M.G.M Building, Netaji Subash Road,
Charni Road, Mumbai - 400002,
Tel: +91 022-56337777
Transparent Performance Management System:
We firmly believe that you need the right tool to propel superior performance at the same time enabling development of employees. And this tool for SKF is its Performance Management System. The Performance Management System is based on the Balance Scorecard Method and the entire Performance Management Planning, Half Yearly Review and Final Review is online and can be seen at any time by the individual and his / her supervisor.
An employee and his/her immediate superior have the joint responsibility of identifying the business objectives on which the performance is assessed at the end of year.
As a Company, we believe in the principle of performance differentiation. Your performance plays a significant role in how far you will go in the organization. At the end of the year based on the performance of the individual they are rated and the increment is linked to the individual performance.
We do believe in differentiation but at the same time employees who fall short than the desired level of performance are taken care by providing suitable development opportunities. The idea is to “raise the bar”.
In addition we have two key incentive programs to reward team performance. Each team sets targets for itself and for the unit profitability. Based on the achievement of the unit profitability and team targets incentives upto 30% of Fixed salaries are paid out as maximum payouts. Over the last five years the average payout has been around 80% of the maximum which acts as an important motivating factor.
Finally we have a Reward and Recognition Process. Superior performance or initiative does not go unnoticed in SKF. Premium Club Awards is the Oscar Awards of SKF. This award recognizes & felicitates best performing individuals & teams annually. In addition each unit / function has quarterly awards to felicitate teams and individuals who have done exceptional work during the quarter.
Learning and Development:
The Competency Management System (CMS) is a step in strengthening the foundation of Learning & development. CMS is designed to help the organization identify various competencies required for each role and then help the individuals acquire competencies critical in ones role. Through this process the organization empowers the individual to take their development in their own hands and chart their career.
In addition we regularly conduct Organizational Training Need analysis to find out key learning initiatives for the organization.
SKF is strongly committed to employee development. It has invested 9 mandays per employee in 2008. These programs are specifically tailored to target the Individual development plans created through the CMS.
In addition we have numerous Development programs targeting all levels of the organizations, right from the senior leadership team to our workmen. These programs are designed to help people grow in stature and ability.
Our learning centre is also the SKF learning centre for Asia and besides 5 training halls also has excellent accommodation for 70 people. Through this centre we also conduct customer and group training programs.
As part of our Talent Management process employees are rotated into different roles based on individual interests and organizational needs through a Job Rotation process. We also advertise positions and employees are encouraged to apply for open positions and are selected through our rigorous selection methods.
INSPIRE is a key part of the Talent Management program meant for our high performing employees. Through this program the employees undergo a rigorous development center. Training needs are identified which would groom the individual for higher positions and help the individual in achieving their aspirations.
Strong & Regular Communications :
We do not underestimate the power of Communication. Strong and regular communication across the organization is like a rudder on a boat, keeping it heading in the right direction.
We use multiple channels for communication:
• Employee Forums: This is a bi-annual event where the Managing Director & the Company Management Team meet with employees at every location and share the results and the strategic plans of the organization. This is followed by a Question & Answer session where the floor is thrown open to the employees and they can voice their concerns, queries and suggestions.
• Quarterly communication meetings: Every quarter each Business Unit conducts a communication meeting where the Business Unit shares the progress of their respective unit followed by a Question & Answer session with the employees
• NewsKafe, our in-house magazine is published once a quarter. It covers the events & special achievements of the teams in the organization and also provides a platform to the employees to showcase their talent.
Pune & Bangalore also have a localized version of the NewsKafe in Marathi & Kannada respectively.