Workers who thought their pay packets could be designed better, now have the choice to structure their own.
In a new initiative by several companies, employees are now given a free hand to decide on which components they would like as part of their salary, with the cost-to-company fixed by the employer.
In a report by The India Times, P&G launched a new scheme called 'My Pay, My Choice' recently after it realised that Gen Y workers prefer a working environment which offers them choice, even in the way their salary is structured.
"We realised that because you have different generations of people, choice is critical. So we offer them choice. For instance, they may want to take a certain amount of cash or keep it in a company fund which will come with its own benefits. People see value in this," said Sonali Roychowdhury, head of HR in P&G India.
Similarly, IT services provider TCS has a scheme called 'Bouquet of Benefits', which allows workers to design their own pay packets. Employees are allowed to make changes to their salary structure twice in a year, as well as customise a part of their variable pay.
Such flexibility has helped the company to maintain consistent growth in an industry with high attrition rates of 15%.
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