everal IT companies had deferred salary increments last year considering the uncertainty amid the pandemic.
However, in the second half of the year, business picked up for most of the IT companies.
So, they have given increments with effect from late last calendar year or early this year.
Increasing Competitions
But now, the game has totally changed, since the competition for talent hunt is intensifying.
As a result, once again, most IT companies are rewarding their employees with increments and promotions.
Appraisals In Accenture India
The same is confirmed by the reports in the Times of India as Accenture India, had given increments for last year in December for its over 2 lakh employees.
Again it has announced pay hikes, bonuses and promotions in February.
Further, Accenture India quoted in a daily saying, “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,”.
Prior to this, Accenture globally promoted 605 people to MD, and 63 people to senior MD, including a record percentage of women during December, last year.
Infosys Going Through 2nd Review Cycle
Similarly, the IT major, Infosys, EVP & HR head Richard Lobo also said in a statement that its second compensation review cycle for the year is underway.
Infosys had given increments effective January, after having put them on hold for most of the last fiscal.
Currently, the company is going through another round of reviews based on last year’s performance.
It also plans to provide a salary hike based on this will be effective in July.
Infosys this move comes after its bigger rival TCS, who has given hikes within a six-month gap.
Increments In TCS, Wipro And HCL
TCS has provided the increments to all associates across geographies effective April.
Further sources mentioned that several senior employees received hikes in the range of 6-8%, which is considered higher than normal.
In the case of Wipro, its CEO Thierry Delaporte said that measures are in place to ensure the supply chain does not slow its pace of growth.
It includes the rollout of “much-deserved” salary increases for his senior colleagues in June, in the latest earnings call of Wipro.
Although, the quantum of the hikes is yet to be decided.
In HCL, the company normally gives salary increments effective July, but it had deferred it by one-quarter last year.
However this year HCL expects to return to the regular cycle.