HCLTECH APPRAISALS
Binny Bansal raises bets on investments; 9% avg salary hike for IT industry
Happy Monday! Flipkart cofounder Binny Bansal is doubling down on his investments in new ventures, including his own startup OppDoor. This and more in today’s ETtech Morning Dispatch.
IT services companies may roll out 8.4-9% salary hikes this year
In 2024, IT majors are expected to give average salary appraisals of 8.4-9%, similar to the 8.5-9.1% average increases recorded in 2023, according to data sourced by ET from Teamlease Digital.
IT slowdown to hit appraisals; Ghazal Alagh on Mamaearth’s growth strategy
Pay increases at top tier Indian IT firms could halve from a year ago as the $245-billion industry faces a major slowdown. This and more in today’s ETtech Morning Dispatch.
HCLTech may not offer wage hikes to middle and senior-level staff in FY24
The classification of E0 – E2 employees range from freshers to technical leaders and E3 – E6 employee band are those with mid-level positions ranging starting from project managers up to vice presidents. E7 and above are the senior-level employees.
Byju’s CFO quits; Flipkart’s Big Billion sale numbers
In another blow to edtech Byju’s, its chief financial officer, Ajay Goel, is leaving after seven months at the company. This and more in today’s ETtech Morning Dispatch.
Tata Digital's Esop delay; inside Nithin Kamath's Rainmatter
Hit by top-deck exits in the past year, Tata Digital, the ecommerce arm of the Tata Group, is trying to assuage senior executives who are still waiting for the stock option component of their pay. This and more in today’s ETtech Morning Dispatch.
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Infosys, HCLTech report Q2 profits; Groww becomes India’s largest stockbroker
Indian IT majors Infosys and HCLTech reported profits for the second quarter of FY24, despite numerous headwinds plaguing the sector. This and more in today’s ETtech Top 5.
Infosys headcount drops by 7,530 in Q2, to roll out hikes from November 1
The company also said it has a significant fresher bench and does not see a need to visit campuses this year as of now. Infosys reported a decline of 6,940 last quarter as the company slowed down hiring.
Wipro to roll out annual hikes effective December 1
The Bengaluru-based information technology firm had postponed the hikes, due in September, by a quarter due to macro headwinds and margin pressure.
Govt to seek info from YouTube, Telegram on curbing sleaze; InsuranceDekho raises $60M in funding
Social media companies may have to provide detailed information on the steps they’ve taken to curb pornographic and child sexual abuse material on their platforms. This and more in today’s ETtech Morning Dispatch.
Indian techies may be in for a long wait as IT firms defer hikes
Infosys and HCLTech have chosen not to implement raises, while Wipro has postponed its announcement to the third quarter. Tech Mahindra has granted increments to junior and mid-level employees but deferred them for senior roles. TCS, on the other hand, has given an average hike of 6% to 8%.
Nil to 1% hikes for LTIMindtree employees after months of delay
ET could not independently verify the share of the employee base that received such hikes but sources confirmed that a majority of junior to mid-level employees have received similar hikes.
Delhi HC orders CCI to take up ADIF plaints against Google; Nykaa restructures top deck
The Delhi High Court on Monday ordered the Competition Commission of India to take up complaints filed by the Alliance of Digital India Foundation against Google’s new in-app billing policy.
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