Mitra Innovation announces US$-pegged salaries to support financial wellness of employees

Mitra Innovation, which celebrates its 10thyear in business this year, rolled out a US$- 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 US$ 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 US$ 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 US$ 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.