HCL has put forward a proposal in which it will give away Mercedes-Benz cars as reward for top performers.
Chief Human Resources Officer (CHRO) Apparao VV said that it is pending with the board for approval.
The firm had gifted 50 Mercedes-Benz cars to top performers in 2013 but soon discontinued it.
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Holding On To The Best Talent
This is a bold attempt at containing attrition and retaining the best and most skilled.
The firm recognizes that replacement hiring cost is 15% to 20% higher, thereby it is actively skilling its workforce.
In an example, the CHRO said that a Java developer can be onboarded at the same price point but not a cloud professional.
The firm is also looking to hire 20-22,000 freshers this year, a hike of 50% from the last financial year.
It will also give out salary increments effective 1 July in another attempt to retain talent amidst rising attrition rates.
Managing Attrition
Another challenge for IT firms includes rising demand for certain specialised roles.
Due to this, candidates are often inundated by offers and they choose the one which pays the most.
Apparao VV said that his firm’s attrition rates are not as high as that of others and that they are making big efforts in terms of engagement.
Incentives On Offer
They have a good retention package in place with a three-year cash incentive scheme which is 50-100% of the CTC every year.
This has benefited 10% of the critical talent in the leadership teams so far.
He estimated that they will be able to reach a reasonable attrition rate over the next three quarters.
As of the end of the June 2021 quarter, the company has 1,76,499 employees with a net addition of 7,522.
Attrition rate for IT services (on last 12-month basis) was at 11.8%.
BharatPe Offers Luxury Bikes, Gadgets, T20 World Cup Seats
BharatPe is also aggressively expanding its ‘Tech Team’ by 100 employees, triple the current strength, by FY22.
To that effect, it is offering several joining and referral perks to applicants.
‘Bike Package’ and ‘Gadget Package’ are two such perks on offer between which a candidate can choose.
The Bike package has 5 bikes as options – BMW G310R, Jawa Perak, KTM Duke 390, KTM RC 390 and Royal Enfield Himalayan.
The gadget package includes – Apple iPad Pro (with Pencil), Bose Headphone, Harman Kardon Speaker, Samsung Galaxy Watch, WFH desk and chair, and Firefox Typhoon 27.5 D bicycle
The tech team joinees will also be able to watch ICC Men’s T20 World Cup from Oct 17- Nov 14, 2021 in UAE.
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