Increments, No Salary Cuts and No Lay Offs: CocaCola Announces An Optimistic Financial Year for Its Employees

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Increments, No Salary Cuts and No Lay Offs: CocaCola Announces An Optimistic Financial Year for Its Employees

Coca-Cola makes it employees happy

Monday, 27th April 2020


Hindustan Coca Cola Beverages (HCCB), which is the company, owned bottling partner of beverage maker Coca-Cola has announced that it will adhere to its regular annual payroll cycle this year as well and will release its regular figures of 7-8% salary increments. This will apply to all 7,000 of its direct employees, effective April 1.

 

HCCB is Coca-Cola India’s largest company owned bottler with 15 factories across India and a reach across 3 million retail outlets. The parent company also works with several other smaller independent franchisee bottlers.

 

This step by the asset-heavy brand, which makes popular aerated drinks like Coke, Sprite and Thums Up along with juices such as Minute Main and Maaza, has come at a time when most companies are buckling under the effects of slackening business as a result of the coronavirus outbreak and is in sharp contrast to their salary cuts and lay-offs.

 

In a response over e-mail, a HCCB spokesperson stated that the actual annual increment for each employee will be calculated as per several criteria that includes their performance in the last financial year, the same compensation norm that was followed in 2019 as well. He went on to add there will be no lay-offs nor will they slash pay checks or cut jobs based on business setback brought about by the pandemic.

 

Chief executive officer, Coca-Cola, James Quinsey however clearly laid out the extent of losses sustained by the company due to prolonged social distancing measures adopted by the country and the resulting decrease in consumption levels. Figures reveal that the unit-case volume of Coca-Cola has dipped 5% for the first quarter of 2020 and will eat well into the second quarter as well, said the CEO in his post earnings investors call.

 

The company has also had to stall production at both its company owned as well as all franchise-operated bottling plants. This however did not include water as it fell under the government authorized essential commodity. 50% of the plants have now reported to have resumed operations.

 

Amid rising COVID-19 cases worldwide and its subsequent impact on economy, when companies have been forced to resort to high-handed measures towards sustainability like salary cuts and furloughs, salary hike and employee appreciation will go a long way in augmenting spirits of workers.

 

 

Source: NDTV


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