At Fabindia, what we would refer to as non-cash benefits, would be ESOPs, recognition and opportunities and insurance covers for our employees.
Employees have viewed the ESOP as yet another means that the company has looked at, for sharing the profits with its employees. A lot of employees have looked at this as a means of wealth creation and have truly valued this reward mechanism. When employees were given an opportunity to sell their shares, most of them decided not to sell as they were confident that the company’s performance and growth trajectory would continue to be near vertical, resulting in further gains for them. Employees also view themselves as key stakeholders in the company and feel a greater sense of ownership towards the achievement of business results. They now understand that the achievement of business goals would have a direct impact on the share value.
We offer recognition and opportunities for delivering in larger roles as and when the opportunity is identified, instead of following a traditional and time bound career path. Identifying a fast track for HiPos (High Potential employees) is one of our important processes.
All these benefits play a critical role in making employees feel valued, that their wellbeing is being taken seriously and that the organization is constantly working towards creating opportunities for their growth. This makes the employees feel that they are part of the company’s future. The fact that ours is a growing company, helps throw up many opportunities for people to move into higher/larger roles, while some of their ‘batch-mates’ are still handling smaller responsibilities. One of the greatest motivators has been the opportunity to be part of the decision making group and to be viewed as a solution provider and not just someone who is involved in the implementation process.