While leading Indian IT companies struggle with high turnover, some medium-sized companies operating in the sector appear to have cracked the code to retain talent. A Madurai-based IT company has reportedly offered its employees free matchmaking services and also a salary increase if they get married.
As a result, the turnover of Sri Mookambika Infosolutions (SMI) has remained relatively low. According to a report in The Times Of India, the company has reported a 10 percent turnover rate for several years now. That’s low compared to the market leaders like Infosys and Wipro, which reportedly saw more than 20 percent churn in the last quarter.
Today, SMI employs more than 750 people, nearly 40 percent of whom have been with the company for at least 5 years. The company was launched in 2006 in Sivakasi, Tamil Nadu. Gradually, it started to expand, but hiring the right people became a challenge, so the management moved its base to Madurai in 2010.
From the beginning, SMI offered its employees special marriage allowances. The matchmaking services followed. It soon began offering all its employees a fixed increase of 6 to 8 percent twice a year, the report said.
Last year, as industry churn hit new highs, SMI doubled its raises, with a quarterly salary increase and special coverage for top-performing employees.
“There are several long-term employees. We can’t take them for granted because we think they’re not going anywhere. We give them what they deserve, even before they think about it. Employees contact me directly if they have challenges are faced,” SMI’s founder MP Selvaganesh said.
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