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People Practices in SKF India

The Human Resource function is recognized; as an important Business Partner and we firmly believe that good people practices is the differentiating factor in vibrant, high performing organizations and others. We do not claim to have world-class people practices. We may have not yet arrived, but We have embarked on the journey.

The Working climate: Foremost on our People Agenda is to provide the right kind of Working Climate, as it is directly proportionate to level of performance and in turn business results. To create an empowering environment and increase our responsiveness to Customer needs, we have recently restructured our work levels in the Organization. We have only Five 5 work levels starting from Managing Director to Executive grade. Each Job is SKF has well defined roles and responsibilities. Each job has a job description giving detailed information on the role, reporting structure etc.
We have an open and empowering organization. SKF is committed to help employees succeed in their job by creating an environment where once feels free to take the initiative, where the responsibility for decisions and quality lay and where the best knowledge is. SKF values Opennessan open line of communication between employees. We also believe in the power of teamwork. We are going to continue building an environment where people work in teams. Not only within their own units, and within their own buildings, but also across organizational and geographical borders.

Balance between Work and Personal Life: We want our employees to lead an exciting work life and not only
an exhaustive work life but at the same time its not only a 9.00 to 5.00 job. The company encourages employees to maintain a fine balance between work life and personal life. We do this through various People practices. For instance, our leave policy encourages employees to enjoy Minimum 20 days leave and we have tie-ups with local health clubs, which provide attractive, discounts to employee for availing the facilities in the health clubs. The company also provides various Recreation activities for employees and their families and socio- cultural programmes. Sporting people can test their skill in various Industrial sports tournaments. Our Employees are covered under a comprehensive Hospitalization coverage scheme and there are suitable policies encompassing social security coverage.

Managing Performance: We firmly believe that you need the right tool to propel superior performance at the
same time enabling development of employees. That is we have established a Performance Management System that is transparent, fair and comprehensive. An employee and his immediate superior have the joint responsibility of identifying the business objectives on which the performance is assessed at the end of year. As a Company, we believe in the principle of differentiation and the PMS is competent to identify performers and Non- performers. The annual increments are linked to performance of employees. We do believe in differentiation but at the same time employees who fall short than the desired level of performance are taken care by providing suitable development opportunities. The idea is to raise the bar.

Learning@SKF: We are committed to continuously develop the skills and competencies of our employees. Our
employees only can make our dream come true of making a SKF, a Knowledge Engineering company. The Learning and Development needs are identified through the Performance Management System. The Company has state of the art, In house Centre for Learning located in its factory at Chinchwad, Pune where suitable Learning programs focusing on developing Business, Professional and People competencies are offered. We have development programs across all levels of organization right from our Shop floor colleagues to the Senior Leadership team. Currently, the Development Programs are launched for the following

SKF India Limited

For Senior Leadership Team, We have rolled out the Leadership Development Program in partnership with renowned Learning partners and One of Indias top B-school. The objective of this program is to build a strong leadership team by driving a change in the "Leadership Mindset". For our Managers, We have rolled out the Management Development Program for Building managers with Aggressive Mindset. For our Shop floor colleagues, a Workers Development Program is deployed to create Knowledge workers. We also have in place a Higher Education policy to encourage employees to re-enter the Academic arena to upgrade the skills/ competencies relevant to their roles. Our Focus in the next 2 years will be on competency development of employees based on gaps identified subsequent to the competency mapping process.

Growing in SKF: Growth in SKF is not only limited to Vertical movements but also across functions, business Units. All openings in the Company are advertised on the News portal and employees can apply. Our employees in Manufacturing have moved to Sales through the internal recruitment process. There are many citable instances where our employees have achieved upward movement also through Internal recruitment process. At SKF India, it is critical for us to be able to identify, develop, retain and nurture high potential employees. With this aim in mind we have recently launched the Talent Management process. The Talent Management process is known as the INSPIRE process in SKF. Inspire is the process of Identification, Nurturing and Stimulating Performers towards Increased Responsibility and Empowerment with the objective of enhancing the individual and organizational success. Strong and Regular Communication: As a Company we do not underestimate the power of Communication. Strong and regular communication across the organization is like a rudder on a boat, keeping it heading in the right direction. Without them, just like a boat without a rudder, a company can drift off course
At SKF, we utilize the technology for reaching across the Organization. Our interactive Intra- Net gives information about the Companys Business Divisions, Their performance targets, News on the Customers front. The intra- net also provides for information about individuals learning and Development needs just at the click of a mouse. We are further developing the intra- net which will give employees access to their personal information such as Salary details, Tax computation etc shortly. Periodic communication meetings, every Quarter are organized to keep employees informed on various developments in their department, Business Unit, and at Company level. Once in Six months, an Employee Forum is kept where in the Managing Director and the entire Senior Leadership team address all employees, which is followed by a question answer session. Our In-house magazine, Newskaf is published once in a quarter.

Reward & Recognition: Our Reward & Recognition programme address the basic need of individuals to be
appreciated, recognized for superior performance/ initiative. During the Quarterly Communication meeting we felicitate employees, individuals and teams for their outstanding performance. The Reward & Recognition programme caters throughout the levels of organization. For instance, manufacturing shop floor that has achieved zero defect channel status is appreciated in the channel by giving a token gift. Individual letters and a token gift are given to employees with outstanding contribution in communication meetings. Our Journey of developing our People Practices continue

SKF India Limited