Reliance Industries on Thursday projected a bright outlook, saying the regulatory environment has turned positive, it will step up hiring of business graduates and engineers and the Haryana SEZ, seen by many as a languishing asset, was beginning to blossom with top Japanese firms setting up plants.
The company also said it would significantly raise the commission paid to independent directors as their remuneration had lagged their growing role. The earlier commission of . 21 lakh each, or atotal of . 1.47 crore for seven independent directors, would rise to a total of . 5 crore a year for all of them together. The whole-time directors, including chairman Mukesh Ambani and petroleum chief PMS Prasad, were not so fortunate as their package in 2012-13 was the same as the previous year.
The company has come out of a rough patch when the government regularly questioned the affairs of its oil and gas business after gas output fell. “The regulatory environment has shown a positive trend in recent months,” it said in the annual report for the last fiscal, reflecting a turnaround in its relationship with the oil ministry, which had dealt sternly with the company before Veerappa Moily replaced Jaipal Reddy. There was good news for Reliance Haryana SEZ, which is developing a model township jointly with a state agency. It said Panasonic India had already commenced production there, while Denso Haryana, a major Japanese auto component manufacturer, is also likely to commission its plant shortly.
The company is also optimistic about its growing retail business as well as the broadband initiative. To nurture its businesses, Reliance is raising the game of itsHR team, which has added 100 new professionals, including senior management personnel. It is launching new processes and taking significant HR initiatives to develop, nurture and fast-track talent to become an “employer of choice,” Reliance said in its annual report for 2012-13. The initiatives include a world-classHR academy; adding muscle to its HR team; rollout of a strong human capital management system, unveiling the Employee Value Proposition (EVP) and an overall review and revision of existing HR policies.
It said the company had strengthened the previous year’s initiatives of establishing the centres of excellence for talent acquisition, talent management, learning and development, compensation & benefits and industrial relations. The HR team was beefed up across locations with more than 100 new HR professionals added, including senior management personnel.
Learning and development was high on the oil and gas major’s agenda. The L&D team concentrated on focussed learning academies and this year saw the launch of new ones in the areas of HR, civil, mechanical, electrical, instrumentation, health, safety & environment (HSE), fire, operations, technology, procurement & contracting, leadership and managerial skills development.
The company partnered with leading institutions and professional bodies globally to develop knowledge, skills and capabilities in-house, helping the organisation to scale up its future requirements. About 2,129,770 man-days of learning were delivered in the current year.
The Reliance Accelerated Leadership Program (RALP), institutionalised two years ago, continued to focus on the future leadership pipeline with 25 professionals added on. Restricted to only 4 functions till last year, RALP has now been expanded to include businesses like refining & marketing, exploration & production, petrochemicals and telecom.
In 2012-13, RIL hired 75 management graduates and 436 graduate engineers from the country’s leading institutes as a part of its campus recruitment drive. The numbers are only likely to increase in future, says the report. The year also saw the completion of 68 Six Sigma projects in which 408 supervisory personnel were engaged resulting in annualised saving of . 112 crore.
Source :The Economics Times.
Date : 10/05/2013