The same principle is now being applied to talent as well – the more the number of years a high performer puts in, the greater the returns for the organization and the employee.
In the backdrop of the ‘great resignation’, organisations are increasingly acknowledging contributions made by employees who have stayed with them for long, through thick and thin. Motilal Oswal Financial Services (MOFS) has even coined a term for its long-term performing employees — ‘compounding contributors’. It has rewarded over 240 such compounding contributors out of a total strength of 10,000 employees with gold coins. The weight of the coin was decided according to the tenure of the employee at the organisation. So, employees who completed 20 years in the organisation received a gold coin of 20 grams. Those who’ve served 15-20 years received a gold coin of 15 grams, while those who completed 10-15 years received a gold coin of 10 grams.
MOFSL MD & CEO Motilal Oswal said, “We are an equity house. We understand equity language. The more time you stay invested, the more your wealth multiplies. That’s the power of compounding- as in investing, so too in the contributions made by our long-term employees. The contributions provided by associates over these 10+ years have given compounding results over time. These contributions are not just about the business numbers but also in terms of knowledge and expertise that they cascade all though the organisation.” Oswal added that the compounding contributions of such employees are an inspiration for other associates within the organisation who are motivated to be part of this elite club.
SHRM India’s senior knowledge adviser Nitya Vijay Kumar said it is only fair and logical for an organisation to acknowledge the contributions of employees who have shown their loyalty and interest in their work and workplace in a meaningful manner.
“With an upsurge in hiring activities by over 30% compared to last year and reports suggesting that over 80% of the professional workforce is considering a job change this year, it’s clearly a candidate-driven market. Organisations will have to pursue internal candidates (existing employees) with as much vigour and enthusiasm as external ones. Futuristic organisations are smartly working towards getting their ‘great retention’ strategy in place to combat the rising resignations,” said Kumar.
Software-as-a-service (SaaS) startup Kissflow, on completion of 10 years of the launch of its no-code workflow management software, gifted BMW cars to five members of the team who had played pivotal roles in creating and taking the product to the global market. The employees and their families received the BMW-5 series cars- each worth about Rs 1 crore — in a company-wide event hosted by the startup, making it even more memorable for the recipients. Some among the five people were in fact the earliest employees of the startup, who bought into the founder’s vision and joined the company in 2004 during its lunch.
“I could not think of a gift better than a luxury car to appreciate the people who stayed with me in the trenches. Without them, Kissflow would not be where it is today,” Kissflow CEO Suresh Sambandam said.
Source: GWFM News