An information technology services and consulting company, HCLTech will be providing 85 percent of its employees with variable pay for Q4 FY 2022-23.
According to the reports of Business Today, the Chief People Officer (CPO) of HCLTech Ram Sundarajan said, “The variable pay for Q4 FY23 will be similar to previous quarters where 85 per cent of the company’s employees will be awarded variable pay.”
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“Let us start with the variable pay question. I think it’s a very top-of-the-mind question for everybody. We are not making any changes to our variable pay plans. 85 per cent of our workforce will be in a variable pay plan this quarter,” the CPO said.
The CPO added, “Variable pay is just about five percent, so it’s not a big percentage of employee compensation. So far as the policy is concerned the variable policy pay, there is no change in the policy.”
Recently, TCS employees are expected to get a 100 percent variable payout for the recent quarter.
HCLTech reported a net addition of 17,067 employees for the fiscal year 2023, there is a significant drop of around 57.3 percent from the 39,900 employees added in FY22.
C Vijay Kumar, CEO & MD, HCL Tech said, “Our pipeline is near an all-time high, which reflects our differentiated business mix and strong client demand for our offerings.”
“We have added 3674 employees this quarter and overall employee strength has now grown beyond 225000”, C Vijay Kumar said.
C Vijay Kumar further said, “All these set us well in FY24 for a healthy revenue growth in the 6-8 percent range with operating margins in the 18-19 percent range.”
“IN FY2023, employees delivered customer value worth $1.4 billion and more than 10,100 unique employees accessed the Value Creation Portal, generating over 15,400 ideas and 7,8300 implementations,” said HCL Tech.
