14 December 2007
The $10 billion Aditya Birla Group is unfolding ambitious growth plans with acquisition of companies, setting up of new projects and further exploring overseas business opportunities. The Human Resource function is also gearing up to face the challenges that such a growth throws up. Recently, it has introduced the Employee Stock Option Plan (ESOPs) in four of its listed companies — Hindalco, Grasim, Aditya Birla Nuvo and UltraTech.
"The plan is basically to offer our managers a long-term incentive plan and retain the best talent," said Dr Santrupt Misra, Director HR and IT for the Aditya Birla Group. "The move will boost a sense of ownership and accountability among employees and will help manage the recruitment process." The scheme will also complement the variable pay plan that has been in place for the last four years.
While Hindalco, Grasim and UltraTech will issue 0.3 per cent of the paid up capital for the scheme, Nuvo will issue 0.57 per cent. The compensation committees of the respective companies will decide on the eligibility for the schemes once the schemes get shareholder approval.
Driving the growth of the Aditya Birla Group are 82,000 committed employees, spread over 15 countries across the globe. The diversity of location, language and culture blends seamlessly into a common work ethos, which hinges on fostering excellence, recognising and rewarding entrepreneurship.
The Group believes in empowerment, delegation and calculated risk taking. Its ongoing endeavour is to create an organisational ambience where talent can bloom. To do so, we strive to make the workplace a source of creativity, innovation and one that makes work meaningful.