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Stuck in a dull Job?
It’s time for her to leave — both in heart and mind. And Rajshri Singh, 30, knows it too well. Bored with her job, sitting on two exciting offers, this marketing executive at a Delhi-based travel firm wants to move on at the earliest. But right now, she won’t - because she just wants to time it well.
“I want my annual bonus, even my raise as well so that I can bargain for a better salary,” she explains. Switched off at work and yet trudging along waiting to optimise gains before taking that next step forward — it’s a story that gets repeated every summer.
Headhunters say the acceptance of offer letters spikes around July, just after salary increments and bonuses kick in. Many also see a surge in resumes from job-seekers. Says K Ramkumar, head, human resources, ICICI Bank: “Employees leaving for other companies in the first quarter has now been happening over the past few years, because this way they get their increments as well as annual bonus.”
In fact, attrition in the fourth quarter is actually minimal since employees don’t mind waiting an additional three months. The wait is primarily driven by monetary reasons as hefty annual bonuses and leaving just before their annual increments do not make sense.
But there could be other factors behind the surge in resignations around this time of the year, cautions Hema Ravichandar, a strategic HR advisor. “This is the time that the academic year begins in the IIMs and for the M. Tech courses in India. So, attrition can happen, especially in the 1-3-year service group, which is where the largest number of attritions comes from,” Ravichandar adds.
This sort of movement is prevalent more among people in the junior management and non-management. Says Milind Jadhav, vice-president (HR), Patni Computing Systems: “Senior personnel don’t switch jobs too often. At the lower levels, among people who have between one and three years of work experience, switches are more frequent."
However, among the few senior personnel who have bigger families to attend to, there is a great incentive to change their jobs after May and June. This allows them to ensure that their children’s school admissions proceeds smoothly if they’re on the move as well as enjoying a vacation with the family.
Also, these dynamics are a little different at the senior level. Most companies offer to compensate the bonuses due to the candidate and, in fact, some like Reliance are offering hefty joining-bonuses which more than makes up for the loss at the previous company. At the senior level, restricted stock units — which get vested at regular intervals — become a big stumbling block for recruiters. Hence, many recruiters are willing to match and even better such future earnings to facilitate recruitment. Companies are doing all they can to deal with this emerging situation.
New economy sectors such as retail have recognised this opportunity to attract talent and go into a recruitment overdrive around this time. Companies like Pantaloon Retail dole out increments just after the first quarter so that they can wean away talent. This way, people are tempted to stay on longer with the company, and it also acts as a carrot for those who might join the company in the early part of the financial year.
Says Sanjay Jog, head, human resources, Pantaloon Retail: “We give out increments in July, and May and June are the best months for attracting new talent.” Most HR managers reckon that employees who want to leave would leave in any case, for a variety of reasons.
They’re not convinced that splitting the increments and bonuses into multiple tranches would help retain staff. According to Ramkumar, “Lots of companies practise the deferred bonus scheme, but it’s too early to say whether it has worked or not.” ESOPs, which last for a period of four years, have perhaps been more successful as a retention tool. Get Career Guidance From Best Astrologer From India
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