At Essar, we believe that our people are our greatest asset and are fundamental for the achievement of our aspirations.
Our employees are our most valuable assets without whom we cannot achieve our business objectives. Our priorities last year included employee retention, succession planning and nurturing and growing internal talent. Various employee engagement initiatives coupled with enhanced focus on individual training needs in alignment with the business objectives helped us meet our objectives.
We continued to focus on effective management of people performances through linkage with business results and motivation through rewards. The Short Term Incentive Plan which was introduced in FY2011 for the middle management of Essar Oil employees was paid out at the end of FY2013 to consistent performers.
Essar Oil operates within a framework of HR policies, practices and regulations appropriate to the country of operation. We maintain policies relating to labour aspects which highlight our commitment to being an employee friendly organisation. There are HR processes in place for recruitment and selection of personnel at all levels; policies in place for induction, performance management, learning and development, retirement, separation, business practices and exit.
The Group HR Function has functional responsibility for HR issues at Essar. Group HR provides direction in different aspects of HR and introduces innovative models and tools for continual improvement and value creation.
The Group President of HR, who is also a member of the highest governing body within the organisation, has operational responsibility for all aspects of the workforce. He has a team of senior professionals with separate portfolios for talent acquisition and management, learning and development and employee engagement. In the last couple of years our focus has been on refining our people management processes and building our talent pipeline. We undertook a number of training and development initiatives to create a learning environment and developed programmes which link people across the Group to facilitate business requirements.
The Essar Brand 'Positive Action' emphasizes superior execution, translating positive intentions to 'actions', delivering value to internal and external stakeholders, strong goal orientation, and aligning values to performance.
At Essar Oil, we have established six key operational objectives, the 'Essar Capabilities', as follows:
The Essar Capabilities are a strategic human resources vehicle to create intangible value and reinforce the brand. The Essar Capabilities are the touchstone for decisions on talent acquisition, assessment, development, promotion, and succession planning. In this, and other ways, Essar Oil is leveraging organisational capability to derive sustained competitive advantage in the marketplace and to assist in value creation.
We are striving to be on a par with the best by building a culture of high-performance and meritocracy, creating a strong talent pipeline, developing people into global leaders and managers, building a learning organisation and ensuring an engaged workforce that would deliver business objectives.