Top executives attend forum on industry retention in a competitive market

March 5, 2004 Vancouver, BC – India’s National Association of Software & Services Companies (NASSCOM) gathered to hear industry experts discuss the importance of employee retention in a fiercely competitive marketplace. Momentum Technologies’ Vice President of Operations, Mr. Sunil Goyal, was among speakers at a forum held in New Delhi, India and attended by senior human resources executives and CEOs of the software services organizations from across India. North American companies are outsourcing to India more than ever before and in 2003, there was a 60% increase over the previous year, according to research magazine Dataquest.

NASSCOM is the apex body and umbrella organization of IT software and service organizations in India. It currently has over 850 member companies who collectively contribute to more than 95% of revenues of the software industry in India.

The speakers at the forum provided valuable information on how the industry worldwide retains their people. In addition, practitioners in the software services industry known for their outstanding people development and the environment they offer provided tips on how to retain employees. Speakers included senior executives from Hewitt Associates, Hughes Software Systems and Momentum Technologies.

Mr. Goyal said “Software companies in India will need to collaborate together to address the retention and attrition issues. Retention is largely an internal issue where as attrition is due to many external factors”.? Mr. Goyal called upon the executives of member companies to develop a common code of ethics to address attrition issue in the software industry. He emphasized that it was important to keep the quality standards high as this has been recognized as an area where Indian companies have been able to excel. Mr. Goyal circulated to those present, a draft of the Code of Ethics document prepared by Momentum Technologies as a starting point for discussion.

About NASSCOM

NASSCOM is India’s National Association of Software and Service Companies, the premier trade body and the chamber of commerce of the IT software and services industry in India. NASSCOM is a truly global trade body with around 850 members, of which nearly 150 are global companies from the US, UK, EU, Japan and China. NASSCOM’s member companies are in the business of software development, software services, and IT-enabled/BPO services. NASSCOM is internationally represented at WITSA (World Information Technology Services Alliance) and ASOCIO (Asian Ocean Computing Industry Organization). For further information, please visit us at www.nasscom.org.

About Momentum

Momentum Technologies, Inc. specializes in Information Technology consulting focused on providing top quality offshore software services to companies who incorporate outsourcing as a key component of their business strategy.? With Momentum’s local presence and offshore software development acumen, clients benefit from a cost savings in excess of 25% process driven development and reduced time-to-market. Founded in 1999 and privately held with CitiGroup as strategic investor, Momentum has offices in the USA, Canada and India with headquarters in Vancouver, BC and 130 employees worldwide.

For further information, please contact:
Farah Jinha, Principal
TechKnow Communications Inc.
Tel. (604) 980-2448

Email: farrah@techknow.ca