Many Indian IT companies are announcing second pay hikes and promotions within few months of the previous pay hikes. Last year, the pandemic caused delayed increments due to uncertainty and expected economic slowdown. But as businesses picked up in the second half of the year, Indian IT companies announced double hikes, increments, and promotions from the last calendar year or the beginning of 2021. Now many Indian IT companies announced double hikes for their employees amid intense competition for talent.
Last year in December, Accenture India had given pay hikes for its 2 lakh employees. In February 2021, Accenture again gave hikes, bonuses, and promotions to its eligible associates.
Accenture in a statement, “In April, all employees up through associate director level received a one-time ‘Thank You Bonus’ which is equal to one week of base pay.”
Accenture globally promoted 605 people to MD, 63 people to senior MD and a record percentage of women at the end of last year.
Indian IT company Infosys had given increments from January this year, which was on hold for most of the last financial year. EVP & HR head Richard Lobo, Infosys, said that its second compensation review cycle for the year is underway.
Infosys has plans to give a second pay hike based on last year’s performance will be effective in July. However, it takes lessons from its business rival TCS which has given a double hike within six months.
Tata Consultancy Services, an Indian IT firm, has already given increments to all associates effective April 2021. As a result, many senior-level employees have received 6 to 8 percent hikes, which is higher than normal hikes.
Thierry Delaporte, CEO of Wipro, said that the measures are put in place to ensure the supply chain does not slow its pace of growth. It includes the rollout of ‘Much-deserved’ salary hikes for its senior employees in June. The company has declared it in its latest quarterly reports.
HCL technologies declare their increments every year in July, but the pandemic had deferred it by one quarter. So this year, the company is expecting to return to the regular cycle.
Tech Mahindra –
Harshvendra Soin, Global Chief People Officer, Tech Mahindra, said that the company recently completed the appraisal and has declared pay hikes from April 1. The company also introduced bonus and skill-based allowances for associates.
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