Telecom companies Airtel and Vodafone Idea have rewarded their employees with 7-8 per cent pay increments for the financial year 2023 (FY23).
Airtel has given top talent a 110 percent bonus, and Vodafone Idea followed with a 100 percent bonus. However, Reliance Jio has not announced the increments till now.
Increment plays an important role in companies acquiring and retaining talent in the super-competitive industry. However, for all companies, hiring and retaining talent is one of their primary objectives in the market.
Salary Hike For Other Companies
Tata Consultancy Services (TCS) has announced a salary hike for its employees, despite the 200-bps impact on the company’s operating margin.
TCS CFO Samir Seksaria said, “The annual pay hikes effective from April 1, would result in a 200-basis-point hit on the operating margin, which currently stands at 23.2%.” The company has given a 12-15% raise for exceptional performers in the latest annual compensation review, he added.
The technology company HCLTech has deferred salary hikes for their employees by one quarter.
According to the reports, Chief People Officer Ramachandran Sundararajan said, “Typically, this time of the year, we make our announcements on pay reviews.”
“Last couple of years the hiring that we have done and the compensation reviews that we have done, we have taken that into consideration and have taken a decision to defer our annual reviews by a quarter,” Ramachandran Sundararajan added.
Infosys has deferred the salary hikes of its employees which it usually rolls out from April for its employees below the senior management level.
Usually, Infosys rolls out pay hikes for employees below the senior management level in the month of June quarter, but employees yet have not received any communication from the company.