Social
In today’s business world, social sustainability plays a crucial role in strengthening relationships between organizations, employees, communities, and stakeholders. The Company recognizes the importance of Corporate Social Responsibility (CSR) and is committed to conducting its business with awareness of its social and environmental impacts, aiming to create long-term shared value for all stakeholders.
The Company has also established social responsibility policies and guidelines, focusing on sustainable business operations based on human rights principles, safe and healthy work environments, and equitable treatment of all stakeholders. These efforts are intended to promote social harmony and foster long-term trust between the Company and its stakeholders.
Furthermore, the Company emphasizes participation and collaboration with communities in planning and implementing social initiatives, upholding human rights, fairness, and transparency. This includes continuous development towards sustainability and enhancing stakeholder well-being through responsible business practices that align with international standards.
Occupational Health and Safety
Employee Management
Corporate Philanthropy
Employee Development
Human Capital Development
The Company places great importance on the continuous development of employee competencies to enhance their capabilities and align with the company’s strategic goals. It also prepares employees for potential changes in the business environment. Human capital development is not only about increasing individual efficiency, but also about empowering employees to contribute to the organization and creating inclusive value for all stakeholders.
Performance in 2024
In 2024, the Company prioritized employee competency development to build a resilient workforce capable of adapting to competition and sustainable growth. Then, the Company emphasized upskilling through competency assessments to address competency gaps, and established Individual Development Plans (IDPs) as well as Succession Plans to ensure the availability of qualified successors. These plans help enhance business agility and performance. Key outcomes are as follows:
| Key Indicators | Performance in 2024 | Long-term Target (by 2029) | |
|---|---|---|---|
| 1. | Percentage of employees who received training and skill development | More than 77.37% | 100% |
| 2. | Percentage of employees with an Individual Development Plan (IDP) | 33.17% | 100% |
| 3. | Percentage of employees covered under the Succession Plan for key positions (C-Level and Division Manager) | 96% | 100% |
| 4. | Average training hours per employee per year | 27.38 hours | 26 hours |
| 5. | Average training cost per employee per year (THB/person/year) | 6,904.54 THB | Not more than 7,000 THB |
The Company remains committed to continuously developing and refining its human resource management strategies to build a workforce of high caliber. This includes preparing personnel to adapt to change and driving sustainable growth for the organization in the long term.
Human Resource Management
The Company places great importance on its employees, recognizing them as a "cornerstone of success" and a key driver of long-term organizational sustainability. Its human resource management policy is guided by the principles of transparency, fairness, and equality. The Company ensures that all employment practices are free from discrimination based on religion, race, gender, age, physical appearance, or any other personal attributes. To this end, the Company adopts a comprehensive recruitment, selection, and employment process that emphasizes integrity, competence, and potential for development. This approach enables employees to adapt to economic, social, environmental, and technological changes, ensuring the Company remains competitive in an evolving business landscape.
Recruitment and Selection
The Company implements a fair, transparent, and unbiased recruitment and selection process, giving equal importance to candidates’ knowledge, skills, personality, and qualifications that align with the job requirements. Beyond matching talent with roles, the Company also places importance on building an inclusive workforce to enhance organizational capability and sustainability.• Promotion of Human Rights and Equal Opportunity:
- The Company fosters equal opportunity and diversity by ensuring recruitment is based on merit, regardless of gender, age, or any other status. The Company is committed to selecting candidates based on their potential, ensuring fair treatment, and providing all candidates with equal access to employment opportunities. Furthermore, the Company has established a network of employment centers in communities to offer job opportunities to local residents, especially those residing near its operations. This effort also supports the community’s economic growth and reflects the Company’s commitment to local engagement.
In 2024, the Company recruited 85 new employees, most of whom were hired to support its growing operations across three plant locations in Samut Sakhon province. This reflects the Company’s focus on local employment and community development.
New Hires from Operational Areas
48% or 41 people
of the total 85 new employees hired in 2024 were residents from operational areas.
Note:
- Area 1: Samut Sakhon Province
- Area 2: Bangkok and Nonthaburi Provinces
- Area 3: Samut Songkhram or Nakhon Pathom Provinces
In addition, in 2024 the Company continuously employed persons with disabilities to promote equal and sustainable employment opportunities. The detailed breakdown is as follows:
| Description | Results |
|---|---|
| Number of employees with disabilities employed by the Company | 6 persons, which complies with the legal requirement of a 1:100 ratio between employees with disabilities and total employees |
| Training or skills development programs for employees with disabilities | Aligned with the Company’s development plans and training programs |
Compensation and Welfare
The Company determines appropriate, fair, and ethical compensation and welfare benefits in alignment with industry standards. It conducts compensation benchmarking surveys within the same industrial group, considering employee capabilities and work efficiency. In addition to basic benefits, the Company also provides enhanced welfare to support employee well-being, such as meal allowances, transportation support, life and health insurance, accident insurance, educational support for employees and their families, uniforms, emergency loans, annual leave, and other leave entitlements. These measures aim to ensure employees enjoy a good quality of life and can work efficiently.
In 2024, the Company’s average employee welfare expenditure was 19,474 Baht/Person/Year (excluding monthly salary).
Performance Evaluation
The Company conducts annual performance evaluations for all executives and employees, using this process as a critical tool for enhancing work efficiency and supporting employee development within the organization. The evaluations are based on the principles of Human Resource Management (HRM), specifically referencing Key Performance Indicators (KPIs), which serve as internationally recognized standards. The objectives include:
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Improving and refining work processes
Utilizing evaluation results to identify gaps and areas for improvement in workflows, with the aim of increasing efficiency and minimizing errors.
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Enhancing employee competencies
Using performance data to guide the development and training of employees in the appropriate areas.
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Promoting career advancement
Supporting employees in career development by leveraging performance results
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Fostering engagement and alignment with organizational goals
Encouraging employee participation in organizational growth through a fair and transparent evaluation system.
In 2024, the Company conducted performance evaluations for all employees, with the results indicating that 30% of the workforce holds positions at the levels of Senior Officer, Supervisor, or Section Manager. The Company aims to achieve full evaluation coverage for all executives and employees, targeting100% by 2027.
Equity and Diversity
The Company places strong importance on fostering a workplace environment that promotes equality and diversity. This is achieved by preventing any discrimination based on gender, ethnicity, religion, or other differences. All individuals are encouraged to express their opinions and participate in decision-making processes on work-related matters. Additionally, the Company has implemented a Social Responsibility and Human Rights Policy, which upholds fundamental human rights principles for all individuals, ensuring that no one is excluded—be they employees, local communities, or surrounding societies. Activities and programs are continuously organized to foster mutual understanding and collaboration across diverse employee groups and communities.
Note:
Those interested can learn more about the Company's human rights practices toward employees in the “Corporate Social Responsibility Policy.”
In 2024, the Company was certified for compliance with the Thai Labor Standard (TLS) at the basic level across five key standards, as follows:
- Clause 1: Corporate policies that uphold the rights and dignity of workers.
- Clause 2: Guidelines on the prevention and resolution of labor rights violations in operations.
- Clause 3: Measures to prevent and address forced labor, child labor, or labor performed under coercion, intimidation, or deception.
- Clause 4: Measures to prevent and resolve issues concerning workplace health and safety under Article 17 of the Labor Protection Act, B.E. 2541.
- Clause 5: Practices that promote labor relations and establish safety and health systems in the workplace.
Furthermore, in 2024, there were no complaints regarding significant violations of human rights or discrimination related to equity and inclusion.
Work-Life Balance
The Company supports employees in achieving a balance between work and personal life by implementing flexible working policies such as hybrid working or work-from-home arrangements, as appropriate. The Company also organizes recreational activities, skill development programs, and initiatives to strengthen employee relationships, including social activities and health promotion campaigns, to ensure employees can work efficiently while enjoying happiness in their work life.
In 2024, the Company embraced the “Happy Workplace” concept and implemented 8 key activities to foster a happy work environment, with a summary provided below.
| Happy Money (Debt-Free) | Employees are encouraged to use money wisely, avoid debt, save, invest properly, and live within their means. The company provides financial literacy training to help employees become debt-free. The program promotes financial discipline and encourages participation in provident fund programs. In 2024, 81 employees joined the activity, and 86% reported satisfaction — exceeding the target rate of 85%. |
| Happy Heart (Work with Heart) | Promotes compassion and mutual support among employees. The company believes that true happiness comes from giving. |
| Happy Body | Promotes physical wellness through strong health and disease prevention. The Company organizes health-related activities to boost energy, reduce stress, and improve overall workplace productivity. |
| Happy Family | Encourages a warm and loving family life. The company cultivates family values to enhance harmony and happiness, promoting love and unity. Activities included: Financial support for employees’ children's education, with scholarships awarded to students in nearby schools for the 2024 academic year. |
| Happy Brain (Lifelong Learning) | Supports lifelong learning through various platforms. Believes in continuous upskilling and reskilling to enhance work efficiency. Encourages a growth mindset and fosters learning culture to improve work performance and personal development. |
| Happy Relax (Relaxation) | Encourages employees to know how to relax in daily life, as relaxation helps relieve physical and mental stress. The company believes that employees who know how to relax will reduce their stress levels, which positively impacts work performance. |
| Happy Society | Fosters love and care for the community and workplace. Employees are encouraged to be aware of their role in society, care for the environment, and contribute to community well-being. The company promotes kindness, compassion, unity, and volunteerism to improve quality of life within and beyond the organization. |
| Happy Soul (Spirituality) | Encourages spiritual well-being and moral values in life. The company believes that spiritual development, based on religious or ethical principles, strengthens inner peace. This helps employees cope with challenges, maintain positive thinking, and cultivate compassion and gratitude. |
In addition to the aforementioned activities, the Company conducted an annual employee satisfaction survey in 2024 to gather feedback on various aspects of the organization. The results of the survey were analyzed to develop strategies for employee retention, reduce turnover rates, minimize recruitment costs, and enhance the efficiency of work processes.
Furthermore, in 2024, the Company reviewed and improved its implementation plans to ensure that employees receive fair benefits and can work effectively, which ultimately contributes to the organization's long-term success. Detailed findings are presented below.
Improving the Compensation System
- Review and revise the compensation structure to ensure fairness, transparency, and alignment with labor market trends.
- Define a competitive salary and benefits structure in line with the industry.
Enhancing the Welfare System to Align with Industry Standards
- Benchmark and analyze the company's welfare practices against industry standards.
- Expand benefits and increase convenience for employees, such as meal allowances, travel allowances, and additional relevant welfare provisions.
Improving Work Scheduling
- Revise the work scheduling system to better align with work-life balance principles.
- Study appropriate approaches for managing rest days and working hours.
Enhancing Health Insurance Coverage for Employees Below Supervisor Level
- Expand health insurance coverage to include employees at the Supervisor level and below, in order to establish a foundation for health security and work stability.
- Reduce employees’ out-of-pocket health care expenses and enhance overall job satisfaction.
According to the employee satisfaction survey results, the majority of employees expressed satisfaction with the organization overall, with an average satisfaction score of 75.20%,which falls short of the Company’s target threshold of 85%.
Therefore, the Company will continue to improve and develop its systems to align with human resource management strategies in order to enhance efficiency and meet employee expectations.
Table Showing Significant Data of Employees
| No. | Significant Data | 2023 | Total | 2024 | Total | ||||
|---|---|---|---|---|---|---|---|---|---|
| Male | Female | Unspecified | Male | Female | Unspecified | ||||
| 1 | Total number of employees (persons) | 350 | 254 | - | 604 | 346 | 259 | - | 605 |
| 2 | Number of new employees (persons) | 28 | 20 | - | 48 | 43 | 42 | - | 85 |
| 3 | Total Employees Resigned (persons) | 37 | 26 | - | 63 | 38 | 37 | - | 75 |
| 4 | Employee Turnover Rate (%) | 10.57 | 10.24 | - | 10.43 | 10.98 | 14.29 | - | 12.40 |
| 5 | Number of Employees with Disabilities | 3 | 7 | - | 10 | 4 | 2 | - | 6 |
Note:
The Company has employed persons with disabilities at a rate exceeding the legal requirement of 1 person with disabilities per 100 regular employees.
Corporate Culture
The Company upholds its core corporate values that reflect its commitment to sustainable business practices. These encompass integrity, accountability, unity, innovation, safety, and environmental awareness—collectively aligned under the concept “ADVISE.”
Establishing a strong corporate culture is a key factor that supports sustainable growth. The Company manages and fosters organizational culture systematically, emphasizing employee engagement, leadership engagement, and technological support to enhance long-term competitiveness. In 2024, the Company implemented a number of initiatives, summarized as follows:
| 2024 | Target 2027 | |
|---|---|---|
| Proportion of employee coverage in building organizational value awareness (ADVISE) | 100% | 100% |
Note:
The promotion of value recognition within the organization is carried out through internal communication channels, both offline and online. This includes annual Town Hall meetings.
Moreover, the performance outcomes related to sustainability reflect the organization’s success in fostering a positive working environment and contributing to comprehensive social development.
Occupational Health and Safety
The Company places great importance on managing safety, occupational health, and environmental aspects in the workplace in accordance with ISO 45001:2018 standards, aiming to become a "Zero Accident Organization" that protects all employees, contractors, communities, and other stakeholders.
Performance
PSP Specialties Public Company Limited places great importance on employee and contractor safety by implementing an occupational health and safety management system that controls all levels—from risk assessment, setting control measures, and safety training, to surveillance and incident reporting. Throughout the past 4 years (2021–2024), the company has not reported any work-related fatalities among employees or contractors. This reflects the company’s commitment to effective safety operations and the fostering of a safety culture in line with corporate sustainable development. Key ongoing safety activities include:
- Occupational health and safety training for employees and contractors – 100% completion
- Organization of weekly safety talks – 100% participation
- Occupational health and safety inspections covering 100% of office areas
- Near Miss Activity – Reporting near misses for learning and prevention – 100%
- Fire drills and evacuation drills at factories – 100%
- Monthly safety patrol activities – 100%
- Hazard and risk reporting activities at factories – 100%
- Hazard and risk control evaluation activities at factories – 100%
- Safety awareness campaigns for employees and contractors to foster a culture of prevention in the workplace
In addition, the Company received safety and occupational health awards, including:
- Award for Outstanding Establishment in Occupational Safety, Health, and Working Environment at the national level, Gold Medal, Phra Nakhon Si Ayutthaya Province – 8th consecutive year
- Award for Outstanding Accident-Free Activity Performance, Red Level
The Lost Time Injury Frequency Rate (LTIFR) of employees was 2.59, which is below the national benchmark and meets the Zero Accident Organization standard, demonstrating the Company’s ability to provide effective treatment and prevention. The Company adopts a hierarchy of controls approach to prevent risks, which includes: Engineering controls such as the design of suitable safety guards, Training through OJT (On-the-Job Training), which supervises high-risk tasks, Job Safety Analysis (JSA), and personal protective equipment (PPE), which is the last line of defense. Moreover, the Company conducts event severity classification to assess the potential consequences of incidents and asset damage into four levels: Major Serious Moderate and Minor. In 2024, no incident was classified as "Major".
The effective implementation of the Company’s occupational health and safety standards resulted in LTIFR and TRIR being important indicators of employee and contractor safety performance, which are steady and equals to 2.38.
Community Engagement and Social Responsibility Activities
The Company is committed to conducting its business with consideration for social and environmental responsibility. This commitment is guided by a development approach that emphasizes inclusive and sustainable growth, ensuring that all stakeholders’ voices are heard and valued. The Company continuously engages in community-focused activities aligned with national development goals, particularly the United Nations Sustainable Development Goals (UN SDGs), and adheres to GRI standards, which serve as key frameworks for sustainability management. All initiatives are implemented under the Company’s six core principles as outlined below.
| Concept | Description |
|---|---|
| PSP Sharing | Support social donation activities |
| PSP Better Life | Improve the quality of life in the community |
| PSP Give Health | Promote public health |
| PSP Green Life | Conserve the environment |
| PSP Safety Matter | Promote safety in the community |
| PSP Collab | Develop local economy and community enterprise |
The total annual budget amounted to more than 5,059,801 baht
Click here to view the social and community engagement activities.
Community Whistleblowing channels
Community Relations Department Tel: 089 200 1269, Email: wanida@psp.co.th
