Looks like the big Indian outsourcers aren't the only firms stepping up their game. Today, the Wall Street Journal reported that companies have started shelling out more money to retain talent. Some firms, like PwC, have begun to unfreeze their pay freezes ahead of schedule (in July, rather than in September), while others are doling out bonuses and pay raises earlier than they had planned. Companies in the health care, pharmaceutical and financial services spaces are seeing the most movement in this area. "They are feeling more confident in how 2010 will shake out," and want to ward off poaching, says David Smith, managing director of Accenture PLCs talent and organization performance group.
These financial rewards seem fairly reactionary. While hiring continues to pick up, companies are getting nervous that their employees will sign on to competitors or to client companies. And, due to lean staffing practices during the recession, they expect burn-out rates to be higher. "There are increasing job opportunities in the marketplace and anxiety on the inside," said PwC Chairman Robert Moritz.
How best to inspire company loyalty (or at least buy themselves some time)? Offer financial incentives to stay onboard. Ah, the power of the dollar.
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