According to recent reports, HCLTech India gave junior employees partial pay raises during the October–December quarter. According to sources, top performers received 3-4% raises, while junior staff with up to 10 years of experience at the E0, E1, and E2 levels received 1-2% increments.
HCLTech postpones pay raise
The third-largest IT services provider in India postponed increment for senior to management-level staff in FY24 to control costs in the face of uncertain discretionary spending and a challenging environment.
Notably, it is less than HCL’s prior pledge, made in the company’s Q2 earnings commentary, of 7% average yearly pay increments and a 12–15% raise for top performers.
Incidentally, some E3 employees have reported no pay increases for the last two fiscal years, and those at the E3 level and higher (mid to senior level) have not yet received raises.
According to reports, the E4 level employees have not seen pay increases for the last three years.
“E0-E2 got their letters in December last week… Employees in the E3 band and above are still awaiting appraisals,” disclosed an HCLTech employee.
Meanwhile, appraisals for workers in the E3 band and higher levels are still pending.
Chief People Officer Ramachandran Sundararajan shared at the Q2 earnings conference, “For all our colleagues in India, the average increase will be in the range of about 7%… Top performers will continue to see double-digit increases in the range of 12-15%.”
According to Sundararajan, pay raises depend on eligibility and performance, especially for lateral hires who have been with the company for a year.
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