• Sun. Dec 3rd, 2023
HCL Tech Skips Salary Hike Citing Price Hike |  India News
BENGALURU: HCLTech is scrapping pay hikes for mid-to-senior employees this fiscal, deferring pay hikes for junior employees by a quarter. HCL CEO and MD C Vijayakumar We have had a good wage growth cycle for the past two years and we took this decision this year given the macro uncertainty and cost inflation. “
HCL’s headcount fell by 2,506 to 2.2 lakh employees in the June quarter. It added 1,597 newcomers. “We have had strong hiring over the last three quarters with strong net additions. In the June quarter, we saw a decline (in terms of headcount) as we had some built up capacity and future hiring would largely depend on the nature and location of demand. “In some cases, we hire from clients who are part of larger engagements or are forming new teams,” he said.
HCL’s attrition fell to 16.3% in the June quarter from 19. 5% in the March quarter. Wipro CFO Jatin Dalal said the company is postponing the salary hike to the December quarter as the salary hike was announced in September last year. HCL missed Street estimates due to weakness in engineering R&D, IT and business services segments. Reduced discretionary spending on digital programs and continued challenges in the technology and telecom sectors impacted performance in the June quarter.

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