In an era where organisations face intense competition for talent, offering employee benefits has become essential. Servotech Power Systems has implemented several initiatives to support and empower its employees.
ESOP: One significant initiative is the allocation of an Employee Stock Ownership Plan (ESOP) to all employees. Servotech is an NSE-listed company and a leading solar products and EV chargers manufacturer.
Rajesh Rai, CHRO and director, Servotech Power Systems, says that the ESOP aims to provide additional financial benefits beyond the regular monthly and annual compensation. Granting employees a stake in the company fosters a sense of ownership and alignment with the organisation’s success. Although the immediate impact and results of the ESOP is not available, Rai believes that this is a positive step towards enhancing employee satisfaction and motivation.
Retaining valuable employees is equally important. Employees who feel valued and supported by their organisation are more likely to stay for the long term. By offering attractive benefits, companies can foster loyalty, reduce turnover rates and minimise the costs associated with recruiting and training new employees. In turn, this stability allows organisations to build strong and cohesive teams, leading to increased productivity and efficiency.
Gender diversity: Another notable initiative Rai highlights is the promotion of gender diversity within the company’s manufacturing setup. Manufacturing, which is traditionally a male-dominated sector, put in efforts to increase the representation of women in various roles.
Rai shares, “The management recognises the value of diversity and inclusivity, which not only contributes to a more balanced workforce but also brings fresh perspectives and ideas. Therefore, the company has been actively hiring more women in coding, quantity and manufacturing positions. Additionally, they even ran an exclusive diversity-hiring month focused on recruiting women and further advancing gender diversity within the organisation.”
Training and development: Skill development and training programmes are also emphasised as crucial aspects of the company’s approach to employee growth and empowerment. The organisation believes in providing comprehensive opportunities for skill enhancement to all employees, irrespective of their gender. By investing in their development, the company aims to equip employees with the necessary knowledge and abilities to excel in their roles. This approach aligns with the belief that when individuals feel supported and empowered, their engagement and productivity increase. Consequently, employees’ efforts are recognised through rewards and recognition, such as the ‘employee of the month’ or ‘annual appraisal increments’.
“The management recognises the value of diversity and inclusivity, which not only contributes to a more balanced workforce but also brings fresh perspectives and ideas. Therefore, the company has been actively hiring more women in coding, quantity and manufacturing positions. Additionally, they even ran an exclusive diversity-hiring month focused on recruiting women and further advancing gender diversity within the organisation.”
Rajesh Rai, CHRO and director, Servotech Power Systems
The thought process behind these initiatives stems from a genuine concern for the employees’ physical, mental and emotional well-being. The company seeks to create a work environment that prioritises not only financial stability but also holistic employee satisfaction. Unique benefits, such as additional leaves on birthdays and anniversaries, have been provided to enhance work-life balance and acknowledge the personal milestones of employees. Furthermore, the organisation emphasises the importance of compliance with ethical standards and gender equality.
Transparent reviews:The quarterly performance reviews are a transparent process for evaluating employee performance and providing constructive feedback. By conducting these reviews regularly, the organisation aims to keep performance discussions ongoing and minimise surprises during the annual appraisal process. The reviews provide an opportunity for employees and their managers to engage in open dialogue, discuss achievements and lessons learned, as well as areas for improvement. This approach fosters a culture of continuous growth and development within the company.
The provision of employee benefits creates a positive company culture centred around employee well-being. It sends a clear message to employees that their organisation cares about their personal and professional growth. This emphasis on employee happiness and satisfaction fosters a positive work environment where employees are more likely to collaborate, innovate and contribute their best efforts. Such a culture not only attracts talent but also nurtures loyalty, resulting in a cohesive and motivated workforce.
Overall, the company’s initiatives reflect a commitment to creating a supportive and inclusive work environment where employees feel valued, empowered and motivated. By prioritising employee satisfaction, providing opportunities for growth and development and embracing diversity, the organisation aims to enhance retention, productivity and overall organisational success.