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[QUOTE=Admin;588]“We want to provide more flexibility to PSUs to compete with multinationals and retain talent by offering identified executives something extra in the form of an Esop. The pay revision committee of DPE is already working on the new scheme and suggestions have been invited from PSUs and the nodal ministries in this regard,” the official said.

The proposal, if finalised, would require the approval of the Cabinet Committee on Economic Affairs (CCEA) to become operational.

It is expected that the Esop scheme would be useful especially to prevent top PSU executives from taking up any assignment with a private sector company. “Retaining top-level executives has become the biggest challenge for any organisation today.

The turnover, especially in PSUs, is highest in the junior and the senior-most executive positions. While we have started recruiting more people at the junior level, retaining talent at the topmost level remains a challenge and it is here that a flexible Esop scheme would come in handy,” director (human resources) of NTPC, RC Shrivastav, said.

Top executives of oil, power and telecom PSUs have been particularly vulnerable to poaching in the recent past. Reliance Power CEO JP Chalasani and Reliance Industries president (international operations) Atul Chandra are among the top business executives who have come from navratna PSUs.

Also, mid-level executives in the range of general managers and above are too much vulnerable. In fact, ONGC had recently made a lucrative offer to all its mid-level executives who had left the company for greener pastures.[/QUOTE]

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