Many voice and no-voice BPO operators, especially those handling processes that require employees to not only have domain knowledge and training but also good knowledge of the specific requirements of major clients, have to willy nilly depend on talent retention for survival. The cost of constantly recruiting new talent, training them and making them knowledgeable about the specific needs of major clients can be prove fatal to some of these units. What can they do to retain talent? This article discusses a few time-tested measures.
- Group Mediclaim Insurance Scheme: This insurance scheme is to provide adequate insurance coverage of employees for expenses related to hospitalization due to illness, disease or injury or pregnancy in case of female employees or spouse of male employees. All employees and their dependent family members are eligible. Dependent family members include spouse, non-earning parents and children above three months
- Personal Accident Insurance Scheme: This scheme is to provide adequate insurance coverage for hospitalization expenses arising out of injuries sustained in an accident. It is applicable to all the employees and covers total/partial disablement/death due to accidents.
- Subsidized Food and Transportation: The organizations provides transportation facility to all the employees from home till office at subsidized rates. The lunch provided is also subsidized.
- Recreation, Cafeteria, ATM and Concierge facilities: The recreation facilities include pool tables, chess tables and coffee bars. The company also has a well equipped gym, personal trainers and showers at facilities.
- Corporate Credit Card: The main purpose of the corporate credit card is to enable the timely and efficient payment of official expenses which the employees undertake for purposes such as travel related expenses like hotel bills, air tickets etc.
- Cellular Phone/Laptop: Cellular phone and / or Laptop is provided to the employees on the basis of business need. The employee is responsible for the maintenance and safeguarding of the asset.
- Personal Health Care (Regular medical check-ups): The company provides facilities for extensive health check-up of employees.
- Educational Benefits: The company has this policy to develop the personality and knowledge level of its employees and hence reimburses the expenses incurred towards tuition fees, examination fees, and purchase of books for pursuing MBA, and/or other management qualification at India’s top most Business Schools.
- Performance based incentives: The company has a performance based incentive scheme. The parameters for calculation are process performance i.e. speed, accuracy and productivity of each process. The Pay for Performance can be as much as 20-25% of the salary.
- Flexible Salary Benefits: Its main objective is to provide flexibility to the employees to plan a tax-effective compensation structure by balancing the monthly net income, yearly benefits and income tax payable. It is applicable to all the employees of the organization. The salary typically consists of Basic, DA and Conveyance Allowance. The Flexible Benefit Plan typically consists of: House Rent Allowance, Leave Travel Assistance, Medical Reimbursement, Special Allowance, Loyalty bonus and referral allowance.
- Regular get-togethers and other cultural programs: The company organizes cultural programmes as and when possible but most of the times, once in a quarter, in which all the employees are given an opportunity to display their talents in dramatics, singing, acting, dancing etc. Apart from that the company also conducts various sports programmes such as cricket, football, etc and regularly plays matches with teams of other organizations and colleges.
- Wedding Day Gift: Employees are given a gift voucher of Rs 2000-7000 based on their level in the organization.
- Employee Referral Scheme: The company has an employee referral scheme to encourage employees to refer friends and relatives for employment in the organization.
- Paid Days Off
- Maternity Leave.
Some of the other strategic initiatives are: (a) holding of monthly meetings of all employees where all are encouraged to speak out their minds without fear or favor, (b) production of a monthly in-house magazine where all employees contribute, (c) access of all employees to a well-stocked in-house library, and last but not the least (d) the top management including the MD and HR chief make a conscious effort to personally interact with all employees, maintain a warm and human relationship with them and provide effective career guidance and counseling on a continuous basis.