Moscow – PhosAgro took first place in a Vedomosti newspaper ranking of companies with the fastest pace of growth in labour productivity over the last five years.
The study on labour productivity (measured by revenue per employee) covered Russia’s 55 largest companies by revenue, looking at their consolidated IFRS financial statements. It ranked the companies based on how revenue per employee changed over the course of five years, and how this output and the total number of employees affected staff costs.
According to Vedomosti’s calculations, between 2012 and 2016, PhosAgro’s average annual output (revenue per employee per year) grew at an average rate of 27% per year.
PhosAgro CEO Andrey Guryev said: "We managed to achieve a high level of productivity due to a comprehensive programme designed to increase efficiency and optimise business processes. We have merged our main production assets into a single legal entity, resulting in the centralisation of a number of administrative functions and the elimination of duplicate positions. The Company has also carried out a modernisation programme that makes use of the best available technologies. Accordingly, equipment operation hours have increased and downtime declined, contributing to growth in annual production output of around 10%. We also introduced a new system to incentivise employees, which led to an increase in their work productivity."