Banking & financial companies go all out to retain staff
financial services and insurance (BFSI) sector to line up a host of incentives, promotions and career progression plans to retain manpower, the frequent loss of which is posing a major challenge, said industry executives.
The likes of Axis Bank, Motilal Oswal Financial Services and IIFL Finance are rolling out measures such as employee stock ownership plans (ESOPs) across the ranks, including the frontline workforce, internal career switch opportunities with promotions and salary increase, quarterly incentives, learning and upskilling opportunities, and festival bonuses, with an aim to create more career growth and earning opportunities at a time when poaching has become rampant.
Motilal Oswal Financial Services has launched a new policy which focuses on aggressive and structured push for professional growth of employees with cross-functional role changes along with promotions. In this financial year, the company has planned about 600 such role movements or promotions as a retention tool, group chief human resources officer Niren Srivastava told ET.
Last year, the company promoted about 800 people.
That apart, in roles such as technology, the company provides flexible work options. It also has aggressive variable pay plans, quarterly incentives and Esops for key senior employees.
«Our new employee value proposition focuses on personal and professional growth of employees, creates more learning opportunities and encourages more ownership and accountability,» said Srivastava.
«Our attrition is much lower than the industry average, but we want to focus on retaining our existing talent by creating more opportunities.»
Average annual attrition in the BFSI industry is around 30-35%. One of the major challenges the
