Hitech Corporation (Hitech) is a well known IT company based in Hyderabad , India. Hitech provides networking solutions to many Fortune 500 companies. Started in 1990 by two technology experts, Hitech currently has almost $40 million in annual revenue. When the founders started the company, they established as one basic value that working at Hitech should be enjoyable as well as profitable. That belief has helped create a company culture today that gives Hitech competitive advantages when recruiting and retaining talented workforce in the challenging labor market of IT.
Because recruitment of talented employees to handle growth at Hitech is so crucial, , the HR unit has an aggressive employee referral program which pays employees up to $5,000 for referring new hires who stay with the firm.The HR unit prides itself on prompt feedback to potential employees. Other "fun" programs include-
Football, pool tables, volleyball courts, assorted video games, pianos, ping pong tables, and gyms that offer yoga and dance classes.
Grassroots employee groups for all interests, like meditation, gourmet cooking and salsa dancing.. Healthy lunches and dinners for all staff at a variety of caf? Theme parties organised each month. Last month Hitech had its executives wearing animal costumes as part of a "jungle" party .
These fun initiatives have a more important business purpose-to demonstrate that people are important at Hitech. Is all this fun profitable? Hitech's answer is an unqualified yes. Over 40% of all Hitech ?s new employees come from the employee referral program. The firm?s cost to hire each new employee is about $5,000 less than the industry average. Even more important, those hired stay longer as indicated by its retention rate of 42 months compared to the industry average of 20 months. Also, employee turnover is about 6% annually? significantly below the industry average. It is obvious that Hitech's approach to HR management is paying off,...
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