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New Year Greetings to all our
readers as we entrench ourselves into 2007!
Over the past year, we’ve dealt with various issues in people
practices: why employees quit organizations, the importance
of building an employer brand, and how organizations engage
the right talent. What we haven’t examined in detail is the
one common factor closely interlinked with all 3 topics – Rewards,
which plays a part in containing attrition, creating an employer
of choice, and attracting the right talent.
This issue of HR Connect looks at the idea of ‘Rewarding
Right’. What is important to note, however,
is that the term Total Rewards has been prudently used to underscore
the move from purely monetary methods of rewarding employees
to a more holistic approach these days.
Total Rewards, encompasses far more than just compensation and
benefits now, and is actually backed by empirical evidence.
While Hewitt’s Annual Salary Increase Survey 2005 states that
India has the highest salary increase of 14% in Asia Pacific
over the past year, the attrition rate in the country at 20%
is second only to Thailand in the region. Suddenly, ‘yeh dil
maange more’ is the catchphrase for employees. Employees today
are young, qualified and ambitious, and they don’t hesitate
moving on to greener pastures. Hewitt’s Asia Pacific Attrition
Study 2006 cites compensation as a major factor for attrition,
but also point out to ‘lack of opportunities’ and ‘work life
balance’ as important factors in the IT-ITES
sector in India.
An emerging area of concern therefore, is managing high performers
in a turbulent market space with a high churn rate.
This edition of HR Connect addresses all of the above and more.
In the next few pages we bring to you: |
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Viewpoints
on the changing Rewards Trends from the major players
in the industry |
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Insights on the rewards mix and offerings by diverse players
in the IT ITES industry |
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Latest
rewards trends in the form of third party benefits service
providers, and overseas travel opportunities |
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A
snapshot of the results of the NASSCOM Hewitt Total Rewards
Study 2006. |
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We hope you find this issue of HR Connect an insightful and worthy read. |
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a softcopy and/or to send us feedback, please write to hrconnect@nasscom.in |
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Warm
Regards
The Editorial Desk |
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| Published
by Accor Services, Camera House, Majiwade Village Road, Thane (West),
Mumbai 400 601. www.accorindia.com |
Supported
by NASSCOM. www.nasscom.in.
Knowledge Partner: Hewitt Associates. www.hewitt.com.
(For Private Circulation Only) |
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