Pay hikes, perks to bring down senior-level attrition
In order to keep their senior level staff, companies have come up with several facilities such as double digit salary hikes, leave encashment facility, medical insurance and travel allowances for the entire family. According to a major survey conducted by a research firm named Mancer Consulting, all this is definitely going to bring down the attrition level.
Not just that, companies have gone ahead and increased salaries by 20%. Furthermore, 20% rise in bonus has been offered by companies along with a deferred cash plan as long term incentives for all those professionals who have worked for more than 8 years.
However, there is a possibility that more people will leave their jobs at the junior level with information technology-enabled sector which is at the moment topping the chart with 30% attrition rate. Flexibility of entry and exit is one of the top reasons why these sectors have high attrition rates. Other reasons could be international opportunities, economic prospects, better exposure and easy transferable skills.
According to recent reports, there are going to millions of job opportunities in India this year opened up by the domestic and foreign firms. The hiring will occur on the basis of 4 to 7 years of experience. According to Sinha, hiring and growth of salary have remained less in the year 2013 in the sectors of manufacturing, chemicals and engineering but positive changes have been expected in 2014 in the fields of mining, infrastructure and construction.
{Source: Hindustan Times, New Delhi}
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