With the second wave of COVID contained and the third wave remaining just a threat, hiring in the IT sector is back with a bang. Media reports have said that Indian IT firms are set to recruit over 1.5 lakh freshers this financial year.
Industry insiders have also pointed out that hiring is getting tougher for companies amid rising demand for skilled workers. While joining bonus is a standard feature in the US, it is not so in India. In this backdrop, companies are going to various lengths to attract talent.
Media reports said fintech start-up BharatPe, which is set to hire 100 techies, has begun to roll out joining and referral perks. “The company, that is planning to launch a slew of products in the merchant and consumer lending space, will be tripling the strength of its technology team and hiring 100 more members,” it said in a statement. The team expansion is to support to company’s plans to launch products focused on merchant and consumer lending.
Types of incentives
The incentives come in various ‘packages’ that the techies can choose from. There’s a ‘Bike Package’ that again comes with five options — BMW G310R, Jawa Perak, KTM Duke 390, KTM RC 390 and Royal Enfield Himalayan. For device enthusiasts, there’s a ‘Gadget Package’. They can choose among an Apple iPad Pro (with Pencil), Bose Headphone, Harman Kardon Speaker, Samsung Galaxy Watch, WFH desk and chair, and Firefox Typhoon 27.5 D bicycle.
According to a CNBC report, the bike and gadget package is for anyone who refers a potential recruit — he/she can be part of the existing BharatPe work or its alumni network.
Further, BharatPe is hosting its entire Tech Team for the ICC Men’s T20 World Cup in Dubai, scheduled for October 17 to November 14, 2021.
There’s a cash component, too. Appraisals for the tech team were advanced by eight months so that they get their payouts earlier. Earlier this month, the team earned 75% increments spread across their CTC (cost-to-company) and incremental ESOPs (employee stock ownership scheme).
A Mint report quoted BharatPe co-founder and CEO Ashneer Grover as saying: “BharatPe is a tech-first fintech. As we build the next generation of banking in India, we want to invite and excite the best tech talent to work with us on building market leading products at scale. We will, therefore, be taking the lead in tech talent compensation in India because that’s the only real investment our business needs given the capital efficiency of our model.”