Our Digital Annual Report is designed to be eco-friendly through the implementation of sustainable web design principles. We leverage advanced programming techniques to ensure that our digital presence is both efficient and environmentally conscious.
Eco-designed Annual Report
SRF values its employees as its most precious asset and continuously strives to cultivate a healthy and inclusive workspace that fosters their growth and ambition. We firmly believe that embracing diversity and promoting inclusion are not just moral imperatives but critical drivers of our success that enrich our perspective and drive innovation. In line with our business objectives, our approach to human capital development, centres on nurturing fulfilling careers, cultivating strong leadership skills, and ensuring exceptional employee experience
Permanent Workforce
Permanent Workforce
training hours of workforce
increase in women in management role
satisfaction on our employee engagement survey
Our company’s commitment to our workforce extends beyond professional development; it encompasses a steadfast dedication to their health, safety, and overall well-being. We recognise that our workforce is our most valuable asset, and their welfare is paramount. Therefore, we have implemented comprehensive health and safety protocols that ensure a secure and supportive work environment where employees can thrive.
At SRF, we strive to create a workplace where every individual feels appreciated and empowered. We believe that people come first. We aim to provide an environment where one experiences fulfilment and joy through challenging roles. We proudly craft and implement forward-thinking, best-in-class, and employee-centric policies with our employees’ comprehensive well-being as our focal point.
We foster a culture emphasising accountability, inclusivity, and creativity, ensuring our entire workforce is motivated to strive for personal and professional development. Our organisation has implemented numerous initiatives to engage employees and cultivate a productive work environment. Some of those initiatives are:
* In FY 2022-23, third party workers were reported under others category. However, this year, we have included those in contractual workers.
Our journey in the Packaging Films Business started in 1995 when we acquired a BOPET film plant at Kashipur in India from M/s Flowmore. We have since then grown beyond the national boundaries and become one of the leading manufacturers of both BOPET as well as BOPP films globally.
SRF Limited firmly believes that the growth and development of its employees are directly linked to the growth of the organisation. To facilitate comprehensive professional growth of our workforce, we extend a broad assortment of training avenues, varying from experiential on-site learning to more formal classroom-based education. Additionally, we arrange various other continuous learning programmes, training sessions designed to regularly improve their performance, productivity and enhance their skills and competencies. This strategy underlines our commitment towards our employees' development, ensuring that our team remains adept and up to date with the latest industry standards and practices.
Cultivating future leaders is a critical component of today’s leadership responsibilities. In line with this, we have instituted a comprehensive program designed to holistically nurture employees who display future potential, equipping them for future senior managerial positions. This structured program receives substantial financial investment and dedicated time from our leadership team, paired with bespoke training modules to foster their professional growth. Through this endeavour, we have successfully constructed a robust succession plan.
SRF Limited is actively working towards fostering an empowering environment that embraces diversity, equity and inclusion. The organisation is committed to promoting a workplace that is free from any form of discrimination on gender identity, age, ethnicity, sexual orientation, disability, faith, marital status, etc. Harassment of all forms is strictly prohibited and handled through appropriate mechanisms. At our organisation, we take pride in cultivating not only a diverse workforce but also an environment where every individual feels they belong and can thrive. Through ongoing communication and sensitivity trainings focussed on gender diversity, we have dedicated ourselves to dismantling unconscious biases and promoting a culture of inclusion at all levels.
Our consciously adjusted hiring strategies aimed at increasing the representation of women in our workforce have led to increase in the percentage of women by 6%. This marks a stride towards gender parity and reflects our commitment to diversity.
We believe in creating an inclusive workplace that extends beyond hiring practices. It necessitates an ecosystem that supports the well-being of all employees. To this end, we have a strong Prevention of Sexual Harassment (POSH) framework in place that ensures every employee operates in a safe and respectful environment. Robust Internal Committees (ICs), staffed by mature, unbiased, and knowledgeable members, now oversee our POSH policies, and are supplemented by educational programmes to raise awareness about harassment.
Our commitment to inclusivity is evident in our approach to ensuring accessibility for people with disabilities (PwD). Complete audits across all our facilities have been conducted to identify and rectify any obstacles to accessibility, thus fostering an environment where our diverse workforce can contribute to their full potential.
Moreover, recognising the unique challenges faced by expectant and new mothers, we have launched a specialised maternity counselling programme that provides vital prenatal and postnatal support to women within our organisation. This programme has also been extended to include the spouses of our male employees, underlining our dedication to the well-being of our employees’ families as well.
Our skill evaluation system serves as a cornerstone in our commitment to fostering the continuous development and improvement of our employees. Through this system, we employ a structured approach to assess and enhance the skill levels of our workforce, ensuring they remain equipped to meet the evolving demands of their roles and contribute effectively to our organisational objectives.
Our skill evaluation system pivots around three core assessment methods: Assignment, Observation, and Interview. Each assessment parameter is designed to capture different aspects of an employee’s skills and competencies, with varying weights assigned to reflect their relative importance in the overall evaluation process.
Annually, we conduct comprehensive evaluations across a broad spectrum of technical parameters to gauge the proficiency of our employees. These parameters encompass a diverse range of areas, including Job-Specific Competencies, Environment, Health, and Safety, Chemicals and Energy Management, Emergency Response Plan, Skill-Specific Competencies, Logical Reasoning and Aptitude.
By conducting these comprehensive evaluations, we not only identify areas for improvement but also provide targeted development opportunities to support our employees in enhancing their skills and advancing their careers. Our skill evaluation system is not just an assessment but a catalyst for continuous learning, growth, and excellence within our organisation.
At SRF, we maintain a strict policy of zero tolerance towards any form of discrimination or harassment. Our commitment entails upholding human rights, prohibiting any form of human rights abuses, and effectively resolving grievances from affected stakeholders.
Human Rights Policy covers the following aspects:
The Code of Conduct and the Whistle-blower policies are the pillars of the Human Rights policy in the organisation. SRF strictly adheres to the protection of human rights with its suppliers and contractors and does not employ individuals under the age of eighteen. The use of forced or compulsory labour is strictly prohibited across all units and discouraged with business associates and partners such as suppliers and contractors.
At SRF, we foster a positive and supportive workplace atmosphere, ensuring equal prospects for career advancement for all staff members. The organisation’s leave guidelines incorporate specific options for both maternity and paternity leaves, available to every employee. Upon return from taking parental leave, individuals are granted equitable opportunities to continue their professional trajectory.
Detailed break-up of SRF’s workforce is presented below:
*12 employees are continuing on parental leave and will re-join in FY 2024-25
Performance and career development evaluations are essential components of an organisation’s strategic talent management. They enable structured dialogues between employees and their managers around performance, aspirations, proficiencies, developmental areas, and potential career advancement pathways. The process comprises establishing and monitoring key performance indicators, offering ongoing performance feedback, and executing comprehensive performance assessments at the end of a specified timeframe. We also allow our employees to discuss their career interests and ambitions, identify skills and competencies that need to be developed to advance in their careers, and set goals for their career growth. The ultimate objective of this practice is to instil a culture that values relentless progress and fosters a commitment to lifelong learning.
SRF Limited has established a merit-based Rewards and Recognition program designed to motivate and retain a proficient and varied team of employees. This program encompasses a wide range of acknowledgements, ranging from financial incentives to non-financial rewards, casual day-to-day expressions of appreciation to formal and structured forms of recognition. The purpose of rewarding performance is to build an organisational culture where good work done by team members is valued, efforts are recognised and awarded in a timely manner and rewards are commensurate with the efforts and achievements.
SRF Limited has named its Rewards & Recognition policy - PRAISE. This policy offers several modes of recognition, both formal and informal, that are available to our managers who are empowered to recognise. Some of these avenues include spot awards, special achievement awards, significant contribution awards, birthday vouchers, well done cards, thank you cards, and nice idea cards, along with the annual “Protsahan” awards. In addition, local HR regularly organises in-person and/or group recognition events to ensure that awardees receive public appreciation.
We foster a culture of transparency and open dialogue within our organisation, where all stakeholders, including employees, investors, shareholders, and value chain partners, are encouraged to share their feedback, suggestions, and concerns. A comprehensive grievance mechanism has been put in place to address and resolve issues promptly and efficiently; it encompasses personalised meetings, feedback surveys, and involvement in associations. Grievances may pertain to policy-related matters, working conditions, health and safety practices, employee misconduct (workers or management), etc. Our goal is to maintain a workplace that upholds accountability and pursues continuous improvement, ensuring that the perspectives of all connected parties are acknowledged and respected.
SRF Limited is committed towards ensuring positive labour relations based on principles of fairness, respect, and collaboration. By prioritising employee well-being and engagement, complying with labour regulations, and promoting employee development, we aim to create a conducive work environment where our workforce can thrive and contribute to the long-term success of the organisation. We adhere to all relevant labour laws and regulations in the regions where we operate. Our commitment to ethical labour practices extends beyond legal requirements to encompass internationally recognised standards, such as those outlined by the International Labour Organisation (ILO). We conduct regular assessments to ensure compliance and identify areas for improvement.
Furthermore, SRF has various committees that bring together management and non-management representatives to facilitate clear and open channels of communication. These committees, which span employee associations, canteen management, as well as health and safety, make significant contributions to employee contentment and welfare. The management not only recognises but also endorses these groups, advocating continuous interaction and amicable resolution of issues.
We are unwavering in our commitment to providing a safe, healthy, and positive working atmosphere for our entire workforce. Our top priority is to create a workplace that is free from injuries and fatalities. One of the primary areas of focus for our operations is the implementation of comprehensive health and safety (H&S) system at all our manufacturing sites which adheres to ISO 45001 standards.
In the dynamic environment of manufacturing plants, health and safety of workers is paramount. Recognising this, SRF has conducted comprehensive health and safety trainings to mitigate risks, promote a culture of safety, and uphold regulatory compliance. These trainings not only safeguard the well-being of employees but also contribute to operational efficiency and organisational reputation.
SRF acquired the nylon tyre cord division of CEAT Ltd. Located at Malanpur, near Gwalior, the cost of the acquisition was ₹ 325 crore. Back in the day, it was the biggest acquisition in India Inc’s history. With this acquisition, SRF also became the largest tyre cord company in India and the second largest globally and has since maintained its position.
