VISION
The Voltas story demonstrates that an ambitious goal and vision can drive both internal transformation and business growth. Thirteen years ago, Voltas was on the verge of shutting down that is when voltas fornulated a brand new vision plan named “MEGAVOL”. Megavol — a business plan that aimed to achieve Rs100,000 million turnover with 10 per cent profitability by 2010-11. “Ourplan involved pursuing both organic and inorganic growth,” says managing director Ashok Soni, the man who took over the wheel in 2001 and has steered the organisation to its present course.
The Megavol plan has brought about several dramatic changes in Voltas, and these have mainly been the reason for both Voltas’s growth spurt and its relative insulation from the recession.
MISSION
Voltas is determined to strengthen our position in exiting geographical locations and focus to rapidly expand our business into selected new overseas markets in the field of Electrical and Mechanical and related projects by offering high quality, cost effective project management and engineering services to meet the requirements of our valuable customer.
Their mission also includes:
- Minimizing wasteful energy consumption in their branded products
- Forming representations and alliances with global technology leaders who also follow a Green path
- Offering and encouraging the use of technologies that purify the air, lower energy costs, and purify polluted water and industrial/urban effluents.
- Following the most stringent practices of eco-friendliness, sustainability and safety in their manufacturing operations.
HR DEPARTMENT STRATEGIES
Voltas Human resource strategy operates at two levels: one is the individual level, addressing issues such as job specifications, performance indicators, assessment and compensation. The other is the organisational level, involving the structure and broader issues like ethics and corporate-culture. During the development of SBP(Strategic Business Plan) the HR capabilities and capacities requirements are reviewed and key HR action plans are developed to enhance division HR preparednessand ensure timely deployment at projects.
A broad requirement of manpower based on targetted projects is drawn up in and the same is compared with the demobilisation plan of the projects within EMD(Electro Mechanical Division). Action plans are formulated and incorporated into service level agreements with HR. HR plans focus on developing critical skill sets in the division including professional certifications. The balance scorecard spells out the key performance measures and indicators corresponding to the strategic objectives and the action plans.
During the strategic planning process EMD sets or modifies its long term and short term performance targets based on assessment of its resources capabilities and opportunities and keeps them in line with strategic objectives,vission and mission. EMD sets bench marks from tata group of companies in the projects business. HR organisation structure at corporate and business group level is designed to ensure mutilevel integrated planning and delivery of services accross loactions. Have the above mentioned strategies been effective?
Yes,certainly the above mentioned strategies have been very effective giving the ultimate results possible. The HR strategy focussing on capacity and capability development has paid handsomely over the years. The well established recruitment and deployment process has ensured timely availability of suitable and skilled resources. Clearly defined performance management system has ensured a high performance culture. The competitive compensation structure aligned with the market coupled with reward and recognition measures ensures a high degree of satisfied and well motivated workforce.
Learning and development and carrier progression through well established processes has helped in creation of a leadership pipeline matched to the sucession planning resulting in adequate growth opportunitieswith the organisation. Possibilty of lateral movement of employees within various business clusters of voltas has also within the tata group ensured high retention and engagement levels. SOURCE 1. Voltas Internal Assessment Application(electrical and mechanical division,international operations)-2010 2. Detailed interview with Mr. Randhir Mazumdar- Head of Human Resource and Admin-Qatar.
