BPOs resort to new retention tools to keep talent
As rebound in demand for back office services lifts the lid on hiring, the BPO industry confronted yet again by rising attrition is busy rolling-out new HR initiatives to retain staff. This year, BPO players are handing out plum postings overseas (just like their software counterparts), launching leadership development programmes and rewarding team leaders - all to ensure that key employees do not move to rival firms.
After a tough 2009, bulk hiring and generous employee perks virtually disappeared from the market. However, 2010 has brought in a strong revival in demand for services. Accordingly, BPOs such as Genpact, ExlService Holdings, and Aegis have rolled up their sleeves to recruit thousands of professionals this year. However, opening up of the job market has triggered a spike in employee churn.
BPOs have been doling out ‘Super hero cards' as an instant recognition for good job done, while some flagged-off a ‘Lead by example' programme that rewards deserving team leaders and team managers, based on feedback from their workplace.