When companies across the world are cutting the salaries of their employees and even firing them, Asian Paints, setting an example, has decided to raise the salaries of its employees. The move is laudable because like every other business, Asian Paints is also making losses yet still is doing something like this.
As per Asian Paints, it has increased the employees’ salaries to boost their morale.
Managing Director and CEO Amit Syngle was quoted by Economic Times as saying, “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. We as a mature brand have reassured employees that we all are together in this.”
The reports add, that the company has also donated Rs. 35 crores to the PM’s relief fund. The company is also making sanitizers to fill in the medical need at various levels.
Besides the increase in salaries, the scope of assistance provided by Asian Paints includes hospitalisation and insurance, full sanitisation facilities for partner stores, and direct cash support. Further, the company also transferred Rs 40 crore into the accounts of its contractors.
“We have been debt free for years and are quite comfortably placed even if the uncertainty goes on for the next four or five months. The company had announced a huge dividend payout in March and shareholder return is our top priority,” Syngle said.
It is surely a laudable effort by the company to stand by its employees in such harsh times. Putting one’s faith in the people who work tirelessly for the good of the company is the need of the hour.