HCL Tech suspends wage hikes for FY21, hiring to continue

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HCL Technologies suspends wage hikes for FY21, hiring to continue in coming quarters based on need

Speaking on the Q1 result announcement, Prateek Agarwal, CFO, HCl Technologies said “the company has decided to suspend wage hikes for the year due to the pandemic.”

“We hired 2,000 laterals and on-boarded 1,000 freshers in Q1 and will continue to hire in coming quarters based on need and also attrition,” he added.

Answering the recent US H1-B Visa ban, Prateek said the company does not see the US H-1B ban impacting them in the short-term. “I don’t think there will be a long term impact as a lot of it is coming from elections in November. These are knee-jerk reactions,” he added.

Prateek added, “currently, we have close to 68 per cent locals in the US, thus the company had reduced its H-1B dependency to 2,781 in FY19 from 5000 visas in FY17 by stepping up localization.

VV Apparao, CHRO, HCL Tech said, “the company typically hires 3,500-4,000 laterals per quarter and this number depends on growth and attrition since lateral hires replace those who leave.”

As attrition falls, the number of those hired are likely to reduce as well, he added.

VV Apparao said, “In terms of fresher hiring, the company had handed out 15,000 offers for freshers. Close to 1,000 were on-boarded in Q1 and the rest will be on-boarded through the year.”

On Lateral hirings, he said, “the company hired 2000 employees in the June quarter and will continue to hire based on need in coming quarters,”

HCL Technologies on Friday, 17 July posted a 31.70 per cent year-on-year (YoY) rise in net profit at Rs 2,925 crore for the quarter ended June 30. It had posted a net profit of Rs 2,220 crore in the corresponding quarter last year. The consolidated revenue of the company increased by 8.60 per cent YoY to Rs 17,841 crore in Q1FY21.

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