An Indian multinational information technology company, Infosys will be beginning a fresh appraisal cycle for its employees.
The current performance evaluation at Infosys is for October 2022 to September 2023. The company will start its ‘performance review cycle–October 2023’ with self-evaluation on September 29.
According to Economic Times, In the previous year, the appraisal process happened and ratings were disclosed however the hike (salary revision) is yet to be released.
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.
Most IT services-providing companies have announced Nil/less salary increments or deferred salary hikes due to economic uncertainties.
Among the top IT companies in India, only TCS has rolled the salary increment for its employees of 12-15 percent.
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 the office to foster our culture. Our Return to Office initiative is picking pace, with 55% of the workforce already in the 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”, he added.
Tech Mahindra defers salary hikes for senior employees due to a huge drop in net profile in Q1FY24. Wipro has also announced a delay in its wage hike cycle for the fiscal year.
Wipro has announced that it has postponed the salary hike of its employees to the 3rd quarter, the salary hike given in September last year will be postponed to the October-December quarter this year. The company plans to carry out the pay raise in the third quarter of the year instead of Q2.
This is Similar steps are being taken at other Indian IT services companies. The technology company HCLTech has deferred salary hikes for their employees by one quarter.
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.
