“We commenced a program, a few months ago, where we have a detailed career discussion with the employees. It would not be possible to meet the career aspirations of all, 
but having said that we have aggressively stepped up our efforts,” states Sumit. The company has gone onto institutionalise Employee Value Proposition (EVP), which creates a purpose for employees. Sumit divulges, “Under the EVP program, we have four sets. One is the balance score-card that we employ. Secondly, we give empowerment, which means that we have loosened our control. Thirdly, we have institutionalized a corporate university, wherein the employees can self-nominate for courses. Last but not the least; we have appreciation programs that go beyond salaries and wages. We empower our managers to give out token and rewards to employees directly.”
Under the employee incentive front, the employees are awarded incentives on the basis of EVA (Economic Value Added). Incentive programs, which form a component of individual performance, are used, and typically, the ratio of individual to collective is 20-25%. The incentives are paid out once a year... But most importantly, Sumit candidly admits that despite the best of efforts put in by GCPL, attrition rates manage to crop up. The company on its part is of course making efforts to curb this syndrome and is readying itself for bigger future HR challenges.
but having said that we have aggressively stepped up our efforts,” states Sumit. The company has gone onto institutionalise Employee Value Proposition (EVP), which creates a purpose for employees. Sumit divulges, “Under the EVP program, we have four sets. One is the balance score-card that we employ. Secondly, we give empowerment, which means that we have loosened our control. Thirdly, we have institutionalized a corporate university, wherein the employees can self-nominate for courses. Last but not the least; we have appreciation programs that go beyond salaries and wages. We empower our managers to give out token and rewards to employees directly.”Under the employee incentive front, the employees are awarded incentives on the basis of EVA (Economic Value Added). Incentive programs, which form a component of individual performance, are used, and typically, the ratio of individual to collective is 20-25%. The incentives are paid out once a year... But most importantly, Sumit candidly admits that despite the best of efforts put in by GCPL, attrition rates manage to crop up. The company on its part is of course making efforts to curb this syndrome and is readying itself for bigger future HR challenges.
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Source: IIPM Editorial, 2006
An IIPM and Management Guru Prof. Arindam Chaudhuri's Initiative
Source: IIPM Editorial, 2006
An IIPM and Management Guru Prof. Arindam Chaudhuri's Initiative
