After TCS and Infosys, Another IT Giant to Roll Out Salary Hikes for all Employees: Details  

Days after top IT firms like Tata Consultancy Services (TCS), Wipro and Infosys rolled out salary hikes for its employees another IT giant HCL Technologies Ltd have announced the same today. 

HCL Tech said that employees in the E3 band and below will get hikes which will be effective from October. While for employees in bands E3 and above, the hikes will come into effect from January 2021.

These updates were shared by CFO Prateek Aggarwal after the company announced second quarter (July-September) earnings. The management stated that increments and salary hikes will be rolled across the employee base as the company has done in the past.

"The solid growth in Q2 has given us the confidence for the full year..the increments will be the same as in FY 20," said president and CEO, C Vijayakumar. 

As per company's release, HCL’s full-time headcount stood at 1,53,085 as on September 30, 2020. “We will be significantly enhancing this over the next two quarters. We are unable to recruit because a lot of colleges have not finished exams," said VV Apparao, Chief Human Resources Officer, HCL Technologies said in terms of hiring 1,578 freshers who were on-boarded last quarter.

He further added that the company aims to hire 12,000 freshers by the end of this financial year. Also, at a time when 96 percent of employees have continued to work from home with 4 percent coming to offices.

According to a Times Now report, the salary hike announcement comes after strong quarter results. HCL Tech reported strong Q2 results (July-Sept quarter) and the management hiked FY21 EBIT margin guidance, while maintaining revenue guidance. 

Past few days, strong revenue growth, improved utilization, cost control measures aided margins were all taken into note as profits grew by 7.4 percent QOQ to Rs 3142 crore.

Earlier this week, TCS, Infosys, and Wipro had also announced salary hikes for their employees. This shows that IT companies saw signs of growth in demand for their services and technology offerings during the September quarter.