Some execs draw multiple salaries

   

Some execs draw multiple salaries

Mini Joseph Tejaswi | TNN

Bangalore: How does it sound to draw salaries from multiple companies every month? That’s what an increasing number of senior and mid-level executives are already doing. And there’s no illegality involved. They work part-time in each company.
    You will find such jobs in small and medium companies that employ 50 to 250 people, mostly in functions like human resource, finance, administration, sales, marketing and other support areas. The model allows SMEs to receive the services of function specialists, and yet save over 60% on salaries. The only fulltime staff for those functions would be clerical or data entry teams of 3 to 15 people to support day-to-day requirements.
    Sundararajan V of Numinous Consulting, a boutique consulting and investment banking firm, works as CFO in five companies that operate in multiple domains. ``It is a fast emerging model that works well both for enterprises and professionals,” he says. SMEs pay between Rs 50 lakh and Rs 80 lakh for a full time CFO, but the part-time option reduces it by at least 60%.
    The companies that Sundararajan works for are in different cities and so he does portions of his jobs remotely, by email, phone or video chat.
    Siji A S is an HR specialist who too works for five companies, one day a week for each firm. Again, none of these companies has in-house HR heads, while teams of 3 to 6 people handle basic HR functions. Siji goes once a week to oversee the functions.
    `It is quite a responsibility as we need to look into everything that comes under the purview of HR. It could be a meeting with the CEO to discuss issues like fresh hiring, appraisals, increments, training, staff activities, HR audit, career development,'' says Siji.
    A full-time HR head would have to be paid a salary between Rs 30 lakh and Rs 50 lakh.
    Alpha Sales (a 50 people firm), Global Solutions (100 people), Stridus Software (60 people) are some that have gone for such part-time staffing option.
    Gaytri Krishnamurthy, head of HR consulting practice at Ad Astra Consulting, says part-time CXOs and executives are considered on par with employees. “They have access cards, personal logins and they are responsible and liable for any data loss or violation of confidentiality.”

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Article taken from Times of india Newspaper:-
http://epaper.timesofindia.com