Banking, financial services, and insurance (BFSI) companies in India are taking proactive steps to retain talent and combat rising attrition rates and competition. Firms such as IIFL Finance, Motilal Oswal Financial Services, and Axis Bank are offering internal career switch opportunities, promotions, upskilling programs, festival bonuses, quarterly incentives, and employee stock ownership plans (Esops) at various levels to create additional earning prospects for their employees. Motilal Oswal Financial Services, for instance, is promoting cross-functional role changes and providing flexible work options. These measures aim to address high attrition rates, which are particularly significant in frontline roles within the BFSI sector, and reduce the risk of poaching talent by enhancing internal opportunities and benefit.
BFSI Firms Implement Strategies to Retain Talent Amidst High Attrition Rates
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