FUTUREGROUP

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

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 corporate credo 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.

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

Foot Mart Retail .

CO -PARTNERS OF FUTURE GROUP

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: For continuous 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

COMPANIES OF FUTURE GROUP

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 ADVANTAGEEMPOWERING PEOPLEFuture Group’s diverse people initiatives are aimed to attract, motivate and empower our employees in many ways.These include:ShishyaAn initiative that provides an opportunity to develop and enhance skills and knowledge through various educational and learning programs.

SeekhoAn 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 ProgramA 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

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.POur Leadership Excellence Advancement Program identifies and develops an individual’s leadership potential.

Idea BoardUnlike a "suggestion box", the Idea Board is an open forum that offers a platform for employees to voice their ideas openly.

GENISISFuture 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 MANAGEMENT1. JOB ANALYSIS AND JOB DESIGN:

Job analysis is the process of describing 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 collection function performed by the HR

department that includes the following steps:

The above mentioned steps are discussed as under:

(i) Collection of 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

2. RECRUITMENT AND SELECTION OF RETAIL

EMPLOYEES :

The success of a retail organization largely depends upon the team of efficient store

employees who are chosen out 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.

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 broader term that may include

performance appraisal too.

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 conduct quarterly/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.

5. COMPENSATION AND BENEFITS:

Compensation and benefits represent a substantial part of total cost in most of the

organizations. Compensation is not only the concern of 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

EMPLOYEE SPLIT UPS

SUPPORT FUNCTIONDEPARTMENTS EMPLOYEES

STORE KARTA 1ASSISSTANT STORE KARTA 1

HUMAN RESOURCE DEPARTMENTSENIOR MANAGER 1

ASSISSTANT HR 1

OPERATION FUNCTIONCOMMERCIAL 2EXPERIENCE ZONE 2FASHION 30FOOD 31FOOTWEAR 3HOME ESSENTIALS 2HOME FASHION 4HOME ZONE 11HOMEWARD 10LEISURE 5LIBERATION ZONE 3MULTIPLE CATEGORY 1OPERATIONS 1SCM / WAREHOUSE 1STORE 1SUPPORT SERVICES 35T24 4

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.