Mitra Innovation, which celebrates its 10th year in business this year, rolled out a USD pegged salary scheme 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 market differentiated services and strong focus on its people – a value that the company has continued to foster since its inception in March 2012. The decision to implement a USD pegged salary scheme comes from an understanding that employers need to find creative ways to ensure the financial wellness of their teams. In an ideal situation with a good economy, employers need happy, healthy and skilled employees, while employees expect great opportunities, career growth and a good source of income. However, when faced with an economic crisis, it is critical to explore different and innovative ways to uphold employee wellness.
“At the start of this year, upon careful consideration, the Board of Mitra Innovation made a swift decision to peg all salaries to the USD effective Q1 2022.” stated Chinthi Weerasinghe, Chief Executive Officer, Mitra Innovation.
Furthermore, the Global Leadership Team stated that this decision was taken in the best interests of their employees in Sri Lanka, considering how best to help the existing team, given the current economic environment in the country.
“With this rollout, all employees of Mitra Innovation SL will receive a remuneration 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 its employees with great opportunities, lowered financial stress is key to retaining employees and to reduce brain drain, especially during trying economic times.
Mitra Innovation, which grew its top line and bottom line exponentially in FY2021, increased its global headcount from 180 to 300 during the same period, with most of the additions being recorded in Sri Lanka, where its main software development centre is located.
As the company continues with industry leading growth this year and expands its global presence, the number of opportunities it creates for overseas employment will also increase exponentially. In keeping with the People First mantra in the company, Mitra prefers to give opportunities to its team members first, before looking for external options, through the ‘Grow With Us’ initiative.