Date post: | 30-Oct-2014 |
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Technology |
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RETENTION IN INFORMATION TECHNOLOGY INDUSTRY
Presented By:Akshatha D Salian
To verify whether Compensation is the main factor for employee retention
Factors causing employee turn over
The importance of retention
Methods adopted by IT companies to retain people
RESEARCH OBJECTIVE
Survey Sample - 46 employee responded to the survey
The questionnaires have been answered by employees of
Infosys Wipro Cognizant
RESEARCH METHODOLOGY
Hewitt ‘Attrition and Retention’ survey - ‘external inequity of compensation’
27 per cent of the employees in their exit interviews mentioned compensation as the primary reason
LITERATURE REVIEW
Compensation No growth opportunities Job is not what the employee expected to
be Lack of appreciation Lack of trust and support in coworkers,
seniors and management New job offer Stress from overwork and work life
imbalance
WHAT MAKES EMPLOYEES LEAVE
The Cost of Turnover
Loss of Company Knowledge
Interruption of Customer Service
Goodwill of the company
IMPORTANCE OF EMPLOYEE RETENTION
KEY FACTORS IN RETENTION
The growth of the Indian IT Software & Services and ITES-BPO sector has a perceptible multiplier effect on the Indian economy
Players -Indian software industry has a mix of a large companies and several small to medium sized companies. Some of the key players in the industry are Infosys, Wipro, TCS, Patni so on
INFORMATION TECHNOLOGY SECTOR
Company Attrition rate (FY 06)
Wipro 13%
Infosys 10%
Cognizant 11%
ATTRITION IN IT INDUSTRY IN INDIA
Higher Education Support policy (HES) Payouts to all employees, based on the
revenues and profitability of the company Employees voice heard through annual
survey as well as feedback in several communications Forums
Cultural programs, transport, food etc. Quarterly reward and recognition events in
all units across Infosys Employee Stock option plan
INFOSYS
Performance based reward system Rotating employees between different
projects as well as technologies Open work culture - togetherness events,
Annual day celebrations, or opinion polls conducted across the organization as inputs for policy decisions
Opportunities to learn and grow through a proactive training program
COGNIZANT
wings within - an internal job posting system
Employee survey -employees provide inputs on the health of the workplace
HR review in the planning cycle - Company does succession planning for individuals wherein it identify the best talents
WIPRO
What according to you is the best strategy to retain Employees
ANALYSIS
Salary is not the single most important factor employees are looking at
Employee satisfaction and exit interviews are the most commonly used methods for finding turnover
Best methods adapted by organization to retain employees are
Compensation Career growth Work Environment ESOPs
FINDINGS
Employees are valuable investment so organization should ensure they have
clear job roles
supervision and skills to perform the job
opportunity for growth Compensation as per their job
responsibility
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