HCLTech may not offer wage hikes to middle and senior-level staff in FY24
HCLTech, India’s third largest IT services company, is set to start its wage-hike process, excluding the middle- and senior-level employees of the current cycle to reflect the growth constraints faced by the $250-billion industry.
“We will move forward with compensation reviews for employees in E0 to E3 bands. The effective date for increases will be retroactive to Oct 1, 2023 for E0 – E2 and effective Jan 1, 2024 for E3," the company’s chief people officer Ramachandran Surdararajan said in a communication to all employees. The formal communication email has been reviewed by ET.
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Offering CollegeCourseWebsiteIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisitIndian School of BusinessISB Digital TransformationVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisitThe classification of E0 – E2 employees range from freshers to technical leaders and E3 – E6 employee band are those with mid-level positions ranging starting from project managers up to vice presidents. E7 and above are the senior-level employees.
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After deferring the wage hikes by a quarter, starting October, HCLTech will kick start the appraisal cycle for FY24.
«As announced after our Q1 results, we made the difficult decision to skip the compensation review cycle for E4 and above bands in this fiscal year, and that decision will remain for now,» the email read.
The salary increases which usually happen in July for HCL Tech, will now take effect from October.
The New Delhi-based software exporter also said it will continue with its decision to skip the compensation review cycle for E4 and
