An Indian multinational information technology company, Infosys to roll out wage hikes for employees from November 1.
The company will skip campus hiring this year as it has a ‘way to go’ on utilization. However, it is monitoring the situation every quarter.
Infosys Nilanjan Roy, Chief Financial Officer (CFO) said, “Wage hikes are announced and will be rolled out from November 1 across all employees.”
“Last year, we hired 50,000 freshers and hired ahead of demand…we still have a significant fresher bench… we are, of course, training them on Gen AI…but we still have a way to go on utilisation, and at the moment are not going to campuses as yet…we will monitor this every quarter looking at our future projections,” he added.
Accenture will not hike salaries for Indian and Sri Lankan employees for fiscal year 2023. The company is also postponing promotions across senior management until June 2024.
The company experienced a macro environment which was more challenging than anticipated at the beginning of FY23.
In an email sent out by the country, managing director Ajay Vij said, “Employees will get individual annual performance bonuses where applicable although they will be significantly lower than the previous year due to the company’s performance setback.”
“Given the context of our performance, we will not be providing any stay-at-level (base pay) increases this year except where legally mandated or committed in a few critical skill areas,” he added.
Tata Consultancy Services Ltd (TCS), India’s largest IT firm, is set to give its top-performing employees a 12-15% salary hike to keep them on board.
Milind Lakkad, Chief HR Officer, said, “We remain focused on developing, retaining, and rewarding the best talent in the industry, and enhancing their effectiveness by bringing them back to office to foster our culture. Our Return to Office initiative is picking pace, with 55% of the workforce already in office thrice a week.”
“We have given a 12-15% raise for exceptional performers in our latest annual compensation review, and also commenced the promotions cycle”, Milind Lakkad added.
Wipro to roll out merit salary increases with effective by December 1.
An email to employees from Chief Human Resources Officer Saurabh Govil said, “Despite the current challenging and uncertain global market conditions, we are pleased to announce that our merit salary increases (MSI) will take effect from December 1, 2023.”
“Over the next few weeks, merit salary increases will be determined for eligible employees based on current compensation, skills, and performance”, the email added.
Earlier, Wipro had postponed the salary hike of its employees to the 3rd quarter, the salary hike given in September last year was postponed to the October-December quarter this year.
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