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Doing Business in India For Dummies® by Ranjini Manian

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Retaining Your Team through Various Compensation

After you’ve assembled your Indian team for your business, you need to focus next on how to keep that team together. Because the economy is booming and the job market is jumping, you may find that demand pulling your Indian employees away. Your terrific new team could disintegrate as fast as you put it together!

To retain and build on your Indian team, you have to make sure various bases are covered. Compensation packages are important and include so much more than money. When trying to retain employees, you need to think of the entire job experience. For example, an NRI may take a position in your company because he’s looking for an enjoyable, challenging work environment in his home country. If you throw money at him but don’t foster the right type of company culture, you could lose a key employee. You need to compensate your employees appropriately and offer an interesting, challenging work atmosphere that allows employees avenues for career growth.

Compensation options

You may have heard that salaries in India are only a fraction of what the West pays. True. But labor costs in India are rising, especially in high-growth industries like IT, so you need to keep your Indian employees happy with their pay. Salaries rise with increasing demand for experienced workers, but India is still much less expensive than the West. Junior- and mid-level professionals in particular are still being paid substantially less than their counterparts ...

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