As Blue Star, the home appliances giant, celebrates its 80th anniversary, the company finds itself at an interesting crossroads. With impressive financial results showing a 21.4% increase in total income and a 34.9% rise in operating profit, the company appears to be on solid footing. However, financial performance alone doesn’t guarantee long-term sustainability, as the real test lies in how companies manage their most valuable asset: their people.
V S Ashok, CHRO of the company, says “retaining our position as a leading employer while tackling key challenges” remains our top priority while also “seizing opportunities for growth and innovation”.
Blue Star inches towards gender parity with their female workforce rising to 10.6% (up from 9.1%). This progress, however, highlights the gap to reach global manufacturing standards, which are typically around 25-30%.
The company has implemented various initiatives to support this shift, including flexible work arrangements, professional development programmes, a “Women for Women” support group, and “Project Begin Again” for second career opportunities.
These efforts, along with measures to reduce hiring bias and promote psychological safety, highlight Blue Star’s commitment to creating an inclusive workplace.
The generational conundrum
Millennials and Gen Z now make up a staggering 85% of their employees. Retaining this younger generation is a top priority for the coming fiscal year, as Ashok suggests there might be challenges in this area.
This shift presents a double-edged sword. Younger workers bring valuable skills like fresh perspectives, tech-savviness, and an innovative spirit, as Ashok points out. However, they also have distinct expectations about work-life balance, career progression, and company culture.
“We are committed to creating a strong environment that retains Gen Z employees through friendly policies, recognition programmes, and opportunities for professional development.”
Initiatives like “Learn and Shine” offer skill development for both employees and their families, aligning with the desire for continuous learning. Leveraging digital tools for greater flexibility caters to younger workers’ preference for work-life balance.
As Blue Star navigates this changing landscape, maintaining a harmonious balance between the needs of its younger and more experienced workforce will be crucial for its continued success.
Investing in skills and leadership
The company has invested in technical training through partnerships with institutions like COEP Technological University. It has also launched leadership development programs like “Project StarLead” and collaborated with the SP Jain Institute of Management and Research for executive education.
While forward-thinking particularly in preparing employees for future leadership roles, the true measure of success will be in how effectively these programmes translate into improved performance and innovation within the company.
The company is leveraging AI to optimise recruitment strategies and processes, Ashok mentions, to enhance efficiency. As AI adoption grows, addressing algorithmic bias and maintaining the human touch in hiring remain paramount.
The road ahead
As Blue Star looks to the future, it faces several key challenges that will require a delicate balancing act. Managing a young workforce and boosting diversity and inclusion are CEO Ashok’s priorities. As he affirms, “People are, and will always remain at the heart of everything we do”.
As the company readies to adapt its HR practices, the true measure of its success will be in how effectively it can translate these efforts into sustained growth and employee satisfaction in the years to come.