Page 153 - Tata Steel One Report 2024-Eng-Ebook HY

Business Operation and Performance Driving Business Towards Sustainability
Corporate Governance Policy Financial Statements Attachments
years of working. This helps the new employee to adapt fast with the organization. The design of challenging duty, responsibility and job specification are for the employees to know scope of work for each position including key performance indicator and expectation and necessary qualification for that position in order to deliver efficiently. In addition, the Company also stresses on the performance in compliance with core business values and corporate culture, including readiness for change to respond to rapidly changing business environment.
Quality and competence of the employees are the keys to business success
The Company gives priority to continuously developing human resources at all levels and takes responsibility for professional development and career growth of its staff by focusing on four areas. These are:
• Core foundation knowledge required in the areas of Safety, Business Ethics, Tata Values, Product Knowledge, Total Productive Maintenance (TPM), Customer Centricity, Data Analytics, etc.
• Functional Development
• Business Development
• Leadership Development
The Company strives for multiple approaches for development, not limited to classroom training only but includes on-the-job training and self-learning. The intention is to have a development approach that creates meaningful experience for the employees, including Job Rotation, Special Assignment, be a member in cross functional task force, Best Practice Sharing, Shop Floor Knowledge Transformation - SKT, “One Dept. One Share” program which is about sharing experience and expertise with fellow colleagues.
In the year 2024 – 25, the Company has developed a new program called “Enhancing Technical Knowledge Training” with the goal of educating sales representatives about identifying customer pain points and requirement, negotiation techniques, and effective closing strategies. Additionally, “Comprehensive Steel Knowledge Training” program is designed to build understanding of the product manufacturing process, quality certification standards, and market trends affecting the demand for
steel products. This program has been developed not only for sales representatives but also extends to sales support staff. Employees will have the opportunity to gain insights, stories, and advice from experienced colleagues, which will help increase their confidence and enable them to apply the knowledge quickly and effectively in real work situations.
In addition, the Company continues to focus on development through E-Learning programs that can be accessed anywhere at any time. In the year 2024 – 25, the Company organized training sessions for all employees with an average time of 6.1 hours per person.
To ensure ongoing growth and stability for our organization, we prioritize the continuity of our workforce through effective succession planning. Our succession strategy covers all critical roles, including Senior and Middle Management positions, to guarantee a pool of knowledgeable employees ready to step into key roles as needed. The steps in our process are as follows:
• Identify the key positions within the company that are essential for our business operations.
• Define the competencies necessary for these key roles.
• Select appropriate candidates for succession.
• Cultivate these successors through an Individual Development Plan, which includes assigning challenging tasks, involving them in committees and significant projects, and rotating them through various roles to enhance their leadership skills and overall knowledge.
Compensation Management and Building Employee Engagement
The Company aims to manage employee compensation policies that are fair and appropriate, aligning them with the Company's performance in both the short and long term by taking into account the following elements:
• Merit Principle within the organization: evaluate compensation based on job specifications, responsibilities, and performance evaluations.
• Merit Principle outside the organization: assess compensation levels that are competitive in the market based on compensation surveys and make necessary adjustments in accordance with the market
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