Mid-cap IT firm Mastek has created a virtual bench in the backdrop of a slowdown in demand combined with reduced attrition and an excess bench strength of around 425 professionals. With this, the company feels it can maintain its profitability as well as hold on to talent.
A Mastek employee will be getting a monthly allowance during the period he or she is put on the virtual bench. This allowance would be 120 per cent of the severance pay over the 12-month period.
The option is applicable for freshers as well as lateral hires, who are currently on bench. Mastekeers can remain on the virtual bench for a maximum of 12 months, during which they can leverage the company’s learning and development facilities to upgrade their skills & competencies and get back to a full-time role the moment a suitable opportunity arises. “After this announcement, a majority of the employees have opted for the virtual bench as it gives them an opportunity to come back and work for the company when demand arises,” said a spokesperson of the company.
These employees are also being offered the option to leave the company immediately with a compensation package. For people on the virtual bench, various internal departments are working on plans to provide training and development programmes to make this ‘forced break’ as valuable as possible.
Sudhakar Ram, chairman and managing director, Mastek, said, “These are tough times and market uncertainties are compelling us take steps that are unprecedented in our 26-year history. We have tried to balance the margin requirements of the company with the aspirations of young Mastekeers, and have come up with a plan that gives people an option to reinvent themselves as professionals. My sincere intention is that we tide over this crisis at the earliest and get our virtual bench back to engagements.”
