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With attritions at record highs, Indian corporates are devising stronger employee retention strategies especially for top performers and those with in-demand skills, The Economic Times, reported on Thursday. Companies like Cognizant, Persistent Systems, Tata Steel, RPG Group and Mercedes Benz among others are trying to keep attrition in check through quarterly promotion cycles, special salary hikes, off-cycle pay-outs, hybrid work, work from anywhere options, sponsored higher education programmes, upskilling and career development opportunities.

Companies step-up retention strategies

Attrition rate at Cognizant hit a record 31% during the June quarter are investing more in the career growth and development of people more than ever. Through its Job Moves and Promotions Program it has enabled associates to target higher level roles and also launch the Cognizant Higher Education Program in India to help people pursue advanced degrees while working. It is also moving towards a quarterly promotion cycle.

For tech talents or those with in-demand skills, RPG group is giving salary hikes in order to retain them. Tata Steel has recently launched an AI based Internal Talent Marketplace named Step Up enables employees to take part in cross functional assignments of their interest.

As a part of its development and retention measures, Mercedes-Benz has offered job rotations and international assignments.

According to a recent research by Microsoft, it showed that almost 62% of India’s workforce are having intentions to switch jobs this year as compared to an average of 41% globally. The Aon India Salary Increase Survey showed that the attrition was at its highest in a decade at 20% on an average for all sectors in India.