IT Companies in India Focusing on Cash to Attract and Retain Employees [CIOL] Tuesday 12/16/03 3:35 PM
To help with recruiting and retaining IT workers, almost half of IT companies in India are now positioning their compensation above the market median.
Over 90% of Indian IT firms benchmark their compensation against the market.
Some of the other strategies that IT related firms use to attract and retain employees include having a high Cash to Benefits compensation ratio (75:25), increasing the use of performance based increases and high salary increases averaging 15%.
In exchange for the higher cash compensation which is believed to aid in attracting and retaining employees, various benefits have been decreased. There has been a reduction in company car benefits, loan programs, stock options and non-statutory retirement benefits.
Other initiatives to improve employee retention that are being focused on at Indian IT firms include helping employees develop a career path and providing special recognition rewards in the way of formal communication, parties, cash and company merchandise.
Read Source
| |
