Maruti Suzuki, in its Annual Integrated Report for 2022-23, revealed that its women employees earned a median annual remuneration of Rs 15.60 lakh. The company’s total revenue for the financial year was Rs 1,19,684 crore, showing a significant increase compared to the previous year. The profit for the year also saw a notable increase. Maruti Suzuki considers its employees as its most valued asset and aims to create a supportive and future-ready workforce.
As of March 31, 2023, Maruti Suzuki had a total of 38,299 employees, including both regular and non-regular employees. The company recorded a decrease in its total headcount compared to the previous year. During the financial year, the company recruited 1,444 regular employees, while 827 regular employees separated from the company. The voluntary employee attrition rate increased from the previous year.
Maruti Suzuki invested significantly in learning and development programs for its employees. The company provided training hours to both regular and non-regular employees, with a notable increase compared to the previous year. In terms of employee benefits, Maruti Suzuki incurred higher expenses compared to the previous year.
The remuneration of the company’s board of directors and key managerial personnel varied. The male members of the board earned a median remuneration of Rs 93.50 lakh, while the lone female member received a remuneration of Rs 85.50 lakh. Among the employees, men had a higher median remuneration compared to women. The managing director’s total annual compensation was significantly higher than the median total annual compensation of regular employees.
Maruti Suzuki had a relatively low overall gender diversity ratio, with only 3.6 percent of females in its workforce. The diversity ratio was even lower at higher management levels. However, the company reported that all women employees who took maternity leave returned to work.
Overall, Maruti Suzuki’s report provides insights into its financial performance, human capital management, and efforts to improve diversity and employee well-being.
