Employee Turnover And Retention Briefings Abstract: 71
This page can be used as a permanent link to this article. Bookmarking this page will bring you to this article, whereas bookmarking the briegings page this article was on will bring you back to the most current briefings.
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
