Companies around the world have indulged in salary cuts, furloughs and layoffs becoming increasingly commonplace. But one company in India has decided to give employees a price hike in the face of an ongoing economic crisis amid COVID-19 lock down, one of the largest paint manufacturers in Asia, Asian Paints.
Mumbai-headquartered Asian Paints surprised its 6,500-plus employees by announcing a salary raise for the fiscal year 2021 as a way to boost morale.
Asian Paints’ newly appointed chief executive officer, Amit Syngle, who took charge on April 1, mentioned the salary increase last week, when the Economic Times, an Indian newspaper, asked about what Asian Paints was doing for its employees during the Corona virus crisis.
“We have to set an example of true leadership and an organisation that takes care of all its stakeholders. I have been updating the board regularly on all such initiatives and have received their approval for these actions. I see this as a big opportunity to step in and interact with every single employee and assuage their concerns in an uncertain marketplace. We are not in the hire and fire business and as a mature brand have reassured employees that we all are all together in this.”
Apart from going ahead with its annual salary increments, the firm also transferred Rs 40 crore into the accounts of its contractors. Expanding its product range into sanitizers in lieu of the basic hygiene being encouraged as a part of the precautionary measures taken to combating COVID-19, the paint maker now has a greater share of the customer wallet.
Hospitalisation and insurance, full sanitisation facilities for partner stores and direct cash support are included in its scope of assistance to the sales channel. Doing its bit in contributing its profits to the weaker sections worst hit by the coronavirus, Asian Paints donated Rs 35 crores toward the Central and State Covid 19 Relief funds.