Retain talent, the ICICI Prudential way
Given the talent crunch that almost all companies are facing, a lot of them are trying novel means to retain their employees. This is even more prevalent in the BFSI sector, with the stock markets taking a tumble. Clients, especially the HNIs, are drying up, and the once hefty bonuses, incentives and commissions are now becoming scarce.
India’s largest private life insurer ICICI Prudential has a completely different take on this. They have allowed their employees to encash their employee stock options (ESOPs). While this may not seem such a big deal, what makes it different is the fact that ICICI Pru is an unlisted company !
ICICI-Pru Managing Director Shikha Sharma said the pricing was the same at which new capital was being brought into the company by the promoters, and that this was a limited liquidity option provided to employees as an exit facility, since the shares were not traded.
It remains to be seen however if this carrot is enough to retain their top employees.
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