In the recent Great Place to Work® Institute, Inc, listing, Eureka Forbes has been ranked 43 out of 50 companies selected from India, in recognition of its corporate performance and quality of work life for its employees.
From the outset, every employee is called ‘Eurochamp’ and is consistently engaged and motivated through the four pillars of a unique people development strategy – Earning, Learning, Pride and Fun. Designed to enable employees to realise their potential and aspirations, it makes them invaluable partners in progress. Learning has been institutionalized through the Eureka Forbes Academy of Learning and the sharing of knowledge facilitated through ‘Euroshare’, its KM platform. The company’s innovative practices in the area of Recognition & Rewards such as the Circle of Champions have become a benchmark of best practices in the industry. ‘EuroSenate’, comprising of Eurochamp representatives, is another initiative which helps employees share their views with the management.
These have had a considerable impact on employee retention. Founded in 1982, Eureka Forbes has employee strength of 9,084. According to Suresh Goklaney, Executive Vice Chairman, Eureka Forbes has implemented the ‘Bettering the Best’ tool that captures ‘moments of truth’ (customer touch points) and, in the process, helps Eurochamps better their productivity and over-all performance across diverse facets. “It assists our leaders in identifying latent potential for development as well as enables them to understand the strengths and areas for improvements of their people. “Compensation for our sales force is squarely linked to performance with fixed and variable components for all levels (the fixed to variable ration varies for each level). Performances are regularly monitored through our Performance Review and Development Plan (PRDP), which is applicable for all levels of Eurochamps. This unique tool tracks performance not just on sales numbers but on various competencies and developmental milestones as well.”