Almost 30% Indian IT Employees Are Quitting: These IT Companies Offering ESOPs, Extra Incentives To Stop Attrition
The Indian IT industry is going through a punishing time with record levels of attrition in the middle of an unprecedented war for talent.
Skills In Demand, Retention Measures
Talent working in areas such as digital, data science, machine learning, artificial intelligence, blockchain and cloud computing are especially in demand.
Some of the measures being employed by big name firms such as Wipro, Cognizant, Mindtree, Tech Mahindra and Mphasis are:
- Special bonuses
- Employee Stock Ownership Plans (Esops)
- Upskilling and reskilling initiatives
- Internal job moves
- Access to higher education programmes
- Work-from-anywhere options
It is offering perks such as higher education programmes, role-based promotions through internal job moves, and building deep specialisation in digital skills.
According to reports it has trained over 100,000 associates in new digital skills last year.
Shantanu Jha, senior vice-president, HR, Cognizant India, said that their role-based promotion model is creating “constant upward mobility” and motivates the employees to stay.
He said that as a result of such moves, attrition has been on the decline for two quarters in a row.
It is encouraging employees to stay by offering special bonuses for all, a fund set up for retaining people and upskilling them, and redeploying staff on projects so that they can benefit financially.
Global chief people officer Harshvendra Soin said that their quarterly annualised attrition has fallen to 19.3% from 23%.
The firm is adopting “progressive concepts like ring-fencing, recognition through awards, and offering opportunities to provide our employees with adequate room for growth.”
It has in place a rewards programme where top performers and those working on futuristic and niche areas are rewarded with substantially higher increases.
A spokesperson said that they will also increase the frequency of promotions of junior employees on a quarterly basis.
It has reportedly increased promotion thresholds by 25% at the managerial level.
It has also taken an equity compensation approach, over and above the fixed and variable components.
It is focused on continually improving its attractiveness as a future-focused, people-centric employer.
Other initiatives it has taken include reskilling, upskilling and growth-oriented career paths.
It has taken upskilling and reskilling initiatives through its learning resource platform Talent Next.
This is crucial for the company to retain critical resources.
It also works on strengthening the digital competencies of existing employees and freshers.
Other measures include internal job postings for lateral growth, ESOPs awarded to top talent which the company says has shown a “positive impact” with respect to talent retention.