Markets and industries are constantly evolving, driven by technological advancements, changing consumer preferences and pressures of competition. To stay relevant and competitive, businesses need to regularly assess and update their strategies. Varroc is doing just that and how.
Varroc, an automotive component industry company, is currently revamping its hiring and learning and development (L&D) strategies to effectively align with its business objectives. The company aims to attract and recruit new talent, including individuals at the entry level, in order to establish a workforce that is well-prepared for the future.
Why is a revamp / realignment needed?
By revamping their business strategy, companies can align themselves with current market trends, seize emerging opportunities and address new challenges effectively.
Additionally, revamping a business strategy allows organisations to adapt to a rapidly-changing business environment. This can include responding to disruptive technologies, shifting regulatory landscapes, global economic changes, or changing hiring methods. Without revisiting and adjusting their strategy, businesses risk falling behind their competitors and missing out on potential growth opportunities.
A revamp of the business strategy also helps foster innovation and creativity within an organisation. It encourages a fresh perspective and allows for the exploration of new ideas and approaches. This can lead to breakthrough innovations, improved products or services and enhanced customer experiences.
How is Varroc doing it?
Varroc has recently implemented a revised business strategy in India, aiming to foster innovation within the market. Recognising the significance of staying ahead in a rapidly-evolving industry, the company is emphasizing strongly on cultivating a culture of innovation and disruption. In April 2022, as part of this revamped strategy, the Varroc Group divested its four-wheeler lighting business in the US and Europe. The business unit was sold to Plastic Omnium for 600 million euros, while operations in India and China continue. This strategic move aligns with the Group’s focus on driving innovation in the Indian market.
“Maintaining a strong bench is crucial for product-based organisations such as ours. Unlike service-based companies that typically operate with high employee-utilisation rates, product-based companies need to strike a delicate balance between project demands and having a pool of talent readily available. Therefore, the concept of the bench becomes essential.”
Kavita Kulkarni, chief human resource officer, Varroc Group
As the group undergoes this business strategy revamp, the HR department is realigning its hiring as well as L&D strategies to provide the necessary support in achieving business objectives. As part of these efforts, Varroc plans to recruit fresh talent and build a future-readyworkforce.
To achieve this goal, the company plans to hire a larger number of entry-level employees, including fresh graduates and freshmen, which it has done in the past as well. This approach aligns with the company’s long-standing practice of hiring entry-level workers every year, even during challenging times such as the pandemic. By maintaining a consistent hiring process, the company has demonstrated its commitment to nurturing and developing young talent.
Kavita Kulkarni, chief human resource officer, Varroc Group, says, “Maintaining a strong bench is crucial for product-based organisations such as ours. Unlike service-based companies that typically operate with high employee-utilisation rates, product-based companies need to strike a delicate balance between project demands and having a pool of talent readily available. Therefore, the concept of the bench becomes essential.”
Kulkarni shares that Varroc has their own R&D division for all the verticals, including polymer, metallic and electronics, for which they extensively hire BTech graduates and IT professionals who are working in the auto and EV space. With this incredible talent pool, Varroc has built a very advanced engineering team that includes both entry-level and experienced people.
In the face of unforeseen circumstances, the company has shown flexibility by extending the joining dates of new hires. This approach has allowed the company to adapt and support its employees during times of crisis. Looking ahead, the company aims to substantially increase the number of entry-level hires to strengthen its workforce and enhance its bench strength.
The company’s plan is to build a robust bench comprising entry-level employees who will undergo a comprehensive period of training and probation before being assigned to different projects. This strategy ensures that the company has a talented pool of individuals ready to take on projects and contribute effectively to the organisation’s goals. The bench will cater to various verticals, including research and development, cybersecurity, as well as electrical electronics and advanced engineering, allowing the company to address a wide range of challenges.
According to Kulkarni, “To drive innovation and disrupt the industry, the company recognises the need to assemble a team with diverse backgrounds. Alongside hiring fresh talent, the company also seeks individuals with prior experience, particularly those who have worked on projects with substantial intellectual property (IP) contributions.”
“This blend of experienced professionals and enthusiastic entry-level employees creates a dynamic and collaborative environment, where the expertise of senior personnel can be leveraged while fostering the creativity and growth of the younger workforce,” shares Kulkarni.
While the initial costs of hiring a mix of talent may be higher, the company anticipates that over time, it will achieve economies of scale and optimise its resources. By investing in a strong workforce and disruptive projects, the company aims to position itself as a leader in the industry, paving the way for long-term sustainability and success.
According to Kulkarni, the ultimate overarching goal of the company is to establish itself as an organisation of choice for employees, where individuals aspire to build their careers and remain for the long haul.
“By creating a strong brand image that emphasises innovation, growth opportunities and a supportive work environment, the company aims to foster a sense of loyalty and association among its employees. This will not only ensure a sustainable workforce for future generations but also attract top talent, reinforcing the company’s position as a market leader and driving its continued success,” she concludes,
Clearly, revamping a business strategy promotes organisational agility. By continuously reviewing and adjusting their strategies, businesses can become more responsive and adaptable to unforeseen events or market disruptions. This flexibility allows them to pivot quickly, seize opportunities and mitigate risks.