In this day of age when corporate benefits are becoming increasingly expensive, a number of mid-sized companies are beginning to rethink their associate benefit options. However at Medha, we continue to practice the notion that happy associates perform better and hence produce better results. Since we as a company are growing with the help of our dedicated associates, we believe in giving it back to them in various forms. Apart from compensation, standard holidays, leaves and statutory deductions, our associates receive a number of benefits for fulfilling their duties. Some of the benefits are:
- Medi-Claim Policy for complete family
- Sampoorna Suraksha Policy
- Group Personal Accident Policy
- Group Insurance Policy
- Outstanding Performance Rewards
- Profit Linked Incentives
- Performance Incentives
- Subsidized Canteen Food
- Transportation To And From Work
In addition to these benefits, we believe in recognizing associates who have excelled at work and proved their calibre through performance, dedication and honesty. All associates above certain minimum pay scale have performance linked bonus that is paid once every year. In recognition of loyalty of long serving associates, commemorative gold coins are given as tokens of appreciation for all associates on completion of 10 years of employment with Medha and once every 5 years thereafter.
Associate Housing Scheme
Medha's new addition to the benefits is its housing scheme, which is provided to its associates of the R&D Centre and the Manufacturing Unit. A housing colony has been built for R&D Centre associates, where apartments are awarded to selected associates based on their performance, contribution to the company and minimum employment criteria of 3 years with Medha. The apartments are awarded at subsidized rates, close to 90% subsidy based on current market rates. These associates are also required to serve Medha for a minimum of 10 years from the date they are selected to award the apartment, after which the apartment will be transferred to the associate. The associate is offered to pay the market rent to Medha during the 10 year period. Medha has awarded 38 Flats in 2008 and 21 Flats in 2014 to R&D Centre associates .
A similar scheme was implemented for select associates who supported the company during slump in 2000 - 2002 during which period Medha had the first and last of annual losses. associates who supported Medha during this time did not take any salary raise for two years. To recognize their loyalty, Medha's management had promised compensation in the future, in the form of a housing scheme, which has been put into plan in 2008 by awarding these associates apartments in 'Medha's gated community' and awarded 91 Flats to the associates.
Additional Benefits to R&D Centre Staff
Recognizing that R&D staff is the backbone of the company, Medha has certain additional benefits for all R&D Centre associates, directly involved in the R&D process. All associates contributing to new product development or major overhaul/upgrade of existing products receive 'project completion bonus' in recognition of their efforts in successfully completing the new project.
To nurture the feeling of entrepreneurship in all its R&D associates, Medha's management has put in place a 'Product Royalty' scheme whereby, all R&D Engineers who have been instrumental in the development of a new product or major overhaul/upgrade of an existing product are paid a percentage of profits made by that particular product every year. The idea is to nurture an environment where R&D staff is awarded for instilling the product with right qualities like lower production cost, better features compared to competitors, break-through performance, etc., which are responsible for increasing the sales of that product. These qualities either improve the saleability of the product or reduce the cost, hence improving the quantum and percentage or profits respectively. For this purpose, every year profits are calculated for each product based on accurate accounting of material cost, labour costs and administrative costs, which are attributed accurately for each product sold.