India, Inc. banks on cells to stem attrition

NEW DELHI: Five-star cafe lunches, employee share options, lifetime medical insurance et al are passe. India Inc has found another way to woo staffers — stem cell banking, where the company pays for storage of stem cells of babies born to employees.

It’s a win-win situation for both. The company manages to retain people and employees get to make the most of the latest research, which can provide solutions to numerous illnesses.

Private sector biggie Hindustan Lever Ltd (HLL) was among the first to introduce this scheme. It has tied up with Chennai-based LifeCell, India’s first exclusive private cord blood bank, to offer this facility to employees.

‘‘We offered this scheme, anticipating future medical advances. For the company, the cost is not much, but it shows we care for our people,’’ says Dr T Rajgopal, VP, Medical & Occupational Health, HLL.

The company pays 50% cost, the employee the rest. Starcom is another company with a similar perk.

‘‘At present, we are in talks with over 40 companies. Recently, Maruti asked us to send emails to all its employees, many of whom have signed on.

TCS, Perot Systems and other IT companies have asked us to make presentations for their employees to familiarise them about cord stem cell banking,’’ says Prasad Mangipudi, VP, marketing, LifeCell.