Page 154 - Tata Steel One Report 2024-Eng-Ebook HY

Business Operation and Performance Driving Business Towards Sustainability
Corporate Governance Policy Financial Statements Attachments
conditions, utilizing the Customer Pricing Index as a factor in the annual review for increases.
• Individual Merit: review individual compensation based on personal performance and abilities, which includes annual increases, special raises, and variable bonuses that reflect both company and individual achievements.
The Company has instituted employee welfare and other compensation programs apart from salary, bonus, and provident fund contributions for the management and other employees which are extended beyond regulatory requirements. The Company seeks to listen to and understand employees through various channels such as Welfare Committee, Employee Committee, and Suggestion Box, Reverse Feedback Evaluation and has a review process in place to consider improving welfare and benefits from time to time. The Company also pays attention to employee and family care for better living and quality of life by providing welfare and various assistant fund to employee, family, and parents such as holiday and leave, medical support plus dental care, medical check-up, provident fund, employee uniform, per diem for working upcountry, emergency loan etc. In addition, in response to the needs of individual employees, the Company has adopted a Flexible Benefit policy for employees to choose based on terms and conditions determined by the Company. Moreover, the Company opens for employees at all levels to participate and be part of the Provident Fund Committee, employee choices for provident fund are also available for employees to encourage appropriate employees’ financial planning and preparation for retirement.
The Company has focused on promoting good relationship between employees and the Company by encouraging various communications related to Company performance to all em¬ployee levels on a regular basis. There is a quarterly President & CEO and top management meeting with the employees of 3 plants and head office discussing and answering various questions. This quarterly dialogue is arranged by visiting each location being as host and broadcast to other locations. This enables the top management team to visit employees at specific location while can communicate
key messages to all at the same time. More time have been given to responding questions sent in advance and live questions to ensure that employees’ voices are heard. Also, together with an increase of communication through different media such as Suggestion Box directly to President & CEO, order, an¬nouncement, internal journal, intranet, and employee brief from Employee Dialogue is summarized and published on intranet, etc.
In terms of activities, various activities are conducted throughout the year for the employees and family participation by building happy workplace in all 8 dimensions which are Happy Body, Happy Heart, Happy Society, Happy Relax, Happy Brain, Happy Soul, Happy Money and Happy Family. Examples of activities are Buddhist Lent Ceremony, Songkran Festival, including other activities such as various sport and recreation activities and activities on different important days like Children’s Day, Valentine, Chinese New Year, Father’s Day, Mother’s Day, Company’s Birthday, and Tata Group Founder Day etc. The Company also arranged Health Promotion Program such as Blood Donation, sports competitions, massage and stretching activities, “Health Talk” which invite specialist instructors on health care.
The Company truly believes that proper communication and constant information exchange among employees and Company will create smooth relations, cooperation and engagement from employees, thus driving the organization towards goal achievement. During the year 2024 – 25, the Company had an attrition rate of 4.7% which is a slight increase from last year (3.5%) but still considerably low compared to the market of above 10% reflecting market growth and more job opportunities in the market.
152 Tata Steel (Thailand) Public Company Limited