According to the reports to Business Today, IT companies including TCS, Wipro, and many others are facing an economic slowdown.
The report also suggests that IT companies may still delay the onboarding of freshers candidates. The report also suggested that as far as the variable payouts are concerned they have been dull to date in FY23 as compared to FY22.
However, TCS said in the month of Jan 2023 that it will hire 1.25 lakh to 1.5 lakh employees in the financial year 2023-24 (FY24). In Q4FY23, the company reported a decline of 2,197 people in its employee base. However, there are no layoffs in the organization.
According to media reports, TCS employees might witness variable pay cuts and they might also delay the onboarding of freshers.
Sriram Venkat, an HR firm associate told Business Today that the IT tech companies in the country would announce some variable pay cuts in Q4 FY23. He claimed that the employees who are in the lower band won’t be impacted by a big margin and it could range between 85 to 100 percent at large-cap IT companies.
Those who are at the mid to higher level will reportedly witness cuts based on the business unit performance. It is also being said that the big IT companies will continue to keep the pace of hiring at a lower rate as they are facing rising inflation and a macroeconomic slowdown.
LTIMindtree delays onboarding and extends training for assessment
Apart from this, LTIMindree has asked freshers still awaiting onboarding to enroll in a new training program called ‘IGNITE’.
According to the reports of the Business Standard, The company has sent an email to the employees. Additionally, impact 700-800 employees.
“If we do not receive a response from you by such time or receive ‘no’ as a response, it will be deemed to be your unwillingness to proceed with the training related to career opportunities with LTIMindtree. As such, the offer of training and subsequent employment earlier made to you will stand auto-cancelled,” said the email from the company.
Nascent Information Technology Employees Senate shared a tweet saying, “NITES strongly condemns @LTIMindtreeOFCL for delaying the onboarding of freshers with new training program #IGNITE. Freshers have no choice but to accept, risking their offer letter which was given in Jan 2022. Unacceptable treatment for those already waiting for over a year.”
NITES strongly condemns @LTIMindtreeOFCL for delaying the onboarding of freshers with new training program #IGNITE. Freshers have no choice but to accept, risking their offer letter which was given in Jan 2022. Unacceptable treatment for those already waiting for over a year. pic.twitter.com/p4VEMXG4PW
— Nascent Information Technology Employees Senate (@NITESenate) April 10, 2023
