 ASSISSTANT HR 1 OPERATION FUNCTION COMMERCIAL 2 EXPERIENCE ZONE 2 FASHION 30 FOOD 31 FOOTWEAR 3 HOME ESSENTIALS 2 HOME FASHION 4 HOME ZONE 11 HOMEWARD 10 LEISURE 5 LIBERATION ZONE 3 MULTIPLE CATEGORY 1 OPERATIONS 1 SCM / WAREHOUSE 1 STORE 1 SUPPORT SERVICES 35 T24 4
- 18. CONCLUSION Big Bazaar is the leading retail chains in the country and is growing with everyday, especially in the food product category. With more and more new entrants into the Indian retail market, Big Bazaar is finding it hard to squeeze out more discounts for customers than its competitors and yet maintain profit. As such it depends heavily on a highly-efficient supply chains to procure and deliver its products of best quality at the cheaper rates. Currently, Big Bazaar manages 30 different supply chains spanning 4 different categories – food, fashion, home and general merchandising, out of which food supply chain is the most crucial, as it is the most unorganized yet an untapped source of huge profit margins. Even the food supply chain is different for 3 different categories – farm fresh products, cold-chain and FMCG products, each having different distribution networks. Although the existing supply chains are highly efficient but yet a lot of improvements can still be made by introducing more technologies and IT in procurement and distribution. The future aspects of food supply chain lies on the perils of freezing fruits and vegetable prices, vegetable stock exchange, managing the products by themselves, partnering with dairy farms or plants, and have direct distribution from manufacturers such as P&G, who directly distribute products to the retail shops ,eliminating distributors and wholesalers. The food supply chain especially the cold-chain sector in India is an unexplored mine, which if explored properly, can reap gold for all retailers, customers and farmers.