There are a variety of compensation increases available to employees of IT organisations. Due to the uncertain state of the economy, the majority of IT service providers have declared no or little compensation increases or delayed salary increases.
Only TCS has given out the 12–15 percent compensation increase for its employee among the leading IT businesses in India.
The companies that have delayed compensation increases this year are listed below.
It should be noted that Lindtree released very poor increments, only a 0-2% increase after the delay
After months of delay, LTIMindtree finally gave its staff very subpar raises; many only received a 0-2% increase.
The general wage increment cycle for LTIMindtree starts in April. To August, the company has now postponed. While some employees in the fiscal year 2024 received raises of 1-2 percent, there are a number of employees who received zero percent increases.
According to media sources, LTIMindtree may have changed the salary structures, resulting in lower side increments because fixed pay has been combined with variable pay, which may account for 8.5 percent of the total package.
The Tetley Company and Wipro have announced salary increases
Employee salaries will increase by 7% thanks to Tetley. The pay increase will take effect on April 1, 2023.
About 200 employees of Tata Consumer Products, the company that produces Tetley products for Canada and the UK, will gain from this.
Due to a significant decline in net profile in Q1FY24, Tech Mahindra postpones wage increases for top personnel. Additionally, Wipro has stated that it will postpone its fiscal year’s round of pay increases.
Wipro has announced that it will forward the compensation increase it gave its employees in September of last year to the third quarter, which runs from October to December of this year. Instead of the second quarter of the year, the corporation intends to implement the salary rise in the third.
Here is Other Indian IT services firms are taking similar actions. The compensation increases for the employees of the technology business HCL Tech have been postponed by one quarter.
Ramachandran Sundararajan, chief people officer, stated that “normally this time of the year, we make our announcements on pay reviews.”
In light of recent hiring and compensation evaluations, Ramachandran Sundararajan continued, “We have taken that into consideration and have taken a decision to defer our annual reviews by a quarter.”
Salary Hike at TCS: 12-15 percent
As of April 1st, TCS has implemented an annual wage rise. In its most recent annual salary review, the company increased the pay of excellent performers by 12 to 15 percent and started the promotion cycle.
“We continue to focus on developing, rewarding, and keeping the best talent in the industry, and enhancing their effectiveness by bringing them back to the office to foster our culture,” stated Milind Lakkad, Chief HR Officer. With 55% of the workforce already coming into the office three times each week, our Return to Office project is gaining momentum.
In our most recent annual compensation review, we gave exceptional performers a 12–15% rise, and we also started the promotions cycle, he continued.
Salary hikes at Infosys are delayed
Pay raises have not yet been implemented by Infosys. In June or July, the corporation normally announces compensation adjustments that take effect in April.
This delay in compensation increases is a sign that businesses are struggling in the current economic climate, as evidenced by the scaling back or cancellation of projects.