Hero MotoCorp on Wednesday launched a voluntary retirement scheme (VRS) for its staff, in line with the vision to make the organisation agile and ‘future-ready’.
“The VRS has been designed in line with the vision to make the organisation agile and ‘future-ready’, consolidating roles and reducing layers to increase empowerment and agility. We expect this to improve efficiency within the company through a lean and more productive organisation,” the company said in a statement.
Applicable to all staff members, the VRS offers a generous package that includes – among other benefits - a one-time lump-sum amount, variable pay, gifts, medical coverage, retention of company car, relocation assistance and career support, it said.
The general consumer sentiment is improving, as reflected in the March sales performance, the country’s largest two-wheeler company said.
Headcount
The company has around 9,200 employees (workers not included) across its operations in India. Hero MotoCorp has six facilities located at Dharuhera and Gurugram in Haryana, at Chittoor in Andhra Pradesh, Haridwar in Uttarakhand, Neemrana in Rajasthan, and Halol in Gujarat. Globally, it has two facilities – one each in Bangladesh and Columbia.
“The constructive policies of the government and the social sector reforms have given a further boost to the demand scenario and the two-wheeler industry expects these factors to contribute towards a double-digit growth in this financial year,” it added.
Last week, the company had appointed Niranjan Gupta as the new Chief Executive Officer (CEO), effective from May 1. Gupta also serves as a Director on the Board of Ather Energy, HMC MM Auto Private Limited, and HMCL Colombia.
According to sources, Hero MotoCorp should have brought more professionals to run the company earlier, as it has been trying to manage the staff issues for sometime.
The company has changed the leadership team in the last two years, who were reporting to Chairman Pawan Munjal. Most of the key functions are hired from outside the organisation now, except the Finance and International Business heads.
There are also new heads for marketing, R&D, procurement, HR, strategy, and electrification now.