SMI has offered special marriage increments to its employees from the beginning.
As top Indian IT companies battle a high attrition rate, some mid-level firms operating in the sector appear to have cracked the code to retain talent. A Madurai-based IT company has reportedly offered its employees free match-making services and also a hike in salary if they get married.
As a result, the attrition rate for Sri Mookambika Infosolutions (SMI) has remained relatively low. According to a report in The Times Of India, the company has reported 10 percent attrition rate for several years. That's low when compared to the market leaders like Infosys and Wipro, who have reportedly faced an attrition rate above 20 percent in the last quarter.
Today, SMI employs more than 750 people, nearly 40 percent of whom have remained with the company for at least 5 years. The company was launched in Sivakasi, Tamil Nadu, in 2006. Gradually, it began to expand but hiring the right people became a challenge for it, so the management shifted its base to Madurai in 2010.
From the beginning, SMI offered special marriage increments to its employees. The match-making services followed. Soon, it began offering a fixed 6 percent-8 percent increment twice a year to all its employees, the report added.
Last year, when the attrition rate was hitting new highs across the sector, SMI doubled down on increments, offering a salary hike every quarter, and special coverage for top-performing employees.
"There are several long-term employees. We cannot take them for granted thinking they will not go anywhere. We give them their due even before any such thought comes to them. Employees reach out to me directly when they face any challenges,” SMI's founder MP Selvaganesh said.
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