IT, ITeS industry likely to give single-digit pay hikes
While hikes were in the range of 11-15% last year, this year’s increments are not likely to exceed the mid to high single-digit range. Appraisals are also likely to be tougher, with no hikes at all for average performers.
Among the top-tier IT firms, Infosys has already confirmed that the possibility of hikes similar to last year are bleak. Speaking to FE, V Balakrishnan, chief financial officer, Infosys, had recently said, “We have to take a view on next year’s growth. In all likelihood, wage hikes will be in higher single digits next year and not in double digits. This is likely to happen for the whole industry.”
Mid-tier IT firms are also expecting hikes to be subdued. MphasiS, for one, says it expects hikes to be in the range of 5-8%. “Employees recognise market conditions and understand things will not be like last year. The industry average will be 5-8% and we will be somewhere in that range,” says Gopinathan Padmanabhan, executive vice president and head, global delivery, MphasiS.
Last year, MphasiS had doled out hikes in the 12-15% range. Infosys had given hikes at an average of 10-13% across levels,while for Wipro, hikes were between 12% and 15%. HCL Technologies
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