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In a concerted effort to attract and retain talent, public sector firms are taking a relook at their policies to provide better salaries and perks to top performers and employees in research and development as well as human resource management.
Accordingly, the Department of Public Enterprises (DPE), which is the nodal agency for state-owned firms, has set up two committees to look at better promotions and incentives for such employees.
“Central PSUs have to operate in a competitive environment where they have to go toe-to-toe with private sector companies. Over the years, we have found that most youngsters prefer joining the private sector which offers more lucrative salaries,” noted an official, attributing this as the main reason for the move.
The discussions had started at a recent CPSE (Central Public Sector Enterprises) Conclave addressed by Prime Minister Narendra Modi, where the heads of several PSU expressed concern over recruiting and retaining employees with good qualifications and experience. They also pointed to the need to resill and upskill their staff.
The committee for specialists and R&D personnel in CPSEs has been mandated to suggest a separate career track and incentives for such employees.
Focus areas
“R&D functions are focus areas in select CPSEs, especially those operating in sectors such as petroleum, energy, metals and electricals,” noted the official.
The committee has members from Indian Oil Corporation, Hindustan Aeronautics Ltd, Bharat Heavy Electricals Ltd, Bharat Electronics Ltd, Oil India Ltd, Engineers India Ltd, Hindustan Petroleum Corporation Ltd and NHPC.
Similarly, the committee on human resource management in Central PSUs will deliberate on ways to fast-track promotions for star performers, customise sabbatical policies and design summer internships.
Different ecosystems
“As CPSEs operate in different ecosystems, the policy for these issues needs to be framed taking into account operational requirements prevalent in various CPSEs,” the DPE noted.
Both the committees are expected to submit their recommendations in three months. These will then be sent to the Prime Minister’s Office for further discussions.
Improving the efficiency and functioning of PSUs is high on the NDA government’s agenda.
It has renamed the Department of Disinvestment as ‘Department of Investment and Public Asset Management’ in line with this focus.
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