Many IT companies are offering a second round of wage increases and promotions in the past few months. Last year’s salary increase was initially postponed due to the epidemic and the decline in business. But when the business was taken over in the second half of the year, promotions were given from the beginning of the previous calendar year or the beginning of the year. Now, with great competition for talent, companies are rewarding employees again.
Accenture India, with more than 2 lakh employees, had its December annual promotions, bonuses and promotions, as well as an additional round of promotions in February this year. Accenture India told that In the month of April, all of their people rose to the rank of co-director receiving a one-time ‘thank you’ bonus equal to one week of basic pay for their contributions during this difficult year. In addition, they said that they also have expanded their annual mid-term increase next June to include managing directors – for the first time in our company’s history – as one of the ways to continue to create new opportunities for their people. 605 people went to MD, and 63 people went to advanced MD, including a percentage of women’s records.
Infosys EVP & the HR head Richard Lobo said that its second round of compensation review this year is underway. They said that It had given them increments that came into effect in the month of January, after holding off on most of the final funds. It is undergoing another review based on last year’s performance, and wage increases based on this will be in July starting work. Both compensation reviews apply to employees at all levels. These two promotions together will be 10-14%, in a different payment market.
The Infosys move follows that of TCS, which also provided an increase in the six-month gap. TCS has provided promotions to all participants in all geographies since April. Sources told that most older workers experienced an increase of 6-8%, more than usual.
Wipro chief executive Thierry Delaporte said in a recent wage plan that measures were in place to ensure that procurement did not slow down its growth and included the release of “much-needed” pay increases for colleagues in June. The range of mountains is yet to be decided.
HCL, which used to raise wages in July, had postponed it for one quarter last year. But this year you expect to return to a normal cycle. “On average, we climbed a mountain 7-8% last year, but that was at the bottom of the pyramid,” said HR chief Apparao V V.
Harshvendra Soin, the world’s chief public officer at Tech Tech Mahindra, said he had recently completed a measurement cycle and announced a wage increase, in line with the industry, from April 1. “Books are being distributed. We are also introducing a key talent retention bonus and announcing skills-based grants to those with close niche skills and project-based bonuses, ”he said.
Accenture India furthermore said that they have expanded their annual mid-year promotions this coming June to include managing directors – for the first time in our company’s history – as one of the ways to continue to create new opportunities for our people.