- Cognizant increased paid leaves from 26 to 36 this year.
- Companies like Cognizant and Infosys use the hybrid model of work in which employees choose either work from home or office.
- IT firms are also working on reskilling and upskilling their employees.
Indian Information technology companies are offering various non-financial perks to employees to reduce attrition levels. Employers this year are offering a more flexible work environment, career enhancement paths, and leaves as benefits, besides salary increment to retain the existing employees.
Hiring has gained momentum across the spectrum in 2021, and voluntary attrition has risen from last year where people found it risky to change jobs during the pandemic.
The attrition rate at Infosys was reduced to 10% in the December quarter from 15.8% in the previous year. Simultaneously, Cognizant saw the highest attrition rate among top It firms in the December quarter at 19%.
Cognizant focus on upskilling and reskilling its workforce on digital skills, including artificial intelligence (AI), the internet of things (IoT), software engineering, and the cloud.
Infosys is working on creating learning and career progression pathways to let employees grow within the company instead of changing jobs. “We have invested in skill-building in the digital industry 5G, open-source, cloud, edge computing, and many others,” said Richard Lobo, executive vice president and human resource head of Infosys. “Our l learning platform Lex offers a highly scalable experience for employees. Our Digital Tag initiative is focusing on incentivizing employees who are proficient in any of the 36 skills marked by Infosys.”
Infosys said a hybrid work model would benefit employees in the future and help retain talent. “Talent models will change, creating a mix of full-time employees who will work from offices and employees who will opt for semi-remote working, and some people will work fully remote,” Lobo said.
Indian IT services company L&T Infotech (LTI) Ltd has begun several staff-focused initiatives, such as the ‘LTI Shoshin School’, a learning platform helping employees discover and develop their skills.
LTI is working on an effective hybrid working model called “LTI xFH” or Everything from Home. “It has five layers. The first is operational from home, and the next one is secured from home; finally, it is about being engaged from home and being productive from home along with growing from home,” Jalona said. Talent experts say that a hybrid work model is beneficial for both employees as well as employers.
“Indian IT Companies are exploring non-financial perks including restricted stock units/employee stock options (RSUs/ESOPs ), sponsorship of higher education, insurance covers, four-day workweek and free daycare/creche facilities,” said S Balasundaram, founder of Han Digital, a talent consulting firm. “These days, many organizations are planning to implement a hybrid model, which would have a huge advantage that develops inclusive growth, better participation of women,” he said.