Atul Ltd 30 Annual Report 2023-24 of contract labour management, v) conducted holistic shop floor training to enhance the functional competence of the team members in plants, and vi) provided crèche facility for the children of the team members. One of the key challenges for the Company is to create a leadership pipeline by developing and retaining team members to secure its growth. It believes in the ‘leaders develop leaders’ philosophy and is thus committed to developing the leadership capabilities of its managers. The managers are encouraged to nurture their team members to prepare them for elevated roles and as future successors. Employee relations at all locations remained cordial. The number of team members in the Company increased from 3,528 to 3,597. This number comprises its team members as well as those working for its retail businesses, information technology, and administrative services via four subsidiary entities, namely Atul Crop Care, Atul Consumer Products, Atul Infotech, and Atul Finserv. The number excludes team members in associate, joint venture, and other subsidiary entities. Human Resources People are the core foundation of the Company and it is committed to building a safe, inclusive and supportive workplace where everyone feels can thrive. The Company is ardent about investing in the continuous learning and development of its team members to enable them to be future-ready. During 2023-24, the Company undertook six key people-related initiatives: i) digitalised onboarding process for new team members, ii) achieved a considerable increase in the number of key positions filled internally in the middle and senior levels; this is an ongoing initiative and more needs to be done, iii) improved focus on campus recruitment by enhancing the quality and the number of management and executive trainees, to create a talent pool for occupying key positions in the future, iv) launched end-to-end process automation a monthly basis and by the Audit Committee on a quarterly basis. Enterprise Risk Management The Company believes that risks are inevitable in any business and its approach is to identify, track andmitigate instead of avoiding them. Enterprise risk management (ERM) is an integral part of a business and its framework includes the identification, classification, assessment, prioritisation, mitigation, monitoring and reporting of key risks. The Company has adopted a bottom-up and top-down approach to drive ERM. The bottom-up approach includes the identification and regular assessment of risks by respective businesses and cross-functional teams, alongwithaplan for mitigating such risks in a structured manner. This is complemented by a top-down approach where the Senior Management ensures the comprehensiveness of the framework, and effectiveness of mitigation measures and assesses long-term and macro risks. Risks are consolidated under major risk themes to create focus areas and prioritise mitigation plans. The Company has constituted an ERM council comprising Senior Management officials to ensure the adoption of a comprehensive framework and the effectiveness of mitigation measures. ERM is driven by the Board of Directors through the Risk Management Committee of the Board.
RkJQdWJsaXNoZXIy MjA2MDI2