Salary Hike Announced TCS, Infosys, Wipro, HCL Employees: This Is What We Know So Far..
Companies such as Wipro, Infosys, Tata Consultancy Services and HCL Technologies have announced salary hikes and bonuses.
Despite a slowing economy the companies have adopted this strategy to retain talent.
Wipro said that hikes will be effective from September 1, 2022.
They have also completed the first cycle of quarterly progressions effective July 1, 2022.
For employees in Band A and B (freshers and associates), the company is paying out 70 percent of the target variable pay if they meet the billability threshold along with the salary for August to be paid at the end of the month.
Despite a high attrition rate, the company is raising compensation and may increase net hiring.
Chief financial officer Nilanjan Roy said that the company is strategically investing in talent through recruiting and competitive wage adjustments.
Despite a negative effect on profitability, it is anticipated to lower attrition rates and position it for future growth.
It will increase staff salaries by 5-8% as a result of the company’s high attrition rate of 19.7% during the first quarter of the current fiscal year.
Chief human resources officer Milind Lakkad announced that following the company’s annual compensation review, employees got wage increases of 5 to 8%, with top performers receiving even higher increments.