GE Cap Intl, Goldman to check cross-poaching

Mumbai, March 24 | Updated: Mar 25 2005, 05:30am hrs
GE Capital International Services (GECIS), and Goldman Sachs have inked a non-poaching pact, which implies that they would not hire employees from each other.

Having completed around four rounds of selection process at Goldman Sachs, some of the the employees of GECIS were denied the job in the former when the offer letter was to be signed. The reason being the non-poaching pact between the two companies.

GECIS, a business process outsourcing outfit however, claims there is no written agreement to this effect. A spokesperson said, In line with our corporate policy, GECIS does not have any formal anti-poaching agreement with any company. As a matter of courtesy, we do have an informal understanding with some of our business partners that neither party will actively seek to hire someone away from the other. But sources close to the development say There is an on-paper anti-poaching agreement in this regard.

Non-poaching pacts aim at talent retention and nothing else. This arrangement also enables to bring a maturity in the hiring pattern, the sources added. Recently, seven or eight business processing units (BPOs) had signed up a similar pact to arrest the attrition rate, which is around 35-40%.

GECIS, having a workforce of 17,000 employees, has rejigged its growth plans by targeting new markets like Hyderabad, Jaipur, Kolkata and Bangalore.

While the Delhi centre becomes operational this year, Kolkata will pick up around 2,000 people in the current calender year.