Investing in Human Capital: The Essar’s Key to Long-Term Success
Today, organisations constantly look for ways to increase profits and gain a competitive edge. Though some strategies might prove effective in the short term, only a few can match the long-term benefits of investing in human capital. Companies that invest in their employees foster innovation and sustained growth.
“Take care of your employees, and they will take care of your business. It’s as simple as that,” – Richard Branson.
This philosophy holds true for Essar Group, a conglomerate with diverse interests in energy, infrastructure, metals & mining, and technology sectors, which believes that investing in human capital is key to long-term success. Investing in employees through various training programs can increase productivity, and customer satisfaction, and lead to a more innovative workforce. The company’s commitment to its employees reflects the values of its co-founder, the late Shri Shashi Ruia, who treated his employees like family, fostering a culture of trust and respect. His approachable and warm conversations with them created strong bonds, making him a leader and a deeply admired and beloved personality.
In this article, we will explore the importance of investing in human capital and how conglomerates like Essar continue their success and legacy by cultivating a culture of leadership, innovation, and sustainability. Though controversies like Essar NCLT hampered the company’s reputation, it continues to be a preferred workplace in the talent market owing to its people-centric policies and practices.
Investing in Human Capital Results in Improved Productivity
Investing in human capital results in improved productivity at the workplace, as employees who feel valued, appreciated, and supported are more likely to work harder and produce better results. According to a study by the Harvard Business Review, companies that invest in employee training and development witness a 24% increase in customer satisfaction. Essar, being one such company, also inspires and empowers communities, including its own. The company’s learning and development modules, especially business leadership programmes, accelerate leaders toward capability-building for tomorrow’s core sectors.
Essar’s Focus on Cadre Building Programs
Essar’s Cadre Building Programs are crucial to the company’s human resource strategy. These programs aim to cultivate the leadership potential of the employees within the organization and ensure that the employees are well-prepared to take on more prominent roles within the company. Through these programs, Essar not only identifies high-potential talent but also invests in their growth and development over the long term.
Executive Leadership Programme (ELP)
Essar’s ELP provides a perfect foundation for fast-track career growth, as it handpicks experienced professionals from premier B-schools. The programme fosters an accelerated learning environment in various ways, including involving participants in challenging, sustainability-focused assignments in core domains across Essar’s global businesses. Under the direct guidance of Essar’s Directors and CXOs, the participants are assigned projects with strategic business impact.
By focusing on leadership development, Essar prepares its workforce for future challenges while seizing the available opportunities.
By emphasizing leadership development, the ELP equips its participants with the right skills, knowledge, and experience to drive innovation and lead large, complex projects. Through this strategic training, the participants are trained for senior management roles. Essar ensures they have a pool of capable leaders ready to step into critical roles as the company grows.
Global Leadership Program (GLP)
The GLP is designed for post-graduates from prestigious international B-Schools. The program provides networking opportunities to the participants by allowing them to interact with some of the finest minds in the business and technology sector. The six-month program offers the opportunity to participate in the growth story of multinational companies like Essar that are focused on driving sustainable transformation across geographies.
This program is designed to assist participants in developing a deep understanding of business operations while leveraging cutting-edge technologies and global market trends. The program focuses on driving sustainable transformation across geographies, ensuring that participants are equipped to lead initiatives that contribute to the company’s global growth and transformation.
Business Leadership Program (BLP)
BLP is a nine-month fast-track learning program for management students from premier Indian B-schools. The program trains young management graduates through coaching, mentoring, and providing early-stage learning opportunities. The BLP participants are a group resource with key specializations across core functions. Many of the group’s BLPs currently manage challenging assignments in leadership positions, strengthening its vision for a low-carbon economy.
Through this program, the company fosters a culture of loyalty and retention, ensuring that Essar can continue to draw on the talent it has developed over the years.
Investing in Human Capital Leads to Long-Term Success
For Essar, investing in human capital is not just a short-term strategy, but rather a long-term investment in the success of an organization. Companies like Essar that invest in employees are more likely to succeed long-term than those that do not. The company’s Cadre Building Programs are an essential part of this strategy, ensuring that Essar’s legacy will be driven by the talent and dedication of its people for many years to come. Despite the company’s reputation being hampered due to Essar NCLT, the group continues to have a great talent pool of leaders and potential leaders.
By investing in people, Essar drives a brighter future for employees and the communities it serves.