Faced with downbeat market sentiment and high attrition, companies in sectors like financial services, auto, hospitality and manufacturing are focusing on training programmes and other initiatives to retain key talent at a time when they cannot afford big pay hikes, according to a report in Economic Times.

The initiatives range from introducing retention bonuses and more opportunities for internal movements to improving the health and wellness of employees.

Organisations are reshaping their HR strategies to retain talent, according to Aon Hewitt's annual salary report this year. Measures like accelerated career development plans, learning and development opportunities and international cross-functional mobility were the topmost talent retention strategies used by companies in the report, ahead of measures like mid-year salary corrections and retention bonuses, the report said.

Read the full report here