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M. Somasekhar

Hyderabad, Aug. 7

LG India, the consumer electronics and IT products major, is all set to launch yet another initiative to retain and motivate its workforce, even while claiming that its attrition is as low as five per cent.

In a sector where the attrition rates are at an average of 20-23 per cent, the Rs 9,250-crore LG India has been able to keep its employee turn out at minimum, said Dr Yasho V. Verma, Head (Human Resource & Management Support).

However, the company does not want to rest. It is launching a 5-year career plan for all white collar employees.

It would cover roughly 2,000-2,200 of the 3,500 employees the company employs across the country, he told Business Line. The strategy has been put in place after a year’s exercise. It would be in tune with the expected growth of LG India in the next five years. Each employee will be given a ‘road map’ of the growth opportunities for the next five years of his/her career. It would include incentives, both financial and professional upgradation, he added.

LG India has already put in place several incentives, which have helped bring down the attrition rates from around 12 per cent a few years ago.

These include empowerment, through decentralisation of power, or giving more decision making powers to employees at different levels.

Other features are regular training, welfare measures, based on continuous feedback from staff and their families, salary and travel incentives based on performance etc., he added.

The company, with two manufacturing plants in Noida and Ranjangoan near Pune, expects to log another 15 per cent growth this financial year. It has no plans to expand capacities at present, Dr Verma said.

Asked about impact of high inflation and rising interest rates on consumer products, Dr Verma said: “We don’t find the impact at present. Our premium products are growing fast and our first quarter sales are quite good”.

The company has in fact lined up a slew of launches in the coming months. For example in Andhra Pradesh, atleast 11 models of the Slim TV would be launched very soon, said Mr Prashant K. Das, Regional Chief South (AP & Karnataka).

More Stories on : Strategy | Human Resources | Consumer Electronics

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