HCLTECH CEO SALARY
Crorepati club at Infosys, Wipro shrinks post Covid-19
Infosys and Wipro, major players in the IT industry, have witnessed a significant decrease in the number of employees with annual compensation exceeding Rs 1 crore over the past two fiscal years. India’s IT company exporter TCS and third-largest HCLTech do not disclose the number of employees who are paid upwards of a crore.
IT sweats to eke out margins on pricing squeeze, staff costs
Indian outsourcing companies face a margin squeeze in FY24 due to a triple threat: aggressive deal pricing, rising employee costs, and the pressure to boost revenue despite tight global budgets. Notably, Tata Consultancy Services (TCS), the industry leader, seems to be the only exception.
Digit IPO coming soon; TCS’ Krithivasan earnings
Bengaluru-based insurtech startup Go Digit General Insurance has announced that its IPO will open on May 15 and close on May 17. This and more in today’s ETtech Top 5.
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.
Top four IT firms report 50,000 fall in headcount over last year
Over the year, the headcount at India’s largest software services firm, TCS, dropped by 10,669. Infosys reported a 24,182 reduction, while Wipro posted a 18,510 fall. At HCLTech, the number increased by 2,486
Tech majors may reduce pay hikes by half as slump hurts
Over the last three years, as per data by Xpheno, IT Service bellwethers have collectively increased compensation costs by 64%, while collective revenues grew by a little over 57%. This shows that the input cost is much higher than the output being generated.
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.
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.
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.
HCLTech CEO C Vijayakumar’s salary dips 80% in FY23
The sharp fall in his remuneration was due to the absence of the long-term incentive component, which will be paid next fiscal year, the company said in its annual report.
Headcount at big 4 Indian IT companies dips in Q1
ET had previously reported that Q1 headcount growth for the IT majors is expected to be flat, in line with the numbers reported for the January March quarter.
Slow tech spends hit IT staff’s wallets
Deferred hikes, reduced variable pay as well as delays in onboarding hires at IT companies. India's third-largest IT firm HCLTech told ET that senior employees will not get annual increments for this fiscal year while hikes will be deferred by a quarter for other staff.
TCS, HCLTech Q1 results today: Here’s what you can expect
Analysts will be watching for commentary on demand in key markets like the UK and US apart from further signs of deal rampdowns or cancellations.
Subcontracting costs rise 60% in 2 years for top four IT firms
Subcontracting costs incurred by India's top four IT firms have risen nearly 60% in the last two years, fuelled by heightened attrition and digital upsurge that the sector witnessed after the pandemic.
Tech CEO pay packages reflect muted revenue growth outlook
IT giants, including TCS, Infosys and Tech Mahindra, spoke of demand uncertainty, delays in decision making and even project ramp-downs as they announced their latest quarter results.
Flood of freshers at IT’s Big Four; Byju’s raises $250M, eyes $500M more
As of the second quarter, IT companies have not indicated any major change in their fresher intake plans for the year except TCS, which has upgraded its fresher hiring guidance from 40,000 to 47,000.
Elon Musk is definitely buying Twitter this time. Maybe
This week Elon Musk offered to buy Twitter for $44 billion or $54.20 a share – again. Don’t put the popcorn down just yet. Here’s the TL;DR of all the major developments since Musk began to get cold feet in mid-May, and one way he could still wriggle out of deal.
Pay check: CXO-fresher salary gap widening in IT sector
The average annual salaries of freshers remained at about $5,000 for over a decade till early 2020 before a couple of rounds of compensation increases by IT firms propelled that beyond the $5,000-mark
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