Dear Junctionites,
My best wishes to you and your family for the New Year. May 2012 give you happiness, learning, health and fulfillment.
The year just over has been a challenging year across the world. The World's largest economy the United States has struggled with little or no growth as unemployment continues to be a problem. The European Union has faced severe problems of sovereign default which unfortunately will get worse before it gets better. China which is now the World's second largest economy has faced considerable labour related problems as the World economy slows and the aspirations of the Chinese people increases.
On the socio - political front the Arab spring has put pressure on the Energy supply - chain and some of our neighbouring countries continue to fight extremism.
We in India have been adversely impacted by all these developments across the World. This is natural as today we live in an integrated World. To add to the global problems we in India have also had our own unique issues such as the 2G, CWG, Iron Ore scams...
We in mj have had to live with these issues as have all Companies in India and the World. However where some of the others have faltered we have grown. And grown at an enviable rate of 40 % year on year. We have grown as we were better prepared to face the challenges and to spot opportunities in adversity. While others would have seen a glass half full and been complacent we saw it as half empty and worked hard to fill the tumbler. Looking for innovative ways to fill the glass. Challenging the norm. Never being satisfied.
We engaged with Goldratt in 2011 and they have been able to fine tune our services in metaljunction, valuejunction and buyjunction so far and also brought about an alignment in the operations of financejunction and mjedge to better support the Company grow. I believe that the engagement with Goldratt will give us large and sustainable dividends in 2012 and beyond.
In 2012 we need to ensure that we are able to build a Decisive Competitive Edge in the sale of imported Coal and Steel. To take up this challenge we will be centralizing these two initiatives ( under a newly created Incubation Cell) and provide sufficient bandwidth and other resources to make a breakthrough.
We also need to establish a DCE for our newer initiatives of straightline and autojunction.
We have broken into the International market with an agreement with Nat Steel & Bright Bar of Australia which we will build upon and take forward. We have also entered into an agreement with two Paris based Companies - EPSA & BuyPro who would support buyjunction to break in to the European market. And take our nascent association with Tata Steel Europe to a much higher level.
Our functional units of Technology, Finance & Accounts, Administration, Internal Audit, Business Excellence, Marketing, HR and Procurement have really walked the extra mile in providing support and direction to the Business Units to succeed. To assist them further in their endeavour we will soon be getting external Consultants to work with us in further aligning and integrating their functioning to drive organizational growth.
While we have achieved a TBEM score of 450 - 500 which is indeed a commendable achievement we need to very quickly reach 600 +. This score would mean that our processes our World Class. However for the year 2012 our target is 550 + and plans are being implemented to achieve this at our next assessment.
None of what we have been able to achieve over the last 10 years and more specifically in 2011 would have been possible if it was not for our highly dedicated, innovative, caring, ethical and purposeful junctionites. I thank you for what you have done and I speak not only for myself but also for the Board of Directors and for our two Promoters - SAIL & TATA Steel.
During the first quarter of 2012 we will be more strongly aligning the Company's score card with each and everyone in the Company. Work was begun in 2011 with the Rich Job study being conducted by TATA group HR which will be rolled out over the next couple of months. Parallelly the AOP for FY12 - 13 is being finalized. What we will achieve by 1st of April 2012 is a direct connect / alignment of - Company - BU / FU - Individual. This alignment will reside on a Performance Management System which the company is currently evaluating and will be implemented in the next couple of months.
I believe that an aligned and integrated PMS will greatly enhance your working as it will be an efficient and transparent reflection of the goals that were set and how well you have been able to achieve them or even better them. Needless to mention the Reward & Recognition's will flow from the PMS whether it be Increments, Variable Pay or even the GEM awards. And all the other awards that we have been planning to offer but did not in the absence of an efficient and transparent PMS.
We will take forward the MET initiative which we initiated in August 2011 with further enthusiasm and verve in 2012. I believe that this initiative will be of great importance to the Country. Uniting people who want to make a positive change by giving them a vibrant platform which they can use as a pulpit of reform.
No New Year message will ever be complete unless I personally thank all those who have worked tirelessly and often without any recognition in furthering the cause of giving to those less fortunate than us - the ejunction team of organizers, trainers and administrators. Each one of you has contributed unselfishly to the wonderful cause as espoused by ejunction and we all salute you.
With my warmest wishes
Viresh
