Sunday, April 10, 2011


Retentions bonuses to check attrition 

Retention bonuses are being brought to retain talent and number of employees in corporates. These bonuses have shot up the perks almost three times. According to the director of GlobalHunt the employees were given 5% bonus last year which has been increased up to 15% currently.
Employees get retention bonuses for their contributions to generation of revenue and management abilities. The amount to them is according to their job profiles. Bonuses can be given either in lumpsum or in instalments.
The companies are finding new ways to retain talent with them. Neville Lobo, vice-president, corporate HR and personnel, Larsen & Toubro, says, "With foreign companies setting up operations in India, we are slowing beginning to realise that the demand for talented people is fast outstripping supply. So, in days to come, management of human capital will become the key differentiator that will set one organisation apart from the other," He was speaking in a convention on human resource organised by CII.
It is believed that working Indians are always ready to move from one place to another and take new jobs. Retention in such cases pose challenges for the companies. 
The state of mind of the employees was studied in a survey called the 'Work Monitor' survey. It took place in 25 countries of Europe, Asia Pacific and the American continent. 89% of the Indians were open for relocation and change their jobs in short run and thus India topped the list. China and Mexico followed India. The world average came to be 60%. 

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