Thursday, April 05, 2007

Retailers innovate on ways to retain top talent

Leading retailers are offering the top talent attractive retention packages to hold on to them, as it becomes commonplace to keep switching jobs. Future Group, Reliance Retail, Ebony and RPG Retail are some of the retailers that are currently in various stages of creating and implementing a ‘golden handcuff’ type of scheme, which they hope will reduce churning, especially at the top level. Golden handcuffs are special employee retention packages that offer emotional or financial inducements to stay with the company.

Future Group already has a scheme that gives life insurance coverage to its top three levels of employees along with their family members. MetLife India and Bajaj Alliance General Insurance have been roped in to provide insurance to employees at the company’s cost, and would provide the monthly salary till retirement age in case of the demise of the employee. There are other schemes for other levels of employees also, which number 17,000 at present.

No comments: