Mitra Innovation, which celebrates 10 years in business this year, introduced a USD-indexed compensation plan as one of its key financial wellness initiatives for all employees in Sri Lanka at the start of 2022, the company announced.
The company attributes its tremendous growth to its differentiated services in the market and its strong focus on its employees – a value that the company has continued to promote since its inception in March 2012. The decision to implement a salary system indexed to the US dollar stems from the understanding that employers need to find creative ways to ensure the financial well-being of their teams. In an ideal situation with a good economy, employers need happy, healthy and qualified employees, while employees expect great opportunities, career growth and a good source of income. However, in the face of an economic crisis, it is essential to explore different and innovative ways to maintain employee well-being.
“Early this year, after careful consideration, the Mitra Innovation Board of Directors took the quick decision to peg all salaries to USD starting in the first quarter of 2022.” declared Chinthi Weerasinghe, CEO, Mitra Innovation.
Additionally, the global management team said this decision was made in the best interests of its employees in Sri Lanka, considering how best to support the existing team, given the economic environment. present in the country.
“With this rollout, all employees of Mitra Innovation SL will receive a compensation package that proportionally increases in value as the USD appreciates against the Sri Lankan Rupee.” added Sanjeev Palihawadana, Chief Operating Officer at Mitra Innovation.
Research shows that financial wellness programs can increase employee satisfaction and help reduce employee stress. While the company’s “hyper growth” provides great opportunities for its employees, reducing financial stress is key to retaining employees and reducing brain drain, especially during tough economic times.
Mitra Innovation, which grew its revenue and bottom line exponentially in fiscal 2021, grew its global workforce from 180 to 300 in the same period, with most additions in Sri Lanka , where its main software development center is located.
As the company continues its industry-leading growth this year and expands its global presence, the number of opportunities it creates for overseas employment will also increase exponentially. In line with the company’s People First mantra, Mitra prefers to give opportunities to its team members first, before seeking external options, through the “Grow With Us” initiative.
About Mitra Innovation
Mitra Innovation is one of Sri Lanka’s leading innovative business solution providers. Headquartered in London, with over 300 employees across the globe, Mitra Innovation delivers scalable solutions with the right level of resources, at the right price, with minimal risk. The company uses secure internal and external collaboration to derive better insights and transform business needs into strategic and innovative solutions, driving growth and customer engagement. With expertise across multiple systems and platforms and across all business and public sectors, Mitra Innovation strives to help businesses at every stage of their digital journey.