Scheduleforming part of the Balance Sheet - Domain-b

Annual Report 2007-2008
implemented at all operational Units during the last year.
The novelty of this model is that it is a convergence of Process Framework, Risk and Control Matrix and a Scoring Matrix. A
framework developed for each functional area identified on the basis of an assessment of risk and control and provides a score,
allowing the Unit to improve on high risk and weak areas.
The Audit Committee of the Board oversees the adequacy of the internal control environment through regular reviews of the audit
findings and monitoring implementations of internal audit recommendations through the compliance reports submitted to them.
Human Resources & Industrial Relations
The manpower employed in your Company for 2006/07 was 10018 (previous year was 8553), which included executives, bargainable
staff, probationers, trainees, apprentices and contract employees. The increase in numbers is mainly on account of amalgamation
of five Group companies with your Company.
Your Company has embarked on a strategic initiative to identify and develop top talent in the company through a structured
developmental process. This initiative, called Emerging Leaders of Taj or EL Taj, is a process that provides an opportunity to high
performing executives in different grades to participate in a process that begins with defining competencies required at each
executive grade, nominating high performing executives, participating in Developmental and Assessment Centers where these
executives participate in exercises and simulations to identify strong and weak competencies. The process ends with creating
developmental plans for each individual and executing these to prepare the executives for future leadership positions. The aim is
to create a reservoir of talent of 400 top notch people by the end of this decade with leadership qualities to man the slots that will
arise due to the growth and expansion plans of the Company.
The expansion plans of your Company are being supported by an initiative of aggressively recruiting young catering college
graduates and providing them with high quality training. The existing Taj Management Trainee Program is being further strengthened
and as an extension of this young hotelier program a Hotel Operations Management Trainee Program is being initiated. Several
training programs to improve operational efficiency have been launched.
Based on Guest or Peer feedback process of the internationally recognized reinforcement program of your Company, ‘Special
Thanks and Recognition System – STARS’, 56 employees have qualified to the highest category, the MD’s Club and will be
felicitated.
The Employee Satisfaction Survey conducted by Gallup Organization was completed for the year, where your Company seeks
regular feedback from its employees to ascertain their levels of satisfaction and to ensure that employees’ morale and motivation
are constantly improved. Critical human resource issues are analyzed, corrective actions initiated and results monitored regularly.
Industrial relations throughout the year were cordial at all hotels and operating units of your Company. Period wage settlement
agreements were entered into with the Staff representatives and Unions at various locations.
Awards & Acclaims
AWARDS – TAJ HOTELS RESORTS AND PALACES
Corporate Global Awards
� Taj Hotels Resorts & Palaces was the Winner of the Selling Long Haul Travel Awards 2007.
� Taj Spa was honored with the SENSES Visions Award 2007 at the SENSES Wellness Awards 2007 held in Berlin
Corporate National Awards
� CNBC TV 18 International Travel Award for the Outstanding Exporter of the Year 2007, in the Travel Tourism & Hospitality
Category.
� Dun & Bradstreet - American Express Corporate Awards 2007 accolades The Indian Hotels Company Ltd. as India’s Top 500
Companies 2007 - in the “Hotels” category
� India’s Most Customer Responsive Hotel – Category Hotels by the Avaya Global Connect Customer Responsiveness
Awards 2007-.
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