I still remember the emotional turbulence in our family when in Nov’13, my spouse announced one day that he would be pursuing a 1 year full-time MBA program (PGPX) at IIM Ahmedabad commencing April’14. Our daughter was 5 months old. He was the sole bread-winner in the family. Taking a break from job for 1 year, forking out INR 21.5 lacs as course fee et all were decisions that didnt come easy. But he said it was an imperative if he were to get the coveted MBA degree and be eligible for richer/more rewarding roles on the workplace
Life would have been so wonderful if companies upskilled employees while on the job and increased their salaries once they completed the bridge program. We could have avoided such tough times.
So, when Infosys recently announced ~half a dozen programs (consulting, power programming, design, full stack-development, tech architecture etc.) to keep back its talent, I was elated. It stated that it wants to create a flexible internal market place for our talent to grow, instead of them leaving to join, say, an MBA course. These programmes provide people with alternative career growth opportunities. The program, aimed to move employees to the consulting side of the business, includes a test and a three-month curriculum. Post that, the employee has to spend six months interning in a consulting project, and upon completion, the role changes and the new salary structure kicks in.
When each of your 204,107 employees (annualised attrition of 16.4%) yield an average revenue of 54,602$ – INR 35.5 lacs against average cost of INR 17 lacs ; you have a reason to retain them. The company clocked 1687, 983 training days in the year i.e. 8.27 days per employee.
With the bait of enhanced salaries, employees will be self-motivated instead of resenting the gentle reminders 1,2.3 …. from L&D HRs.
“Want a fatter pay cheque – just complete these courses” strategy is bound to succeed
I think its a very logical move. Instead of recruiting talent from outside through a costly and time-taking process; its better to let your loyal soldiers graduate to become major generals.
What do you think?
Shall wait to hear your views