Bangalore is the renowned IT hub of India. The city wholeheartedly welcomes all the prospective freshers and candidates to build a bright career in the networking and corporate world. Bangalore being the “Silicon Valley of India,” has attracted many Indian and foreign investors to commence startups in the demographic space.
This brought in an abundance of opportunities for people to showcase their talent and stand out amongst the crowd by clinching the best salary packages. According to a research study conducted by the Economic Times, a print media agency, the startup ventures have started offering incentives in order to attract fresh talent for their companies.
Catering to the same topic of deliberation of jobs in Bangalore, there was a recently published Mercer India report titled: “Leveraging Incentives for Competitive Advantage.” The report stated that around ninety seven per cent of the start up companies have initiated an incumbent incentive scheme or plan. This incentive plan has been activated for a short period as a measure to ascertain a good performance every fiscal year.
Work India is one among the leading global platforms which have enabled job posters to spread the work for job vacancy to the interested group of individuals. This article focuses on the 5 ways in which startups are offering incentives to encourage people to opt for jobs in Bangalore.
Projected ways in which incentives have been conferred by startups
1. Cash Bonuses
According to an Accountemps study, about 46 percent of CFOs grant cash bonuses to its employees to appreciate their contribution towards the business goals. If an employee clinches a massive project and ace it with all efficiency, his work is being valued with due cognizance. The cash bonuses are applicable for both IT and non-IT firms.
2. Project completion lunch
In conjunction with its rhetorical name, project completion lunch is the most seeked before incentive by the employees. Project completion lunches have been majorly adopted by the mid-level and top management tiers of an IT firm. Bracing for the competitive world and meeting deadlines with no discrepancies, employees put their blood and sweat to crack every deal and successfully complete the projects. This incentive clears the degrading clutter and organises a lunch with the core team to build a good workspace for the workers.
3. Joining bonus
Candidates looking for jobs in Bangalore are highly fascinated by the incentive facility of joining bonus offered by the startup companies. This is offered to candidates who fulfil all the requisites and get recruited within a short duration of time. This way companies are able to attract a massive chunk of talented folks in the world of information and technology.
The bonus is ascertained keeping in mind the orientation and capacity of the firm. Generally it ranges upto an impressive Rs. 30,000 to Rs. 50,000 in India.
4. Corporate discounts
Corporate discounts have been one of the most interesting and enticing incentives offered by the IT ventures. According to this bonus facility, the products and services of the company are conferred at a discount rate to their respective employees. In this way, the employees can deliberate with the concerned retailers and seek recreational or transport facilities at much economical rates. They can avail for substantial discount rates on the services covered by the enterprise.
5. Tax Saving Incentives
Tax saving incentives consist of free food coupons, transport allowances, HRA (Health Reimbursement Account) and medical care facilities. To add more feather to the cap, the companies have introduced a special provision for their employees that will allow them to reimburse the educational expenses. They have also initiated exemption of non-taxable telephone bills to permit more savings.
These were the five mega boosts offered by the startup companies in Bangalore. If you want to build a bright future with similar perks and incentives, then seek the prospective jobs in Bangalore.