HCL hikes salaries at entry level

Freshers can hope to earn Rs 4.25 lakh annually, instead of the earlier Rs 3.5 lakh

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HCL Technologies, the Indian IT multinational, has increased the salary packages that it is offering to freshers. While earlier freshers were paid Rs 3.5 lakh a year, they can now hope to be paid Rs 4.25 lakh annually.

Additionally, these freshers will also be offered increment plans.

The focus will be on agility when it comes to increments. To reduce costs, the hiring will be balanced by ensuring that the new hires are more productive. This will also improve margins.

These moves are all part of HCL’s strategy to attract quality talent and also retain them, as the Company, as well as the industry, in general, is battling heavy attrition.

That is precisely why HCL is exploring talent from smaller cities across the country as well as abroad.

The wage hike is expected to come into effect in a couple of months.

The Company has been hiring more freshers by the year. In fact, over the last two years, HCL has taken in 50 per cent more freshers than the previous years. The Company is looking at adding at least 30,000 freshers to its workforce in 2023.

This is way more than the 9,000 freshers that it had inducted about two decades ago.

The tech major reported a net profit of about Rs 3,593 crores in March this year, whereas the figure for the same period last year, that is, 2021, was Rs 1,102 crore.

What remains to be seen is whether other IT firms will also try to hike the salaries for the freshers they hire.

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