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Fabindia Presentation Transcript

  • 1. Fabindia - A Fabric of our lives
  • 2. Contents• History of Fabindia• Fabindia – a unique business entity• Some factoids about us• What makes us a great place to work − Alignment of ideology − Shared ownership and Entrepreneurial work culture − Growth from within − Transparent − Empowering women
  • 3. Historical Perspective1960 Fabindia Inc established1976 Flagship store at Greater Kailash, FOPL established1976 – 1994 Single store1999 – 2011 Grew from 5 stores to141 storesFabindia moved from shy toaggressive growth, all the whileensuring profitability in spite of thenear vertical growth
  • 4. Fabindia – a unique business entity Twin Mandate :• A viable, profitable retail platform for products created using hand-based processes• The creation of skilled, craft-based sustainable jobs in the rural sector
  • 5. The Fabindia Business Model - Traditional brand loyalty - Product accessibility - Visibility Customers - Range- Crisil rating of - Contemporary AA - - Belief in product- Inclusive ownership : approx. 70% of the staff across levels own company stock - Sustaining Craft Fabindia - Artisan empowerment Owners / Artisan Employees Community
  • 6. Some factoids to understand us• Employee strength - 1500 + – Fabindia Employees – 1100 – Contracted staff – 400• An “Equal Opportunity” employer  1.78 -1 mix (Men- Women) 76% of the management are women• Over 30% staff have been in the company over 5 years• Ratio of HR to staff 1: 125• GPW results were very surprising for us 
  • 7. So how do we make it all work ?
  • 8. The Fabindia Core Values• Ownership of Company goals• Mutual Respect and Humane Approach• Fairness in our Intent• Honesty in all our actions• Result Orientation• Continuous Improvement• Leadership by Example
  • 9. Alignment of IdeologyDriving business success while ensuring sustenance of craft – Hiring to translate passion for our ethnic crafts and business ideology into satisfying careers – Our hiring specifications for management levels tests candidates on their commitment to the above – All induction and orientation processes reinforce the dual objectives of our business model – Demonstrated belief in organizational values is one of the key parameters in performance assessment for senior roles
  • 10. Shared OwnershipApprox. 70% of our employees across levels own the company stock – Opportunity for Wealth creation – Opportunity to partner in success
  • 11. Entrepreneurial work culture• Independent SBUs run the regions – Decentralized – Each store a profit center and each store manager an entrepreneur with a P&L responsibility• Profit sharing plans for over achievement• COC’s ensures Artisan empowerment – Sustainable community development
  • 12. Performance and Development Focus Centres of Excellence as drivers for service improvement and focus on continuous development
  • 13. Obligations of a COE To the To the Store To customer Organization Team• Consistent • Conformity to all • Highly motivated standards of processes team service • High productivity • High investment• Excellent level • Excellent in team member of customer customer development interaction feedback • Stress reduction• High levels of • Training ground in the working personalization for new environment as• Very high employees / process initiative to get stores conformation feedback and increases give follow up
  • 14. Support provided to a COE • Classroom • On the jobTraining inputs • Technical • Behavioral • Motivation through visibility and recognition Other inputs • Process changes / inputs
  • 15. Growth from Within• IJP process – Opportunities for growth from within – Setting people up for the next role – Considerate of individual needs – relocations – Humane approach in application of policy decisions• Generalist skills being made specialized – Functional and Behavioral competencies for every position – Biannual assessment of development needs through multi source feedback – IDPs and PIPs for every individual up to a certain level – Strong alignment of the L&D curriculum with the competencies – Training budget available even during the recession
  • 16. High level of transparency-All employees are treated as shareholders in decision making• Simple HR processes and policies• Role of HR is to create disproportionate impact (1:125) – work with each employee as an individual
  • 17. Empowering Women• 76% of management positions are staffed by women• Feeling secure, safe and empowered• Growth and leadership • Women Intrapreneurs
  • 18. In Summary• We value our unique business model• We strive to align our business and employee ideologies• We empower our stakeholders and encourage participative ownership of brand Fabindia• We have a strong focus on development and growth from within• Our core culture has not seen a dilution despite changes in our environment• Every employee feels connected, recognizes his/her role in the success story that is Fabindia – in spite of rapid growth.