India’s IT firms are leaving no stone unturned when it comes to containing attrition and retaining the best and most skilled.
Tournament Tickets And Expensive Gadgets
Randstad India said that its global clients are offering trips to Europe and the Middle East, some even giving out tickets to the T-20 Championship in Dubai.
Employees working for some of those clients have also been given a choice between high-end gadgets like Apple iPad Pro, Bose Headphones, Harman Kardon Speakers, and luxe watches.
Other fancy rewards include fitness gear and health bands, cordless earbuds, speakers, bikes, and ergonomic and high-end work-from-home furniture.
Whereas others are sticking to the conventional monetary incentives in which 50-100% of their salaries are given as retention bonus for a period of 2-3 years.
These perks, apart from encouraging employees to remain loyal, are also incentivising engagement.
Attrition And Cost Of Replacement
The IT industry is presently facing a crisis of sorts as attrition rates stand between 14 and 15% for Wipro, Infosys and Larsen and Toubro Infotech (LTI).
TCS was the only exception as its attrition rate declined to 8.6% from 8.9%.
Industry experts say that replacement cost is 35-40% higher than the cost of retaining an employee.
Moreover, training a new IT professional in the in-demand skills and the company’s business objectives is time-intensive.
This is why these companies are going to great lengths to retain highly-skilled IT specialists.
Engineering Jobs Receiving Salary Hikes
For certain specialised engineering jobs, candidates are being offered much higher salary packages than usual.
For full stack engineers, base salary has increased by 20-25%.
For data analytics engineers, a hike of 15% is on offer.
DevOps engineers are being enticed with 10-15% higher pay.
Machine Learning experts are being offered 15-20% hike.
Backend engineers are getting 15% higher salaries.
And this is just the lower end of the spectrum.
On the higher end, increment can go up to as high as 50-60% for certain roles.
Wipro and Infosys are betting big on employee upskilling which is an important measure to retain them.
Wipro is employing measures such as:
- Compensation intervention
- Growth acceleration via faster promotion
- Programs aimed at nurturing talent
- Policies to promote work-life balance
- Employee-wellbeing-first culture which creates a sense of belonging within the workforce
Infosys is using its learning platform Lex to provide access to structured learning paths.
There are over 1,800 courses on offer which can be accessed on mobile.
Employees are spending on average 45 minutes per day on the platform.
The strategy has paid off since it has led to a “threefold increase in reskilled talent over the last fiscal.”
Pandemic-Accelerated Roles In Demand
A big takeaway from the pandemic has been the rise of work-from-home opportunities.
There is also an increased demand for specialised professionals who can implement new-age technology and innovations in workplace transformation.
The in-demand roles include those for cybersecurity and Infosecurity professionals, CISOs, CTOs, Cloud specialists, software developers, and data analysts.
The boom in India’s startup culture can also be seen as a catalyst for the same.
The trend, demand and growth for these roles is expected to continue for the next 12-24 months.