Hefty pay packages, attractive stock options, bigger roles and a friendlier home turf are bringing back senior level executives to India. About six senior executives have returned to India from several countries to head top functions in Yes Bank.
Financial services sector is the most attractive place for such executives. And Citibank seems to be the biggest casualty as three of its senior level executives have joined the Rana Kapoor-promoted Yes Bank.
Suresh Sethi, who managed the entire cash management business for the Latin America region has now joined as the country head, transaction banking, at Yes Bank.
While Anuratna Chadha, who was heading corporate banking business at Citibank in South Africa, and Munish Dayal, business head, SME segment, Citibank, have joined Yes Bank as group president, corporate & institutional banking, and president, business banking, respectively.
Rama Chandran Chellam, who was earlier with Bank of Muscat, has now joined Yes Bank as the chief financial officer. Others like H Srikrishnan who was the CFO of HDFC Bank as joined Yes Bank as the executive director, operations.
And Ajay Mahajan, who has joined as the president financial markets, was earlier with Bank of America.
Aditya Sanghi, an ex-Rabo Bank executive, has joined Yes Bank as the country head investment banking and Somak Ghosh, who was also with Rabo Bank, is now the country head of corporate finance and restructuring business at Yes Bank.
Rana Kapoor, MD and CEO, Yes Bank, says it is the attraction of a bigger role with greater leadership-based challenges which is luring executives back.
"The functions to be headed by these executives are based on entrepreneurial challenges and assures greater upward movement in the career graph," Kapoor said.
But these executives also come at a bigger price and the organisations are customising pay packages for them. For example, Yes Bank is providing 25-50 per cent of the cost to company as variable pay with greater composition of bonuses and stock options.
"Stock options assure greater returns than the conventional perks and we have attractive stock options for these executives," Kapoor said. A top level executive would be receiving Rs 50 lakh (Rs 5 million) to Rs 1 crore (Rs 10 million) as gains from stock options annually.
According to Nirupama VG of Teamlease, most executives who have spent several years abroad, now want to be with their families and these posts offer both entrepreneurial as well as financial opportunities.
"Also, the salaries are at par with other countries which is making India a happening place for these executives now," Nirupama said.
Not just new banks like Yes Bank, Reliance and Tally Solutions are also scouting for executives from neighbouring countries like Singapore and Thailand.
Rokiya Ahmed, who was earlier heading SAP, has now moved in at a senior position at Tally Solutions. While Whirlpool too has roped in an ex-Nestle executive, Arvind Uppal, from Vietnam as chief executive officer of Whirlpool's India.
Home is where the job is