Yes Bank, one of the key private sector banks in India, has announced big bonuses to retain its existing employees. It is understood that these bonuses will be in the form of deferred payouts spread over the year. As per some news reports the bonus will be given in 30:40:30 ratio, getting credited every four months.
The company has seen some key senior level and leadership exists in recent past, and seems to be quite focussed on retaining its key employees. The company has also ramped up its hiring efforts for senior management roles. It is learnt that they are offering aggressive hikes to attract new talent.
Last week, the company had announced the exit of its Group Senior President Rajat Monga. Rajat had earlier been the company’s CFO and had been a key contender for the top post of MD & CEO after Rana Kapoor. Earlier in June 2019, Ajai Kumar, the bank’s interim MD and CEO who joined after Rana Kapoor’s exit, had resigned from the board. This was followed by the exit of one of the bank’s non-executive independent directors Mukesh Sabharwal.