Tuesday, February 06, 2007

Reliance Retail eases HR restrictions

Reliance Retail's restrictive clauses have been relaxed somewhat due to unhappiness amongst the top executives. The company has been hiring executives with salaries of Rs 3-3.5 crore but adding several clauses such as not joining any retailer, retail consultant, supplier, advertising company or even a retail client after leaving Reliance Retail. Other causes of unhappiness were having to return 2 years gross pay to the company if an executive took a job with another retailer after leaving Reliance, and losing stock options. Although competition is fierce and talent is scarce, employees, especially top executives are not only looking for high pay packages, but rather a overall package from the company that ensures their financial well being at the time as well as later on.

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