MANILA, Philippines – A research expert revealed recently that although high compensation continue to be a factor in achieving high retention in the off shoring industry, the interest in strictly cash is slowly starting to wane.
This is the latest trend that XMG Global found out among supervisors, team leaders and mid-managers working in contact centers and business process outsourcing (BPO), an industry where talent pool is in short supply.
“Results show that while overall the use of cash rewards is consistent with or slightly behind levels reported last year, some categories of awards level desired increased by an astounding 18% – notably what we at XMG Global call ‘quality of life’ incentives,” said Lauro Vives, chief analyst of XMG Global.
According to Vives, examples of this type of incentive include flex hours, additional paid time off, telecommuting, stress management and family counseling. Respondents also indicated that such incentives do much to address real and important employee needs and concerns, which also serve to foster loyalty and commitment.
“Vendors and captives that still believe that cash is the only form of incentive in offshoring countries are missing the opportunity to derive higher performance and retain key performers. Respecting individual needs for leading a better quality of life from work and more flexible approaches to the work environment will be a leading retention practice,” shared Vives. –Philippine Star
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