Tuesday, September 2, 2008

Retaining talent is more than just a matter of compensation

Having worked for an Indian IT major for close to 4 yrs, I can safely say Market Competitive Pay does not always work. I was offered a very lucrative package twice, but I declined to take up the offers simply because the trade off involved in terms of work profile and growth opportunities was too large.
As an employee, the work culture of an organisation, the job profile, learning and career growth opportunities which my workplace offers matters to me as much as, if not more than, my compensation structure. Pay is not the only factor.
While the jobs I was offered were paying almost 100% more than what I was earning at that time, I still decided to stick around. Factors like support of my co-workers; a healthy and competitive but non-threatening work atmosphere was what tilted my decision in the favour of not quitting.
But sadly this was not the case with some of my other colleagues who were swayed by the size of the package being offered. An year down the line those same people were back in the job market hunting for a new job. Dissatisfaction with the work culture was the primary reason cited when I asked them the Golden Question “Why so soon”. In such a scenario more than the employee it is the organisation who is loosing out, since they try to pay competitive and lucrative pay packages but do not follow it up a conducive work culture and other perks.

(the author of this post is a Senior Project Engineer in a leading IT company in India)

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