New Delhi: Last year, as there was uncertainty amid the pandemic, many IT companies had delayed salary increments. But as the business had a turn about in the second half of the year, most IT companies gave increments with effect from late last calendar year or early this year. But now most of the IT companies are rewarding their employees with increments and promotions again with competition for talent intensifies.
As per a report in the Times of India, Accenture India, which has over 2 lakh employees, had given increments for last year in December and again in February, it declared pay hikes, bonuses and promotions. “In April, all our people up through associate director level received a one-time ‘thank you bonus’ equal to one week of base pay for their contributions during this difficult year,” the publication quoted Accenture India as saying. Accenture globally promoted 605 people to MD, and 63 people to senior MD, including a record percentage of women, in December last year.
Richard Lobo, Infosys EVP & HR head, told the daily that its second payment survey cycle for the year is underway. In January it had given increments effective, after having put them on hold for most of the last monetary. It is doing another study based on last year’s performance, and the salary hike based on this will be effective July. Both compensation surveys are applicable to employees across levels. The two increments together will be 10-14%, in an otherwise languid pay market.
All these movements from Infosys came after its bigger competitor TCS has given hikes within a six-month gap. TCS has given increments to all partners across geographies effective April. The publication citing sources suggested that many senior employees received hikes in the range of 6-8%, which is higher than normal.
Wipro’s CEO Thierry Delaporte said that steps are in place to assure the supply chain does not slow its pace of growth and it includes the rollout of “much-deserved” salary increases for his senior colleagues in June. The quantum of the hikes is yet to be determined.
HCL usually gives salary increments effective in July but delayed it by one-quarter last year. But this year it supposes to return to the regular cycle. “On average, we rolled out 7-8% hikes last year, but those were higher at the bottom of the pyramid,” the daily quoted its chief HR officer Apparao V V as saying.
Global chief people officer in Tech Mahindra, Harshvendra Soin, said it recently completed the evaluation cycle and has declared salary hikes, in line with the industry, with effect from April 1. “The letters are being rolled out. We have also introduced retention bonus for key talent and have announced skill-based allowances for associates with niche skills and project-based bonuses,” he said.
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