Hyper-personalised compensation structures may be key to retain tech talent
One of the major steps taken by many tech companies is building diversity initiatives to have an inclusive workforce. In fact, a recent Foundit report said the tech sector was among the top industries that showed the maximum spike in diversity job postings.
However, the 2024 Compensation and Benefits Survey by ANSR and Talent500 reveals that 65% of respondents think there is a significant gender-based pay gap, with 56% noting disparities of at least 25% in compensation levels across different roles.
The survey included 6000+ tech professionals across India.
About 83% of the respondents in the ANSR and Talent500 survey said the lack of well-being benefits are a deal-breaker. About half of them said this was a critical need for them. They look for healthy cafeterias, health insurance and availability of on-site gyms/yoga facilities, among others. Other expectations were around flexible work schedules, childcare help and financial planning support.
Structuring compensation packages
Over 80% of the respondents of the survey mentioned that they were not satisfied with their compensation structure as it was lower than market standards. Only about one-tenth of the respondents said their compensation was somewhat more competitive than market benchmarks. Beyond the salary component, the bonus component was also an issue for about 41% of the people. Some expressed disappointment that they had no bonus in compensation.
Experts say there is a need to design hyper-personalised compensation and benefits structure, instead
