IT Demand: Companies Gives Hefty Hikes

For the past one and a half years, coronavirus gave a grinding jolt on the lives of people globally. Right in the midst of the pandemic, where most companies are saving up for the unforeseeable future, there are a few companies that gave a perfect nonplussed profit to their employees’ benefits. Parallel to job loss and salary cuts hitting many Indians hard, we have TCS, Accenture, and Wipro considering double hikes for their employees this year.

Despite the fact that employees worked tirelessly, meeting every goal assigned in the past year, many IT companies had adjourned salary increments as there was uncertainty amid the pandemic. After halting the pay hike in the first half of 2020, most companies decided to roll out their pending hikes. Now that the talent has been amplified a few companies have again commenced rewarding their employees with increments and promotions.

Last year in December, Accenture India, which has over 2 lakh employees, had given increments for its employees. The company announced pay hikes again in February along with bonuses and promotions. Accenture received a one-time ‘thank you bonus’ which is equivalent to one week of base pay in April. The motive is to applaud their contributions during this difficult year.

On the other hand, Infosys EVP & HR head Richard Lobo also announced that its second compensation review cycle for the year is in process and will give hikes based on the last year’s performances. Infosys gave increments back in January, after having shelved them for most of the last fiscal. The extra increments will soon be issues in July to employees.

Not to forget, Infosys announce the decision on hikes right after its rivalry film in IT, TCS gave hikes within a six-month gap. The senior employees of TCS received hikes in the range of 6-8%, which is higher than normal. Soon after, Wipro also said that they will soon decide on the quantum of hikes and includes the rollout of “much-deserved” salary increases for his senior colleagues in June.