The current practices being used in the industry to counter attrition are Promotions, flexible working hours, performance pay, Rationalization of salary, Transfers and Providing retention & loyalty bonuses. Several companies are coming up with innovative practices in order to retain key talent. Companies such as GE Capital, Network of the World and Interglobe in order to retain employees are employing training tools such as drawing lots to pair up young managers together, like a blind date, to test the interactive skills of managers. This is on account of the fact that in large organizations there are possibilities of two employees having not met each other at all!! At Information Technologies India Limited (ITIL) there is a `weekly Tequila evening’ where managers raise a toast for their hard work put in through the week. American Express Financial Center, an organization in which the retention rates are quite high seeks compensation competitiveness through continuous evolvement of innovative Human Resources practices. The Company has a good line of awards lined up for its employees like The Great Performers Award is the highest individual award an employee can look forward to which is awarded for customer service excellence within the company, The Long Service Award for those who have put in more than five years of service and many others. ‘People Responsibility Chart’ at every manager’s desk where the employees affix their signatures that the manager carried out a goal sharing, discusses with them their career plans is another special feature at AMEX. There is also an Expressline Program through which an employee can ask any work related issue with an assurance of a timely and confidential response. The Company has a Family Day -- which entails a day for movie, cocktails and dinner with the spouse which has been a huge success. There is a birthday celebration on a daily basis inside the premises in a department. Retention strategies at Infosys, apart from the common ones include Weekly cultural events named as TGIF (Thank God it's Friday), Friday Fun-does, Wealth sharing with its employees in terms of ESOP's (Employee Stock options), Pet-it Infoscions day for children of the employee's where games and Cultural programs are conducted, Inter
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