After deferring for around five months, the country’s second largest IT firm, Infosys, on Friday gave salary hikes to its employees, effective November 1.
However, the hikes are not across the board. Employees who joined the organisation at junior levels after October, 2021, have been left out. Similarly, manager level staff who joined after October 2021, do not figure in the list. Still, around 60% of the employees have been covered. The hikes range between 7%-10%, according to a section of employees Fe spoke to.
Usually, IT firms give salary hikes during the second quarter (July) of the fiscal, which is effective from April 1 – the beginning of the new financial year.
However, this year almost all the IT firms deferred hikes during that period.In fact, Wipro is likely to skip giving hikes to top performers who are in the higher salary bracket in the salary revision process, which may take place this month. It is likely to prioritise employees with lower compensation among those eligible for a raise.HCLTech, which had initially deferred salary hikes from the second to the third quarter, later said that it will skip compensation for senior employees this financial year.In October, US-based IT major, Accenture had also said that it will not be paying out hikes to its employees in India and Sri Lanka this year, except in few critical skill areas and where it is legally mandated.The company had informed its employees that it experienced a macro environment that was more challenging than anticipated at the beginning of the FY23, and growth was lower than planned. It had added that as a result the firm needed to make some hard decisions around promotions and rewards.