When most of the organizations are raising pink slips, Asian Paints is Raising Salaries for their Staff to increase their morale in this critical situation.
Asian Paints Ltd, one of the prominent Indian Multinational Paint companies headquartered in Mumbai, established in 1942. It is named as the third largest paint company in Asia. It was founded by 4 persons: Champaklal H. Choksey, Chimanlal Choksi, Suryakant Dani, and Abhay Vakil They employ nearly 6000+ employees. Their Positive way of handling the crisis will lead to an encouraging way of handling the employees and surely, will impact other organizations to set a positive change amidst this coronavirus epidemic.
No Layoff, Raising Salaries
Asian Paints confirmed to Increase salaries and No more layoffs, even though their Q1 results were bad, This decision was taken mainly to boost employee morale.
MD and CEO Amit Syngle said:” We have to set an example of true leadership and organization to take care of all stakeholders. I see this as a big opportunity to step in and interact with every employee and assuage their concerns in an uncertain market place. We are not in the hire and fire business”.
Rs.40 crore has been transferred to thousands of their dealers as cash incentives to manage their loss in business.
They have not only donated Rs.30 crore to the PM cares fund, they have also started making hand sanitizers called Viroprotek.
The company has also provided free medical insurance to the staff who are working with the dealers, free sanitization facilities to the shops, the extension of payment up to 45 days, and a 2% discount for those who pay on the stipulated time.
Also, After the news of Raising Salaries, the share prices have gained over 2%.
The work culture and employee treatment are exceptional in this organization. They value their Stakeholder’ welfare. This plays a significant role in raising a valuable organization.
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