The Covid-19 pandemic has brought harsh market conditions to every industry sector.
However, while all the major industry segments like auto, business and hospitality have been under-performing due to almost negligible demand, there has been one such sector which hasn’t wavered as badly as the others, even amidst the global pandemic.
The ‘software industry’.
Not only have there been minimal layoffs in this sector, as compared to the rest, those in the software industry (mainly the giants) are being rewarded with salary hikes, for their resilience and hard work, amidst such times.
While these alleged software giants did comment on providing their employees with handsome salary revisions, they have now released the implementation dates for these hikes.
You can find it all here.
Mindtree: Effective from Jan 1, 2021
With 21,827 employees by the end of Q2 in September, the IT giant announced to begin its salary hike process from January 1, 2021.
Mindtree completed its promotion cycle on Sept 30 and will align this hike with industry standards.
TCS: Effective From Oct 1, 2020
Unlike Mindtree, the country’s largest IT body’s headcount stood at 453,540, as of September 30, 2020.
The IT giant announced the salary hike for its employees to be effective from October 1, 2020.
TCS has also started to onboard freshers, along with simultaneous increase in recruitment globally in Q2.
Infosys: Effective from Jan 1, 2021
The country’s second-biggest IT firm Infosys reported an employee count of 2.40 lakh, at the end of Q2 on Sept 30.
It has announced to roll out salary hikes and promotions across all levels, from January 1, 2021.
Infosys has also added that it is giving 100% variable pay along with a special incentive for Q2.
While the aforementioned IT giants had a fixed timeline for conducting effective salary hikes for all levels of employees, HCL Tech has synthesized a different procedure.
- Employees upto E3 level will get their salary hikes implemented from Oct 1, 2020, while
- Salary hikes for employees of E4 level and above will receive the same from January 1, 2021.