Best Employer 2.0, Rural Electrification Corporation Ltd.
Rural Electrification Corporation Limited, Industry: Banks & Diversified Financials, Year of Incorporation in India: 1969, Total number of Employees: 678, HQ City: New Delhi
The company makes efforts towards building a healthy, happy work culture that is based on mutual trust and respect
During the past few years business environment, business volume and project profile of REC has witnessed a sea change. To thrive in face of increased competition and respond to the new challenges, their business strategy was redesigned, thereby ensuring REC’s strong presence into the entire electricity value chain leading to substantial improvement in its business volume. Implementation of this strategy required a professionally competent and motivated workforce. This was achieved through multiple measures including but not limited to overhauling and benchmarking of HR policies to attract and retain talent, revisiting employee compensation strategies including introduction of variable pay element linked to performance, comprehensive skill gap assessment and fulfillment, re-working of recruitment strategy, competency upgradation, development of a performance driven work and many more.
Rajeev Sharma, CMD, REC, said, “Organisational culture has a direct bearing on the fulfilment of business objectives. A positive culture is the primary requirement for the growth of an organization. At REC, we make all efforts to work towards building a healthy, happy work culture that is based on mutual trust and respect. This has led to better team work thereby resulting in improved performance for the Corporation.”
A Public Sector Enterprise has to work within a set of principles laid down by the government. Attracting and retaining talent is critical in view of the increased competition being faced from the private players. The attraction of alternate employment with better terms does lure young professionals not only to the private sector but also other public sector companies. A public sector enterprise has to therefore devise suitable innovative strategies to retain its talent within the parameters as applicable. The corporation is working not only by improving its branding but also creating a better work ambience. In view of the regulated compensation management, the corporation works towards providing a better work content and a learning atmosphere where the employee works towards job enrichment and his personal growth. This helps in retaining and nurturing talent.
REC makes sincere efforts to adopt and in fact outdo the industry in terms of providing an environment, which nurtures productivity and promotes talent. The policy interventions adopted provide for adequate compensation benefits as also career progression. Meritorious performance is encouraged both monetarily and non-monetarily. The employees are encouraged to nurture a feeling of being an important partner in the growth story of the corporation.