Case: Crisil designing a compelling employee value proposition.

Please answer the following questions thoroughly:

1)What do you see as the organizational challenges at Crisil? Which challenges are specific to HR? Try to list at least three.

2)What should be the three to five key elements of a revised Employee Value Proposition (EVP) at Crisil? Should they be different for current employees vs. prospective employees?

3)Develop a plan for communicating the revised EVP both internally to current employees and externally to prospective employees. Be very specific and include the mediums you would use to reach both sets of employees.

4)Now list, in order of impact, the effect the EVP and your communications strategy will have on the HR issues you listed in question one. In other words, which issue will be most directly addressed? And so on.

In April 2017, Anupam Kaura, president and head of Human Resources (HR) at CRISIL L imited (CRISIL), was reading an aualysis of Glassdoor reviews. Glassdoor was a crowdsourced-based online review platform where current and previous employees anonymously reviewed companies and their management. The analysis was based on over 100 reviews posted by current and previous employees of CRISIL in the previous year. The reviews reported that CRISIL was a respected brand name in the business of ratings, research, analytics, and infmstructure advisory in India. Most reviews seemed to indicate that CRISIL provided enriching job content, immense growth opportunities; an excellent work culture, and good work-life balance. However, many reviews painted a grim picture of the employment experience at CRISIL; for instance, some employees perceived CRISIL' 'scompensation structure as relatively low compared to other entifies in the finance and banking sector. A few segments of employees perceived poor work-life balance; some had concerns about the lack of meritocracy in the organization. While CRISIL maintained its top position in the overall Glassdoor ratings, its competitors were ahead in areas such as work-life balance and career opportunities (see Exhibit 1). Further, middle-level talent would acquire relevant work experience and then leave CRISIL for employment with financial institutions, banks, and start-ups. CRISIL commenced its operations in 1987 and had the advantage of being the first player in the ratings business in Indis, but with new ratings agencies entering the industry, it had started to face competition. Over the last two decades, CRISIL had diversified into several other businesses (see Exhibits 2 and 3), and by 2016, it was a global analytical company with US\$241,41 million income from operations (see Exhibit 4). Kaura had joined CRISIL in February 2017 after nearly two decades of experience at leading banks and consulting organizations. He wondered how to distinctly and effectively position CRISIL in a dymamic talent market: should CRISIL be competing for talent within the ratings, analyties, consulting, and infrastructure advisory space, or should it position itself as a preferred employer among organizations across the banking, financial services, and insurance sector? Having been assigned the key strategic task of designing a compelling employee value proposition (EVP) for CRISIL, Kaura also had to consider what the relevant and unique key facess of the EVP could be that would appeal to current and potential employces. The Noed If mid-2013, CRLSIL developod is first EVP and commanicated it to various stakeholdeni. There were three reasons for doing this eccrcise. Fint, the company had grown oxponentially by diversifying dis cutomer bave; cnteripg new locations, adding new offerings, and increasing tho cmployeo count; it was perceived to be a great employer brand in the natings business, However, it heked a well-articulalied EVP. The objective of CRISIL's EVP inifintive was to identify a holistic employment package for CRISIL's existing and potential cmployees Second, although CRISIL was considerded a great employer- one providing eninching job content and immense garowh opportunities - its pay levels were perceived as below industry standards for medium-and hiphor-Jevel managers. Employees cornpared CRISIL's compensation to not only its peers in the mangs, research, and analyties busines, but alsa investment banks, financial instiutions, and start-ups where they could seek employment ata higher compensation based on the skills and exposure they had acquired at CRISII CRISIL's atfrition rate was about 15-18 per cent, which was within industry norms (sec Exhibit 5). Thereforc, the purpese of the EVP was to build awareness among existing employees about CRISIL's strengths, thereby emphasizing its brand, job content, and the work-life balance it offered rather than its compensation. Thind, mid-level employes believed that CRISIL offered limitod growth opportunities within a few domains; for instance; if employees wanted to gain experience in the derivatives begsiness, they did not have the opportunity at CRISIL. to do so and instead had to seek employment with compantes soch as investment banics, which offered exposure in that area. Consequently, the intent was to position CRISIL as an umbrcila brand that offered a vanety of growth opporrunities, An eight-member team was set up to develop a strong EVP, which could be communicated intemally to imptove employee engegement and extemally to promote CRISIL as a strong employer brand: EVP Themes Emerging from the Research The EVP developtuent team collected data from three main sourees-employec engagement surveys, exit intervicws, and focus group discussions - to determine the major facets of the EVR. The team compiled employee engagement sarvey data for the last five years (see Exhibit 6). The data wero analyzed to udentify the top employee enyagenent factorx. In addition, the EVP tcam did qualitative analysis of exit imervicws and focus group discussions, covering more than 400 employecs. The focus group discussions involved pcople from all levels and astoss finctions. The idea was to develop oommon thermes that motivated and engaged all employecx. Data analysis generated the following EVP themes: job contert, work enviroment, CRISIL as a strong brand, great leadership tearth, and growth and development opportanities. Communication of EVP Themes Bgerinning in Jane 2013, cascade sessions were organized to communicatc the five clements or the EVP. In the cascede sessions, cach EVP diracnsion was run for abosit 30 to 45 days. Tho cascade sessions covered the EVE develogment process, introduced the EVP themes, and orgunined activity basied leaming around each theme CRISIL Councet, CEISn's intranet platform, was used for all communication related to tho concrude scssioms A dedicated segment, CRISII. "EDGES" was created to publish criployec intervicws and shate storics, leadentip views, sad factolds supporting the various BVP dimensions. For mstance, in the esscade Stsinin promoting the EVP dimension of growth and development, the veim shated the president's meceagc, le-dentip highilights, eapployee stoties with pietures, question-and-ansyer eessions with employces, and a leaders shared information about available opportunities and the relevint svits requirced for a specific role The career fair created a unique environment where every business leader was approachiable, The intranat wis used to post vacancies, giving employees the opportunity to find out about various roles availahic within the compary. Similar cascade sessions were organized for other dimensions of the EVP, and the activities cowered in each were aligned with the relevant BVP element. Rosults The EVP development team recorded an elevated level of cmployee involvement in the communication excrcise. Out of 3,000 employees, nearly 1,300 participated in the cascade sessions, and all business ieaders participated in the career fairs. The cascade sessions created awareness about job opportunities available within CRISIL's divisions and the skills required for various roles. As a result, applications to internal job postings increased by 35 per cent in 2015 from previous years. Inter-departmental transfers increased from 7 per cent in 2015 to 15 per cent 2016 . The attrition rate decreased from 27 per cent in 2015 to 22 per cent in 2016, and the employec engagement score was at an all-time high over the last 11 years. The entire EVP exercise ended in 2014 and had not been revisited since then. While the effectiveness of the identified EVP drivers and their implementation approach was yet to be established from a long-term perspective, Knura was keen to have a finer understanding of CRISIL's EVP from the employees' perspective, to enable him to re-imagine the EVP. EMPLOYEE PERCEPTION OF REIEN TION DRIVERS Emplayes pereeived CRISIL's major retention drivers to be job profile, strong client focus, quality of work, opportunity to work with talented people, work culture, supportive tean members, training opportumities, a great deal of Aexibility and freedom at work, CRISIL as an established brand, work environment, enormous responsibility in the initial years of one's career, and preferred employment location. Ample and Diverse Opportunities CRISIL provided ample learning opportunities in diverse businesses to employces. A senior manager of Global Research and Analytics, Chennai, who had been working for CRISHL for the past 10 years. highlighted this and shared the following: One reason for stickiness is the kind of opportunitics that you get at CRISIL. If fel connected with the growth of the organization even though I may not be part of each business. CRISIL's diverse businesses provide confidence that you will always have the scope to icam and explore. Once you have spent a reasonable amount of time at a position, there is always a scope to learn; it holds me to this organization. The fact that 1 will always have a chance to learn and do new things is important, and 1 am excited about being part of CRISIL. Another senior manager recollected the initial learning opportunities she was given at CRISIL: 1 was given the opportunity to lead a tearn at a very early stint in my eareer, this has boosted my confidence to a considerable extent. The oppottunities which CRISIL has given me at every stage of my eareer and the trust placed in my capabilities have been the greatest drivern for me us an individual and as a nrofessional. Challenging Work The job profiles at CRISIL provided valuable learning opportunities to its employees irrespective of their level within the organization. A manager who had joined CRISIL in Novenber 2011 recalled, "The best thing about this profile [analyst] is that you can talk to the main promoters of the company which you are going to rate. Talking to directors and CEOS [chief executive officers] is a unique experience and you get first-hand information from them. You are not restricted to one industry; you deal with different people across different industries in India." An employee who jomed CRISIL about four years ago also shared his experience: "Work is challenging and it's a front-end role in which 1 have to continuously engage with clients. I have a portfolio and a set of clients with whom I repeatedly engage; it has its own set of challenges. It's about managing expectations of elients and internal expectations here [at CRUSIL] also. That is a challenge which keeps me driven." He added, "H like the quality of the work here in terms of the actual work and the work culture. The people who work with me are of high quality, which compels me to continuously improve." Training Opportunities CRISIL provided several training opportunities to newcomers to hone their skills. Employees placed great value on the training opportunities provided by CRISIL; for instance, an employce who hud joined the company after about four years of experience at a competing organization said, One thing that stood out was the training I was given at CRISIL. The comprefensive training made it easier for me to fit into the company. My previous employer did not hve a formal training program; it was on-the job training. Here at CRISIL, the training program covered all the processes and made me comfortable. For the first one and half months, it was mainly about getting to know your work, which helped me understand about the company and the work. Rewarding High Performers CRSIL recognized its employees for theit outstanding performance. A setior manager of Rating Lange Corponate Group, who had about seven years of experience, stated, "If you do good things, you get noticed at [the] higher level and achieve carly recognition; that is the uniqueness of CRISIL" Another employee confimed the provision of several rewards in CRISIL, saying. "We have a number of nwards sach as monthly rewards, quarterly rewards, etc. I received a CL AP' award in April 2017. If your tcam or manager or higher authority feels that you did excellent work in a quarter or month, you get rowarded." EMPLOYEE PERCEPTION OF ATTRACTION DRIVERS Several drivers made CRISIL attractive in the cmployment market (see fixhibit 7). According to current emplayees, the major atraction drivers were the strong brand name in the ratings and analyties businers, exposure to diverse clients and client-facing roles, opportunity to work with a diverse range of businesses providing different assigameats, prospects to work with high quality talctit, challenging wortic envirument friendly woks oulturc, meritocracy, and aceess to senior management. CRISII believod in "smapping up the good people even if there was no role for them." In onc of his pre-placement falks at the Indian Institute of Management Ahmedabad in 1992, CRISIL's managing director said, Join us if you want to leam something. Join us if you want to answer some challenging questions and ask some more of your own. Don't join us as a stepping stone because you didn't get a job elsewhere. That way you won't last long at CRISIL. We will pay a tenth of what the biggies will pay you. Join us with an open mind; this is where you will get a chance to shape the future of India's financial markets. This is where you will stamp your name in the annals of India's corporate history, Else, don't join us: CRISIL as a Brand CRISIL had an excellent reputation in the ratings business and was perceived as a strong employer brand by job seekers. An employee recollected, 1 could see the difference in professionalism at CRISIL. [compared to my previous employer]. In my previous company, I had no defined role and was given any job which was available. I never liked that. I have an MBA, so 1 expected something better, which I never got. Since CRISIL is a brand, everyone wants to be here. When I was making a presentation on ratings companies during my MBA, I knew that CRISIL was one of the best ratings companies. Since then, I felt ... if I get an opportunity to work here, I would be privileged, 50 I joined here. It was a dream job for me. Another employee explained his reasons for joining CRISIL as follows: "I worked for a competing company for four years, which gave me a good background of the kind of work at CRISIL. In this industry, CRISIL is the best brand name. The processes are much more streamlined and defined here." Job Profile ERISIL promised fresh recruits work profiles that would give them diverse exposure and an opportunity to yrow quickly in the initial stages of their career. An employee who had a four-year stint at Irevna, a subsidiary of CRISIL in Hangehou, China, shared the experience of hiring a Chinese graduate: I interviewed a young lady for a health care research role. She had another offer and asked me why she should choose CRISIL. I told her to work with us for a week and if she did not liko us she could leave; I would not question her. She joined [and stayed with CRISIL] and said that it was unfortunate that she did not know a company like CRISIL ... in China. Another employ ce reflected, "CRISIL does not restriet you to just your job. It gives you the freedom to be a parr of many other activities along with your job. Every day with new team member, you leam new things. I am liere for that" Work Culture Fimployes felt that, in addition to other things, CRISIL's culture was an important aterction drince an years 1 did nor have to take up a formal route and check with HR on every little thing They are toore fian willing to help," He auded, "I have not been here for long and when I camo back, I felt as if I am back bothe: This defines the overall culture in terms of relationships with colleagues, which is very friendly atnd open:not oaly with people at the same levol, but also across levels. The management is quite aceessible." Another employec oompared CRISIU's culture with his previous employer by saying. There [at the previote employer] were multiple levels and it was very autocratic. CRISIL is a sea change in terms of culturs you can walk into any serior's office and have a discussion. This is the major difference that t have found here. GOING BEYOND ITS RESPONSIBILITIES AS AN EMPLOYER Empioyees believed CRISIL went beyond its basic responsibilities as an employer in considering employees personal and family needs. An employee emphasized this by recalling an example of it colleague on her team: My colleague's father suffered a beart attack, he resided in another city. We have a certain limit for our medical insurance and my collengue had exhausted that amount. The HR team extended support by offering funds and arranging for resources at the city where my colleague's father resided. Not all organizations would go out of the way to do things like this for their employees. A senior manager highlighted the way CRISIL tried to go out of its way for employees: When employees want a location change, we have always tried oug best to facilitate that. A person may have to wait for some time for this to materialize, but as an ofganization, we are always open to facilitating that, In fact, when my wife was prognant, I was based in Chernai, and I requested for a transfer to the Mumbai office for four months so that I could make frequent trips to my hometown [indore] to take care of her: CRISIL. facilitated that promptly. AREAS OF CONCERN Compensation Employees perceived that CRISIL's compensation was below industry standards, which could have been one of the reasons for employee attrition. In July 2017 , the average age of employees at CRISI. was 30,6 years. Young people comprised a sizable chunk of the total employee strength of about 4,000 employees, and their expectations were diverse. One employec shared, I feel that opportunities have opened up in the last couple of yearx. The mindset of the new generation is diffetent. After a year or two, if employees fecl that their compensation is not at par with their peens, they do not think twice about quitting their job. This gencration does not think too much about curoer: compenation is an important driver. Wo should have a system where wo consider the current generation's expectations 1 belicve that perthaps CRuSIL is not the highest pay master, if the pay is an important criterion for youngstens to stay, then something needs to be done about this While employees were not actively looking for opportunities outside CRISII, some employecs were iempted to accept any offer with higher pay from other organizations (seo Exhibit 8). In a few divisions. the atrition rate ranged between 20 and 24 per cent, which wat considered high. CRISIL's irtial philosophy about compensation wis best captured in the followiss statement from pre-placement calks at the findan Instituto of Manugement A himednhade. Our philesophy is that if the employer gives you one cup of ten, you should generate four cupp of tea for the employer. One cup of tea is paid as tax. The second cap of tea is given to the prometern or sharcholders as dividend. The third cup of tea is reserves. The fourth cup is given back foyour as reward. If you generate five cups of tea, you will get that fifth cup as extra reward. As long as you can produce four cups of tea for your employer, you will never find it difficult to maintain your job. That's CRISIL. That's our philospphy.? Performance Appraisals CRISIL took the appraisal process seriously and established an appraisal system it deemed to be rigorous, fir, objective, and transparent. However, employees had mixed opinions about it. For example, one employec said, Appraisal is always tricky. You cannot rate everyone at the same level. You will always have some people who feel they are underrated. I think that it is natural during the appraisal process. But over the years, we have tried to make it as transparent and mathernatical as possible. It's very struetured. For example, X percentage of weight is assigned to client feedback, Y percentage of weight is assigned to managerial feedback, and Z percentage to self-assessment. And if someone has gone beyond what was expected of him, that also gets rewarded. A serior manager explained the appraisal system as follows: We have a bell carve and we try to fit employees on the rating scale of 1 to 4 [ 4 being the highest], Most employees fall into a medium category [i.e., 2], and the differentiation between categories 2 and 3 is extremely high. There are lots of employees in category 2 who are closer to category 3 but end up being in category 2 because they need to be fitted into the distribution curye, which is demotivating to employees. The difference between somebody who does .... average work and somebody who does more than what is expected is very minimal. Uniformity in Employment Experience across Locations CRISIL strived to achieve consistency in its operating style in different locations. However, the employment experience varied across various locations, as pointed out by onc employee: Here [in Cheanail, we do not bave a dedicated HR. The onlkoarding experience, which is carried out by junior executives, does not provide the needed connect with [the] HR team, as they are not physically present hero. Neweomers do not feel welcome. The onbosrding experience is more like a form filling exeresse. A wider frR connect on the day of onboarding is required, especiatly because the kind of people we get are changing these days. Our recruits are very young and fresb out of college and havea lot of expectations secing anbaruding at II [information technology] companies sach as TCS [Tate Consultancy Services Limited] and Infosys [Infosys Limited]. But this peoblem may be Chennai centrespecific. THE PRESENT With a view ws cnsure the peeded impetus on the people agenda, Kaum and his team, along with busiach employes engagement and communication initiatives by leaders and middle manigers; HR busiess partuers with key talent and high performecs; focused leaderstip devclopment for emerging leaders (abour 350 middle to senior managers), rolling out boot camps for specific skill-building in muliple businiestes, and other training programs for employees in international locations, and a stepped-up focus on compus engagement and the selection process, with emphasis on pro-placement offers and on loveraging digitai (mobile application (app)) channels for junior hires - an engaging employee well-being app, and an online marketplace app hosting oxciting deals and discounts, Both apps had high usage and servod as good engagement levers. The company had recently switched to a simpler and scalable employee engagement survey tool that supported sharper analytics and decision-making capabilities. The company was also cvaluating the implementation, over the next few months, of a more intuitive, modern, internctive intranet. Initiatives to promote instant recognition and grant quarterly awards were being steered with greater precision. In 2017, CRISIN was shortlisted by an extemal body as one of the top 20 employers for female employees, an improvenent from its 68 th position the previous year in the same study. Gender statisties at the middle levels had seen a healthy uptick over the past two years. Also, in early 2017 , the company rolled out a fow employee policies such as sabbaticals; flexible working hours, and paternity leave. THE WAY AHEAD Two important questions required immediate attention by Kaura and his HR team. The first was how to position CRISIL as an employer in the competitive talent market-should it be competing for talent within the ratings, analyties, consulting, and advisory industry, or should it position itself as a preferred ernployer competing with organizations actoss industries? A bigger challenge was addressing the competition posed by employers outside the ratings and analyties business such as banking and financial institutions and modem stan-ups:- Sccond, what could be a compelling EVP for CRISIL that would resonate with both currem employees and prospoctive employees? Sub-questions followed from this question, including whether the themes that had emerged from the earlier EVP development exerciso truly represented the current EVP, and whether they were sufficiently compelling in the current challenging environment and for diverse employee segmants. Further, how could the company provide a unifoem employment experierice across diffurent locations? How relevant was the initial compensation philosophy in a wur-for-talent seenario not only within the indusity but also across indistries? Should compensation be a part of the EVP or could some other stronger aspects of CRISII:'s employment experience act as a substitute for compensation? If so, what could thoso aspects be? Lastly, what changes would have made cartier EVP communication to current and prospective cniployees mote effective? Such insights would help Kaurs in designing a new plan for EVP communication The abave questions needed to be answered before the presplacement season began in September 2017. Furher, answering those questions would belp Kaura and his team reimagine CRishL's employer brand and cormumicate the same to carrent and potential employoen. With these thoughts in mind, Kaum closed the Glassdoor analysis summary report and proceeded to another meeting: EXHIBIT 1: GLASSDOOR RATINGS OF CRISIL AND OTHER AGENCIES Note: The number values in porentheses represent the number of Glassdoor reviews; raungs: 1= vory poor; 5= viey gcod; ICRA = investmont Information and Gredit Rating Agency of India Limited; SMERA = SMERA Rabrigs Litd; CARE = Crodit Analysis and Research Ltd; ONICRA = Onida individual Credit Ralieg Agency of India EXHIBIT 2: ABOUT CRISIL CRISIL, India's first credit rating agency, was incorporated on January 29, 1987, promoted at that time by the Industrial Credit and Investment Corporation of India, Unit Trust of India, Housing Development Finance Corporation, and other financlal institutions. In 1990, the CRISILCARD Service providing comprehensive information and analytical opinion on India's corporate entities-was launched. Despite initial market resistance to the acceptance of credit ratings, in 1991 CRISIL began to acquire brand identity with a reputation for analytical rigour and independence. In 1993, CRISIL launched its initial public offering with 2,000,000 shares sold at a premium of US\$0.62 per share, which was oversubscribed 2.47 times: In 1996, CRISIL forged a strategic business alliance with global ratings group Standard \& Poor's Financial Services LLC (S\&P). Initially, S\&P had a 9.68 per cent stake in CRISIL; later, in 2005, S\&P acquired majority control of CRISIL. The alliance with S\&P added to CRISIL's exportise in methodologies and provided exposure to the international rating markets. CRISIL made three main acquisitions to diversify its offerings. In 2000, CRISIL acquired information Products and Research Services (Indla) PVt. Ltd. Which strengthened its research business and made it India's leading provider of integrailad research. In 2005, CRISIL acquired Irevna, a leading global equity research and analytics company, which added equity research to its offerings, and in 2012, acquired U.K.-based Coalition Development Ltd, a company providing high-end analytics to global investment banks. In 2011, CRISIL had revenue of US\$124.84 milion, growing at a compounded annual growth rate of 32 per cent over the preceding 10 years. By 2016 , CRISIL was a global analytical company providing ratings, research, risk, and policy advisory services with US\$241.41 million income from operations, a compotind annual growth rate of 16 per cent, and profit after tax of US $50.87 million. EXHIBIT 3: CRISIL'S BUSINESSES CRISIL Ratings CRISIL provided services in the range of dobt instrumentws bank loans centicates of dopogit, commercial puper. bonds, 3nd partal puarantoes. CFiSiL's clients inctuded 23 of the Bombiy slock Exchange conutifuent compantes and 39 of the National Stock Exchango of India's NIFTY 50 constituent compan bs, apcounting for 80 Der cent of the equity market capltalzation. CRISIL had ratings on more than 25,400 large and mid-scato corporatos and financlal in titutions in India. In 2005, CRISIL pioneerod a globally unique and affordablea tating service for small and medium enterprises. CRISIL had also assesoed and rated 111,000 micro, smalt, and medium enterprises in india, the highest number anywhere in the worid. CRISIL Global Research and Analytics (GR\&A) CRISIL'S GRSA was the world's kargest and top-ranked provider of high-end research and anolytics services GR\&A provided custom research, business, and marketing analytics across sectors such ab technology, Ithlecom, energy, materials, health care, pharmaceuticals, consumor packaged goods, and industrials CRISit's resourch and anolytics services covered more than 3,300 stocks and 3,400 credits giobally, and 75 global banks, insurance companios, consulting firms, private equity players, and asset martagement firms, CRISIL had research centres in Argontina, Chinn, India, and Poland, working with clionts across soveral time zones and in multiple languages. The GR8A businuss had over 2,300 employees, 75 per cent of whom had advanced degrees in finance. accountiri, and manigement. CRISH. employed the iargest number of chartered firancial analysts in India. CRISIL Research CRISIL Research provided the most comptahengive and independent coverage on the indian economy. industries, and companies. This integratod offering of tesenrch under these three vorticals along with custom z0d researth wos one of the key difienantiators of CRISIL Research. Economy Research covered an in-depth analyos of short- and medium-term trends, and outlook on key macro-economic variables, ovants, policios, and oconomio issues. Industry Resoarch covored detailed rewoarch on around 86 soctors tuch as real estate, infrastructure, logistics, and small and modium-sized enterprisos. and on emerging segments of the economy. Company Reports covered data analysit of the top 150 listed companies. Customizad Reselarch covored studies like project fessibility. markof sizing, demand estimations, cuntomized credif reports, regionat damand, and growth cont of Indla's banking industry by asset base, 15 of the top Indian compariles by maricot capitaficotion. and ill incian matual fand and lifo innurance companies: GRJSIL Risk and Infrastructure Solutions ahablics, solutions, and intrantructure advisory in urban energy, naturai roscurces, transpert, afnd sopisties. opecated in unda and 2 ? othis emerping eooromios: EXHIBIT 4: CRISIL FINANCIAL HIGHLIGHTS (IN MILLION US\$) Note: EBITDA = earnings before interest, taxes, depreciation, and amortization Source; "Analytics of Conviction: CRISIL Limited, Annual Report 2016, " CRISIL: An S\&.P Global Company, accessed August 18, 2017, https://www/crisil.com/content/dam/crisiVinvestors/annual-reports/2016/crisil-ar-2016-interactive.pdf. EXHIBIT 5: ANNUAL EXIT DATA (2014-JULY 2017) Note: The number value in parentheses represents total head count