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Publication title:BusinesslineMore options
INFO-TECH: Attrition rate in BPOs highest in the country
at23.5%: ReportAnonymous.Businessline. Chennai: Sep 2, 2008.
Abstract (Summary)
The report 'BPO Special SectorSurvey 2008' notes that
remuneration structure design was not as
attractive when compared to other industries in India, leading
to higher employee churn in BPOcompanies. Short-term incentives
account for only four per cent of total remuneration, compared to
10per cent generally - benefits are limited to those that can be
enjoyed only post-retirement, such aspension fund and gratuity, and
not during the employment period.
By creatively designing their total reward package towards more
short-term incentives and benefits,and linking the package to
performance, companies can ensure that they get higher
productivitywithout hefty increases in salary costs and minimise
attrition costs and issues at the same time," MrOscar De Mello,
Country Head of Hay Group's Reward Information Services in India
said.
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(425 words)(Copyright 2008. Financial Times Information Limited
- Asia Africa Intelligence Wire. All MaterialSubject to Copyright
.)
from BUSINESS LINE, September 02, 2008 New Delhi, Sept. 1 - The
attrition in the Business ProcessOutsourcing (BPO) industry is
roughly 7.8 percentage points higher than other sectors, a report
byglobal management consulting firm Hay Group said on Monday.
While the staff turnover in India stood at 15.7 per cent, at BPO
companies the attrition is the country'shighest at 23.5 per cent,
followed by communications (22 per cent) and retail (18 per
cent).
The report 'BPO Special Sector Survey 2008' notes that
remuneration structure design was not asattractive when compared to
other industries in India, leading to higher employee churn in
BPOcompanies. Short-term incentives account for only four per cent
of total remuneration, compared to 10per cent generally - benefits
are limited to those that can be enjoyed only post-retirement, such
aspension fund and gratuity, and not during the employment
period.
"From our analysis, the overall compensation structure design is
not competitive when compared togeneral market practices. This
means that BPO employees do not receive as much cash-in-hand
astheir peers in other industries," it said. This compounds
existing issues such as working shifts, lack ofcareer development
initiatives, and at times monotonous tasks.
"Contrary to belief, adjusting pay need not automatically lead
to higher operating costs for BPOcompanies.
By creatively designing their total reward package towards more
short-term incentives and benefits,and linking the package to
performance, companies can ensure that they get higher
productivitywithout hefty increases in salary costs and minimise
attrition costs and issues at the same time," MrOscar De Mello,
Country Head of Hay Group's Reward Information Services in India
said.
The report also recommends planning a more robust combination of
short and long-term incentives,such as performance bonus, Employee
Stock Option Plans (ESOP), deferred and retention bonus,that meets
the aspirations and needs of their young employees so as to drive
performance andimprove productivity.
When contacted, Mr Avinash Vashishtha, CEO and MD of outsourcing
advisory firm Tholons, said thathigh attrition had led to
productivity losses and negative impact of quality for the industry
in the past,but situation was changing.
"A significant amount of European BPO work is going to Eastern
Europe where the effective cost donot vary much compared to India,
but the productivity is higher and so is the quality... Also in
thebackdrop of the slowdown in the financial services market in the
US, and the resultant impact on thedemand, the attrition rate has
started to come down." Copyright 2008 Business Line
Indexing (document details)
Companies: Hay Group Inc
Author(s): Anonymous
Document types: News
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Publication title: Businessline. Chennai: Sep 2, 2008.
Source type: Periodical
ProQuestdocument ID:
1546495651
Text Word Count 425
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did=1546495651&sid=4&Fmt=3&clientId=97393&RQT=309&VName=PQD
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