Indian retailer flipkart is hiring key talent by paying million dollar salaries along with stock options to lure the top employees from Google and McKinsey to build the technologically strong than rival competitors. Recently Flip kart hired two employees Punit Soni and Peeyush Ranjan from Google and the web search firm titan. Punit soni is well expertise in product development in mobile platform. He is familiar with Google, Motorola mobile design systems. These both are offered with the fixed salaries of around $1 million (Rs 6.2 crore) a year each apart from $3-6 million in stock options. Peeyush Ranjan has the knowledge of engineering and mobile devices as the head of Google android services. He is expertise in product and business management practices of India. The third hire Saikiran Krishnamurthy from McKinsey & Co, who has joined Flipkart recently also offered with the same pay. He is expertise in strategy formulations and strengthened the business functionalities in McKinsey & Co. It can be noted that these salaries would be the highest paid engineers at non board level among the Indian startup companies.
As of now, Indian companies are practicing the strategies of paying million- dollar salaries to retain CEOs. CEOs of top companies like Wipro CEO TK Kurien was paid $1.1 million, excluding stock options, TCS chief N Chandrasekaran was paid $3.15 million; Cognizant CEO Francisco D’Souza was paid $1.5 million, excluding stock options. Infosys’ Vishal Sikka gets about $5.08 million, excluding stock options in the year 2013-14. Flipkart sources says that paying high salaries including fixed salary , stock options and joining bonuses are great strategies to lure the top talent from IT biggies. There was a telecom hiring boom in 2003-04 and retail hiring boom in 2000 and 2014-15 is the year of ecommerce to build sustainable hiring practices. Flipkart sources denied all these reports.