Given the unprecedented times of the Corona pandemic, people are facing the resource crunch in terms of financial and basic necessities, where a double hike in income is surely a relief to many.
Some IT companies have announced to give a double hike to their employees, post a period of delay in regular incomes experienced due to the COVID-19 pandemic.
Pandemic weighs down the increments
Many companies had deferred increments in last year’s salaries due to the pandemic and descent seen in many businesses. After halting the pay hike in the first half of 2020, most companies decided to roll out their pending hikes as soon as the markets picked up.
With the amplification of talent, intense competition, a few companies have started rewarding their employees with increments and promotions since the late last calendar year and early 2021.
IT Giants to deliver hikes
Many media reports suggest that IT giants like Accenture, Infosys, TCS, HCL, have decided upon the second round of salary increases and promotions within months of the previous one.
Accenture India, which has over 2 Lakh employees, rewarded its employees with an increment last December followed by an added round of promotions in February this year.
Along similar lines, companies like TCS gave hikes within a six-month gap to senior employees in the range of 6-8%, higher than normal. As per some media reports, they have also started giving revised salaries since April 2021 to all their staff.
Other companies like Wipro, Infosys EVP, and HR head Richard Lobo have also hinted at certain hikes that include the rollout of salary increases, promotions, etc.
It is remarkable that in these testing times while some companies are facing the burnt of pandemic slowdown, forced to choose between retrenching or cutting salaries, few tech giants are offering hikes.