When every other firm has its workers on toes with layoffs or cuts in salaries, Asian Paints decided to take the high road and boost the morale of its employees and give annual salary increments.
The coronavirus crisis is bringing out which all companies keep its employees’ mental health a priority and not just their values in digits.
Increased salaries of all employees
The CEO Amit Syngle decided to go ahead with yearly raises in salaries to boost the morale of the workers. Following the announcement of the salary hike, the shares of the company gained 2% on the 15th of May.
Knowing that there will hardly be any revenue in the first quarter of the economic year and still choosing not to fire anyone and also give increments in monthly pays is something no company would resort to right now.
It has also transferred 40 crores in accounts of its contractors, paying its shareholders as well, extending payment dates of all dealers by 45 days, and transferring funds directly into the bank accounts of the respected persons.
“We are not in the hire and fire business and as a mature brand have reassured employees that we all are together in this,” these strong reassuring words of Amit Syngle brought a huge positive impact on everyone associated with the company.
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How the company is coping with the economic slowdown during COVID-19?
The CEO and Managing Director Amit Syngle stated that he would take this time to interact with his employees and pay heed to their concerns. Asian Paints has been debt-free for many years now and is using its saved resources prudently.
Asian Paints has also started Viroprotek to manufacture hand and surface sanitizers. The products will be available soon in markets in various sizes.
This would resonate with its Royale Health Shield range of paints in the long term which is specifically made to be anti-asthma and anti-bacterial. This expansion will also enlarge the customer coverage.
Monetary benefits aside the company is offering free sanitization of shops, medical insurances for painters and shop owners, and helplines.
INR 35 crores contribution to COVID-19 relief funds
It has contributed Rs. 35 crores to State and Centre relief funds for COVID-19. The company has always been proactive concerning government initiatives for many years.
It has aided many schools by providing furniture, paints, and renovation of infrastructure in schools in Kerala and Tamil Nadu. The company also partnered with Helpage India to provide medical assistance in rural areas.
Asian Paints has taken lead in taking care of its employees in stressful times. The company might face economic slowdown as severely as any other company but will surely recover with better goodwill with partners, shareholders, and workers.
The board of the company wishes to establish an example for all other companies out there.
Image Credits: Google Images
Sources: Economic Times, CNBC, Times Now
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This post is tagged under: Asian Paints CEO MD Amit Syngle, increase in salaries, increment, hike in salaries, economic slowdown, recession, profits, revenue, hit, employees, mental health, positive
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