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  • MD Communication April 18 2020

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    The CEO sent a letter to colleagues thanking them for their support during the difficult times caused by the COVID-19 pandemic and countrywide lockdown. Given limited visibility on when the situation will normalize and the economy will recover, the company's priority is to reduce operating costs with the managers' support. It was decided to implement a graded reduction in total fixed compensation for managerial levels and above, ranging from 10-50% depending on position. These steps are being taken to protect the salaries of junior employees during this temporary measure, which will be reviewed when the situation improves. The CEO expressed disappointment but trusted colleagues would appreciate the sacrifice to protect most company employees.

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    The CEO sent a letter to colleagues thanking them for their support during the difficult times caused by the COVID-19 pandemic and countrywide lockdown. Given limited visibility on when the situation will normalize and the economy will recover, the company's priority is to reduce operating costs with the managers' support. It was decided to implement a graded reduction in total fixed compensation for managerial levels and above, ranging from 10-50% depending on position. These steps are being taken to protect the salaries of junior employees during this temporary measure, which will be reviewed when the situation improves. The CEO expressed disappointment but trusted colleagues would appreciate the sacrifice to protect most company employees.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    6 views1 page

    MD Communication April 18 2020

    Uploaded by

    aman khatri
    The CEO sent a letter to colleagues thanking them for their support during the difficult times caused by the COVID-19 pandemic and countrywide lockdown. Given limited visibility on when the situation will normalize and the economy will recover, the company's priority is to reduce operating costs with the managers' support. It was decided to implement a graded reduction in total fixed compensation for managerial levels and above, ranging from 10-50% depending on position. These steps are being taken to protect the salaries of junior employees during this temporary measure, which will be reviewed when the situation improves. The CEO expressed disappointment but trusted colleagues would appreciate the sacrifice to protect most company employees.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    18-April, 2020

    Dear Colleagues,

    I would like to thank each of you for your support during these difficult and uncertain times which are a
    result of the Pandemic and the country wide lockdown.

    The COVID-19 situation, and related uncertainty has severely affected the operations of companies across
    many industries. We currently have limited visibility on when the situation can be expected to normalise
    and the economy recovering from this once in a life time event. Given the fact that we expect revenues to
    be impacted, the priority of our Company is to reduce operating costs. This will need active support from
    all our employees especially from the managers in the Company.

    We have decided to implement a graded reduction in Total Fixed Compensation (TFC) for managerial level
    and above in the Company as per the table below. This will be effective April 2020 and is expected to be
    temporary. Your Company shall take a considered view towards restoration of TFC to existing levels
    immediately after the situation improves.

    These steps are being taken in order to protect the salary of the junior employees. The HR team will reach
    out to you to formalise this process and we need your active support in these trying times.

    % Reduction
    Designations Grades
    in fixed cost
    MD & CEO MD 50%
    Director & Above Director & Above 30%
    Vice President/ Sr Vice President/ Exec Vice President M6, M7, M8 25%
    Dy General Manager/ General Manager M4, M5 15%
    Manager/ Sr Manager M2, M3 10%
    Branch Manager/ Sr Branch Manager / Cluster Manager /
    L5 10%
    Sr Cluster Manager (Sales Supervisory)
    Frontline Sales Managers L6, L7, L8 Nil
    Trainee/ Exec/ Sr Exec/ Lead/ Asst Manager/ Dy Manager E0, E1, E2, E3, M0, M1 Nil
    * Employees with an annual TFC of INR 7 Lakh and below will be exempt from this reduction regardless of
    grade.
    I am painfully aware that this change will come as a disappointment to some of us. I trust you will
    appreciate that this sacrifice made by the top 15% leaders of the Company will help protect the larger
    majority of the employees of the Company.

    We have together faced crisis in the past, and have always come out of the situation stronger. I thank
    each of you for your understanding and support in these unprecedented times.

    Stay safe and stay alert.

    Kshitij Jan
    MD & CEO

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