Interloop’s management approach is based on two key principles: Respect for People and Continuous Improvement.
Interloop’s strategic planning, fiscal discipline and reinvestment in the business are key elements contributing to its success over the last 28 years. However, what makes Interloop unique is its People; a motivated, talented and committed workforce. Interloop’s management approach is based on two key principles: Respect for People and Continuous Improvement. These two principles guide our common and shared values, iCARE: Integrity, Care, Accountability, Respect and Excellence, shaping our organizational culture and defining the essence of our company. These core principles and values are critical for achieving Interloop’s mission: “To be an agent of positive change for the Stakeholders and Community by pursuing an Ethical and Sustainable Business”.
* The term ‘People’ represents HR (Human Resource) at Interloop Limited.
People (HR) Management
Interloop exercises defined Management Policies and SOPs, inline with the best international practices to run Operational and Support functions. We invest in continuous improvement of the management processes including organizational structures, HR planning and performance management and expend time, effort and money to develop our employees. Performance based career growth opportunities and job rotation options make Interloop a much sought after employer as it considers employees as its strategic stakeholders and believes that their intellectual and financial growth translates into growth of the company.
Employee Engagement Survey
HR department conducts Employee Engagement Survey of executive employees through the internationally acclaimed Mercer’s Employee Engagement Model, to better understand employee perspectives regarding various aspects of their employment with the company, and to identify areas of improvement. The results are shared with all functional and business heads and plans are put in action to improve Employee Engagement Index. The last survey was done in 2018 and the next one is planned to be conducted in 2021.
Compensation & Benefits
At Interloop, market based remuneration is offered to all employees, according to their skills and performance. Workers at all locations are paid more than the minimum wages prescribed by the government. We ensure that the contractual employees working within the factory premises are paid the minimum wages, and salaries are disbursed to all employees directly through their bank accounts. All male and female employees hired for similar positions receive equivalent remuneration and benefits. Female workers are eligible for maternity leaves. In 2020, all eligible 43 female workers took maternity leave and 40 returned to work during the year. During 2019, 4 out of 14 female workers who took maternity leaves returned to work and remained employed for more than 12 months. The return to work and retention rate is 97%.
Leave Fare Assistance & Anniversary Day Off
To promote work life balance, Interloop provides annual Leave Fare Assistance (LFA) to executive employees for vacation with family. It also presents them a day off on their wedding anniversaries with paid dinner to enjoy the memorable occasion with their spouses.
EMPLOYEE STOCK OPTION SCHEME
The company introduced “Interloop Limited Employees Stock Option Scheme, 2016 (ESOS)” to offer Company Shares to its eligible Executive Employees, pursuant to the Public Companies (Employees Stock Option Scheme) Rules, 2001, transforming them from Stakeholders to Shareholders. These shares qualify for bonus shares, dividends, or similar corporate benefits announced by the Company from time to time. The scheme is flexible, voluntary, and focused on the long-term growth and prosperity of the employees. Currently, any further allocation of shares under the scheme has been put on hold till its amendment in accordance with the “regulations applicable on listed companies”, owing to the recent listing of the Company on the Pakistan Stock Exchange. The proposal for a subject update in the existing scheme is under review and pending approval from shareholders of the Company and SECP, respectively.
Talent Development Programs
Interloop truly believes in nurturing its people. The Human Resource Department conducts regular Training Need Analysis to identify development needs of employees and prepares comprehensive people development programs. The objective is to equip the people with knowledge & skills for long term employability and career enhancement. For executive employees, well-designed customized and open enrolment training programs on technical, managerial, and leadership skills are conducted by Pakistani & Foreign trainers, while non-executive employees are trained for similar skills at the in-house Technical Training School (TTS). During the year, the company has spent 49,419 hours to train 13,816 employees. All employees received performance and career development reviews during the year. In FY 2020, Interloop devoted 12,921 hours compared to 8,633 hours, to human rights policies concerning aspects related to business including non-discrimination, diversity & equal opportunity, child labor, and forced & compulsory labor. 63% of workers including 100% security personnel were trained during the reporting year on human rights policies as compared to 51.69% in 2019.
Talent Scholarship For Employees’
Children
Interloop encourages its employees to motivate their children for pursuing undergraduate education and flourishing into promising careers. For this purpose, the company offers 5 Talent Scholarships every year to meritorious children of its employees.
Management Trainee Officers
Program
Every year, Interloop inducts fresh graduates, 50% females, across its various functions through the Management Trainee Officers Program. It’s a one year working contract which exposes MTOs to a
variety of operational and strategic roles, thus creating enormous learning and grooming opportunities. The systematic and rigorous selection process includes written test, assessment center activities and interview. This is followed by yearlong work assignments and projects. After final evaluation, successful MTOs are offered permanent jobs.
COMPANYWIDE SPORTS ACTIVITIES
To promote physical and mental wellbeing of its employees through competitiveness and healthy entertainment, the company has developed state of the art Sports Infrastructure, including modern executive club, table tennis, squash, badminton and basketball courts, football grounds and high energy fitness gyms and organizes various traditional and non-traditional sports tournaments, both for males and females.
Interdepartmental Cricket Tournaments are held at the start of fall season. The activity creates a lot of enthusiasm amongst the employees who either play or witness the matches and cheer their favorite teams. Football has emerged as the most popular sport among the staff and the tournament draws huge interest and participation. The annual Badminton & Table Tennis Championships enable all team members to take a break from their routine working schedules and refresh themselves.
Encouraging non-traditional sports, Lawn Bowling Championship is organized for the male and female workforce. To ensure equal opportunity and to cheer its differently abled employees, the company arranges Lawn Bowl Championship for them as well which boosts their self-confidence and gives them a sense of pride.
Corporate Social Events
To enhance employee engagement with the company, to recognize their services and to do that in a pleasurable way, Interloop organizes various social events throughout the year. Worth mentioning amongst others include the Annual Dinner; organized in the foundation month of the company, where executives catch up with colleagues and enjoy an exquisite evening full of Long Service Awards, entertainment, food and music, Managers Dinner; hosted by the Chairman & CEO and their families, to offer gratitude to the Managers for their hard work and dedication, especially to their spouses, acknowledging their continuous support, International Women’s Day; to highlight the issues faced by women, to find solutions and to celebrate their successes, Long Service Awards for Non Executives; to recognize non-executive employees completing 10 years’ service with the company, Christmas; to display respect for minorities and encourage diversity in our company.