Even as IT companies in India are reporting mixed results with a few companies beating industry estimates and few faring poorly, HCL Technologies has hit a home run in its latest quarterly results.
HCL Technologies has had a billion dollar quarter. Announcing its second quarter results (July-Aug-September 2011), HCL reported revenues of $1002 Million!
To get a better sense of HCL Technologies achievement, a comparison with the same quarter in 2008 reveals that the company has doubled its quarterly revenue in 3 years. It is noteworthy that majority of IT companies are battling a tough environment as the economy in the US and Europe continues to be shaky.
HCL Technologies has chosen to celebrate its billion dollar quarter in a rather special way. The company has declared a ‘Milestone Share Program’ for its employees which essentially is HCL’s way of sharing the spoils of a stupendous quarter. HCL shared the details about the ‘Milestone Sharing’ program in an official press release,
Employees who are on the company’s rolls as on Oct 14th, 2011 will receive a minimum amount equivalent of 5 shares* and a maximum amount equivalent of 10 shares based on years of tenure at HCL. The company has budgeted an amount of Rs 25 crores for this initiative.
Now, employees being awarded company stock is not entirely new and Infosys did a similar exercise on completing its 30 years and gifted its employees company stock.
What is interesting and commendable about HCL Technologies program is that it has chosen to do the same centered around quarterly performance. Some way to hold on to the bold ‘Employees First’ image the company has chosen to build its brand on.
What are your thoughts on HCL’s gesture to celebrate a blockbuster quarter by rewarding its employees?