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How do we maintain IT talent when some companies are willing to pay anything at all?

In a conversation with the CEO of a company I was consulting, I said, "We need to do a market correction now, otherwise people will leave." And that was several months ago. Recently, I got a note from their HR rep saying, "Arun, can you please pull out that sheet? Because people are leaving in droves." If they had done that months ago, they wouldn't be in this situation now. I'm not sure if similar situations exist in the rest of the world, but at least here in India, the scene is heating up badly now. Even if you want to pay top dollar, you can't hire the best resources. It's all very different.

Anonymous Author
In a conversation with the CEO of a company I was consulting, I said, "We need to do a market correction now, otherwise people will leave." And that was several months ago. Recently, I got a note from their HR rep saying, "Arun, can you please pull out that sheet? Because people are leaving in droves." If they had done that months ago, they wouldn't be in this situation now. I'm not sure if similar situations exist in the rest of the world, but at least here in India, the scene is heating up badly now. Even if you want to pay top dollar, you can't hire the best resources. It's all very different.
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Anonymous Author
Is it really about money or is it about quality of life? A lot of the companies who are having issues with hiring talent have concluded that most monetary demands are not really about money. They're about the quality of life, and not wanting to work as many hours or put in the sweat equity early on in their career, the way we did. I generalize, but with the generationality of IT in particular, there are some that say, "If you're over 50, forget about it. Your skills are outdated and nobody wants to know you." And yet, the Gen Z candidates coming in are looking for that bump in salary very quickly, and they are not willing to put the same amount of sweat equity into their careers that we did. How do you justify that? That is becoming the key question. There was one company in particular that I had this conversation with, and we decided that we would offer better quality of life benefits around wellness and self-care to compensate for the lower compensation. But that came with a promise that they would move up in salary over a period of time, guaranteed. They would not get caught in the 2% annual raise that people get if they are in a company long-term. That was a lesson I learned when I went to the pharmaceutical sector. If you're a big pharma company, you're selling a wellness stream, so you better have the perks and benefits that match your marketing to the consumer. More companies are starting to balance compensation with those kinds of perks and benefits. And it's not about foosball tables or free drinks. Instead, they will offer perks like arranging evening childcare twice a week, so that the parents have a couple nights off. But they also guarantee a bump in salary following a certain period. The raise may not be as high as you’d want, but it’s better than what you would have received previously.
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