At a time when retaining employees has become a challenge for many companies, Indofil Industries Ltd prides itself on its low attrition rate of 8.5%. With its policies of rotational transfer, development opportunities, horizontal assignments and project-wise allocations, the company has worked out its own way of retaining employees. Avinash Deolekar, executive vice-president (people strategy), says the focus is on hiring based on future potential and the character of a person, wherein behaviour and psychometric assessment are the most important factors in evaluating a potential candidate. Edited excerpts from an interview:
What does your company do to continuously strive to be a good workplace?
We execute current assessment versus industry, best-in-class assessment. We also collect internal and external inputs to establish best practices and try to capture employee expectations through pulse/diagnostic surveys. Further we try to reinvent, design and implement best-in-class practices.
How do you retain and motivate employees to do their best?
We execute joint practice session framework suggested by Ram Charan (renowned business advisors to many organization). We also believe in building habits of giving ongoing constructive feedback through our performance management system and encourage our employees to have input on decisions that impact their jobs. We drive a culture of idea generation and brainstorming. We also recognize and reward good work—at various off-sites—and promote an environment of inclusion.
How do you measure productivity?
Productivity is a key metric in here, which articulates our achievement towards short- and long-term goal achievement. We have executed “Management by Objectives" method, i.e., part of our performance management system which measures how well an employee’s output is contributing to our company’s goals and targets. We also use benchmarking analysis, i.e., turnover with regard to total number of employees, that we evaluate year on year. A 360-degree feedback is used where every manager is evaluated by their reporting manager, peer, subordinates, and internal and external customers.
What is the HR budget spending (in terms of training, skilling of employees) in a year?
Indefinite. We consider this an investment and there is no absolute limit depending on business and people needs.
Are there areas where you want to improve the workplace culture going forward?
We want 100% transparency within the organization, and flow of consistent and important communication across.
Involving employees in efforts of the company to give back to the community and enhancing a culture of listening, and put in place a fair and empathic grievance redressal mechanism is also desired.
What do you think differentiates your company from its peers for it to be a great place to work?
At Indofil, we believe that our human capital is our biggest asset. Our talent pool will be our differentiator and will give us a unique people-centric identity.