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| FREQUENTLY ASKED QUESTIONS | Expand all / Collapse all | |||
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1. When I join ITC, am I recruited for a particular Division or am I flexible between businesses? You are recruited into ITC and after your induction you are assigned to a particular Division. ITC is structured such so as to ensure 'separateness' for focus in each business and integration for synergy. New entrants are assigned to a particular Division where the focus is on understanding that particular business: the market, the product, the process etc. The attempt is to provide cross business exposure to managers with demonstrated potential to enable them develop all round business skills and prepare them for business leadership. Those individuals who prefer to grow as functional specialists are encouraged to do so.
Movements from one business to another take place depending on the needs of the business.
 2. Please cite a few specific examples of cross business movements. There are several.
a. K. Vaidyanath (XLRI) joined ITC in 1976. He worked with the Packaging and Printing Division, Corporate Treasury, the Hotels Division and the Agri Business Division before taking charge of Corporate Internal Audit. He was appointed to the Board of ITC in January 2001. b. Chitranjan Dar (IIT /IIM) joined ITC in 1980 and was assigned to the Packaging and Printing Division where he worked in Manufacturing, Marketing and Business Development. He moved to ITC Bhadrachalam Paperboards Limited as Head of the Marketing Function before the Company merged with ITC. In 2003, he joined the Lifestyle Retailing Business Division as its CEO and continued in that role till he moved to the Foods business as Chief Operating Officer in 2008 and took over as the CEO in 2009. c. M S Gadhok (IIT) joined ITC in 1981. He was with the Packaging and Printing Division for nearly 20 years before moving to take charge of the Ready-To-Eat category of Foods Division. There are many many more.
3. How is my career progress determined in ITC? ITC believes the responsibility for career development rests both with the individual and the organisation. While the organisation provides opportunities for learning and growth, it is the individual's responsibility to ensure he enhances his competencies to shoulder higher responsibilities. Career development therefore is a two-way process. Above all, the key factor determining career growth is meritocracy and performance.
4. Is age a barrier to career growth in ITC? Not in the least. As already stated, career growth is
determined by performance and meritocracy. The present Chairman of the Company, Mr Y C
Deveshwar, was appointed to the Board of ITC at the age of 36. The present Chief Executive
of the Personal Care Products Business was appointed to the post at age 40.
5. What are the cornerstones of ITC's performance management system? The cornerstone of the performance management system is the
Appraisal System. The individual agrees his performance objectives at the beginning of the
year with his boss. These objectives naturally flow from the objectives of the
unit/business. At the end of the year his performance is assessed against the objectives
set. The appraisal attaches as much importance to ''how'' results were achieved as to the
results themselves. The rating is determined by the manager's boss and endorsed by his
boss. Therefore, two individuals are involved in assessing a manager's performance.
The appraisal process also gives the individual an opportunity to share in a formal manner his own career aspirations and what he needs from the organisation to enhance his own development. Based on an assessment of development needs, a development plan is drawn up for each manager. Remuneration changes are made once every year based on the performance rating of the individual. The entire process is transparent and objective.
6. What elements does the compensation package comprise ? ITC's remuneration strategy is anchored in three basic principles: market-led, performance leveraged and the capacity to pay. Remuneration is bench marked with identified comparator organisations and reviewed periodically.
Apart from the monetary component which comprises Consolidated Salary and Supplementary Allowance, managers are provided with quality accommodation, generous loans for asset creation, medical assistance for self and family, leave travel assistance, etc. At middle and senior levels. managers are provided with company maintained cars and the facility of a club membership for business purposes. All managers are members of ITC's Retirement Funds, the Pension Scheme being one of the most attractive in the country.
Other benefits include the facility of holiday homes, assistance for further education/self development etc.
7. What is the meaning of a 'Specialist'? The Company believes that as the competitive scenario gets more intense, specialism will increasingly become a source of unique competitive advantage. Certain specialisms are enhanced by extended and in-depth application and 'longevity' in a position. This requires a unique approach to career management of such 'specialists.'
Some of the specialist positions are Company Solicitor, Scientist, Leaf Blender, Product Development Specialist, Process Specialist, Instrumentation Specialist, Agronomist, Commodity Trader, Forex Manager, Corporate Communications Specialist etc
8. Does the Company encourage its managers to take sabbaticals for higher education? Yes, the Company does encourage its managers to do so. In fact, the Company sponsors identified managers to pursue a full time MBA programme at the IIMs, ISB and other leading management institutes. Managers are identified on the basis of their performance and potential. Whilst the manager is away pursuing a full time MBA programme, he continues to receive his Consolidated Salary and is reimbursed the cost of his education to the extent of 75% of the expenditure actually incurred, subject to a maximum of Rs.10 lakhs.
On completing the MBA programme, the manager returns to a challenging assignment.
9. Are employees eligible for stock options? Yes, a large number of managers are eligible for Stock Options under the ITC Employee Stock Option Scheme. The Scheme was introduced in 2001 and Options have been granted every year since. In 2006, Stock Options were granted to 1562 managers. The options granted to-date aggregate 1,08,35,696.
10. Are jobs frequently transferable? All managerial positions are transferable. The services of a manager can
also be transferred to a subsidiary or associate company.
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