Better compensation influences employee migration

Bangalore, Nov 23 (UNI) Human Capital Advisory Services Head Dr Ganesh Shermon today said career growth opportunities followed by lure of better compensation influences the trend of migration of employees and attrition.

Giving a presentation in a seminar on ''Implications of Fringe Benefit Tax (FBT) on ESOP's'', organised by the Bangalore Chamber of Industry and Commerce (BCIC) here, he said since Indian economy was poised to grow at a greater height, competition for talent attraction, motivation and retention was being witnessed in the corporate world.

He said due to changes in the demographic profile and consumer behavior, there was a spurt in the number of youth employed in frontline jobs which also paved ways to work out strategic choices for the effective management of human resources.

In this changed scenario, the needs of the employees including the freedom to structure lifestyle, higher current earnings than future, autonomy in investments and asset management and employability than employment security needs to be addressed.

Calling upon employers to move away from the traditional compensation and rewards system to ''Total Rewards'', including compensation in cash and kind, Dr Shermon said there was a need to align total rewards strategy with business strategy.

UNI