Abstract

This case is about Hari Krishna Exports, a diamond and jewelry export and manufacturing company based in Surat (Gujarat, India). Hari Krishna Exports was set up in the year 1992 by Savji Dholakia. His brothers later joined him in the business and in the first year itself the company achieved an annual turnover of Rs 10 million. After that, there was no looking back for the company. Its performance kept improving and it made its presence felt not only in India but in over 35 other countries to which it exported diamonds. On October 21, 2014, the Chairman of Hari Krishna Exports, Savji Dholakia, announced a bonus worth Rs 500 million to 1,268 employees who had contributed to the tremendous growth of the company. The bonus included Fiat Punto cars for 491 employees, jewelry for 570 employees, and part-payment (company contribution) for flats for 207 employees. The company adopted an employee-centric approach, providing the employees and their families with various benefits. Hari Krishna Exports started a ‘loyalty program’ under which employees who were loyal to the company and contributed to its growth were given special recognitions. These recognitions were not limited to any specific class or position of workers, rather, it covered managers, artisans, and even cleaning staff. This kind of approach helped the company not only to retain employees but also to excel in the business.

Learning Objectives

The case is structured to achieve the following Learning Objectives:

• Understand the value of employees in an organization
• Understand the various policies to motivate employees.
• Analyze rewards as a motivational tool.
• Recognize the importance of employee contribution to business.

Keywords

Rewards, employee motivation, employee contribution, employee compensation, incentives, job satisfaction, employee engagement, employee turnover