HCL Tech To Revoke Salary Increments Of Senior Employees For 2023
HCL Technologies has reportedly decided to hold the salary increments of senior employees this year after reporting a weak first quarter.
The junior and mid-senior level employees will be rewarded with appraisals, but the process has been delayed by a quarter.
The company has decided to revoke the salary increments as a cost-cutting move after posting a subdued June-quarter report due to low profitability.
HCL expects revenue growth between six to eight per cent, according to the FY24 guidance. The constant currency services revenue growth is projected at 6.5 to 8.5 per cent.
The Noida-headquartered company closed its revenue from operations at approximately 26 crore, nearly 12 per cent more than the previous year.
After a string of layoffs during the quarter, the company’s total headcount was brought down by 2,500 employees. However, it hired 1,567 freshers during the period while attrition eased below the 20 per cent mark for the second quarter in a row.
The CEO and managing director, C Vijayakumar shared that the reason for reducing the headcount was a conscious one due to the high attrition rate.
