Diversified engineering company and powertrain manufacturer, Greaves Cotton has announced ‘Engine of Growth’ initiative, which it says is part of its long-term commitment towards its internal and external stakeholders. Under the program, the company says it will actively reach out to various customers at bottom-of-the-pyramid, who have been affected the most and do whatever is needed to ensure growth and productivity for them.
The company says the global pandemic has only aggravated and will have a long-lasting impact on everyone. This health crisis has also become an economic crisis for most of the organised and unorganised setups.
Greaves Cotton says it has a widespread presence in core sectors of the economy- mobility, farming, energy, construction, aftermarket, marine, host of small application-driven engine dependent sectors and e-mobility finance. All these sectors have a large dependence on human capital and great potential to generate direct and indirect employment across various levels. With a clear focus on getting the rural economy back on track, the company has geared up with a host of initiatives under its new program called ‘Engine of Growth’.
The company says the engine mentioned is metaphorical, indicating progress, protecting lives, providing livelihoods, supporting communities and ultimately driving prosperity supporting economic well-being of millions. It says it continues to invest behind some important Capex projects which have been already committed, but at the same time has deferred spends on some projects till the lockdown ends and business recovery cycle trends get clear. This forms part of cash conservation initiatives being undertaken to maintain the liquidity in the business.
Commenting on the initiative company’s spokesperson, said “We believe in the power of relationships. While we all try to navigate this pandemic crisis, we reinforce our commitment to reinvigorate the economy with intensified support to the core sectors. Under the ‘Engine of Growth’ program, we will actively reach out to various customers at bottom-of-the-pyramid, who have been affected the most today and do whatever it takes in order to ensure growth and productivity for them. Anything which adds to their income helps enhance employment opportunities are welcome today and the entire Greaves force stands with them. We have a deep commitment to creating positive change for our communities – it’s always been core to our DNA as a company,”
Greaves Cotton says it has intensified efforts across multiple areas. This includes strengthening the supply chain, renegotiate costs, protect employees and channel partners interest, ensure value innovation across multiple consumer touchpoints, redesign customer programs and relook at the upcoming product launches.
From its e-mobility arm, Ampere, the company recently announced the online offer. This increased digital marketing focus will help prospective buyers consider Ampere e-scooters as personal transport helping them stay safe against crowded public transportation post lockdown.
Despite challenges at the market end, Greaves Cotton says it is ensuring the well-being of its employees. It says its ‘People First’ approach is what the organisation believes in, and has walked the talk by ensuring all employees have been paid on time. So far, the company has not pursued any salary cuts. Greaves Cotton says it will continue to invest in training and capability building during these challenging times, and believes, its teams will be more than armed to take on when the markets reopen.
The company initiated a spate of programs under the theme ‘GROW’ emphasising on the need to do more online training workshops under various subjects. All these programs are done by internal experts and some planned with help of external faculties.
The engineering company says every crisis presents an opportunity. Moving forward, it is looking forward to resuming a nearly normal level of work soon with a lot of empathy, agility and collaboration in action. Greaves Cotton says it is cognisant of changes happening around and has implemented a slew of measures to fight Covid-19 to support the needy and underprivileged communities, migrant labours, daily wage earners and small business groups thus strengthening the survival to revival roadmap.