India Inc is offering attractive pay benefits to maintain long term association and reduce attritions rate. Especially startups are offering fat pays than established companies to retain top talent. India’s online e-commerce giant has offered more Rs1 crore annual salaries to its employees, especially senior level employees offered with top pays. More than 23 employees of Flip kart drawing more than Rs 1 crore annual salaries last year. Online e-commerce giant is offering great pay cheques to attract top talent, especially at the senior level. Flipkart’s employee expenses increased to Rs 476 crore and it has been paying more salaries than top chief executives such as Hindustan Unilever and ITC Chairman. Experts predict that the remuneration figures will go up if other companies are included. Attract and retaining top talent is more risky job than established companies.
FMCG companies are considered as the hottest career destination engineering and B-school students, it’s still a tough task for them to get the right talent on board, especially at senior level. They are luring the candidates from Silicon Valley companies such as Google, Adobe and Intuit. Google consider as the biggest pay master they pay high salaries from engineering college level. Over 169 executives from India’s top consumer goods firm Hindustan Unilever draws eight digit salaries and Infosys had 123 such employees and Wipro had 70.
While employees are under tremendous pressure to meet the targets and justify their salaries. HR experts believe that it is bit difficult to find top talent who are the right fit with different types of skills, a different mindset, and willingness to take risks and often, cross functional expertise. Equally talented people with required skills will have large competition to get them on board. Ecommerce as an industry hasn’t stabilized in India and the risk factor associated with it merits a higher salary. HR experts mentioned that everybody at Flipkart at the level of vice-president, senior vice-president or CXO gets more than Rs 1-1.5 crore as the cash component alone. Senior directors from the functions of product and tech also get biggest salary packages.