Close Menu
    Facebook X (Twitter) Instagram
    • Our Story
    • Partner with us
    • Reach Us
    • Career
    Subscribe Newsletter
    HR KathaHR Katha
    • Exclusive
      • Exclusive Features
      • Research
      • Point Of View
      • Case In Point
      • Dialogue
      • Movement
      • Profile
      • Beyond Work
      • Rising Star
      • By Invitation
    • News
      • Global HR News
      • Compensation & Benefits
      • Diversity
      • Events
      • Gen Y
      • Hiring & Firing
      • HR & Labour Laws
      • Learning & Development
      • Merger & Acquisition
      • Performance Management & Productivity
      • Talent Management
      • Tools & Technology
      • Work-Life Balance
    • Special
      • Cover Story
      • Editorial
      • HR Forecast 2024
      • HR Forecast 2023
      • HR Forecast 2022
      • HR Forecast 2021
      • HR Forecast 2020
      • HR Forecast 2019
      • New Age Learning
      • Coaching and Training
      • Learn-Engage-Transform
    • Magazine
    • Reports
      • Whitepaper
        • HR Forecast 2024 e-mag
        • Future-proofing Manufacturing Through Digital Transformation
        • Employee Healthcare & Wellness Benefits: A Guide for Indian MSMEs
        • Build a Future Ready Organisation For The Road Ahead
        • Employee Experience Strategy
        • HRKatha 2019 Forecast
        • Decoding and Driving Employee Engagement
        • One Platform, Infinite Possibilities
      • Survey Reports
        • Happiness at Work
        • Upskilling for Jobs of the Future
        • The Labour Code 2020
    • Conferences
      • HRKatha Futurecast
      • Automation.NXT
      • The Great HR Debate
    • HR Jobs
    WhatsApp LinkedIn X (Twitter) Facebook Instagram
    HR KathaHR Katha
    Home»News»In Q1 FY24, Wipro & HCLTech delayed salary hikes for a segment 
    News

    In Q1 FY24, Wipro & HCLTech delayed salary hikes for a segment 

    HRK News BureauBy HRK News BureauJuly 18, 2023Updated:July 18, 20232 Mins Read4638 Views
    Share LinkedIn Twitter Facebook
    Share
    LinkedIn Twitter Facebook

    Wipro and HCLTech, two major IT companies in India, recently announced their financial results for the first quarter of the fiscal year 2023-24. Both companies reported deferred salary hikes and cutbacks on variable pay, indicating a trend in the Indian IT sector.

    HCLTech’s management acknowledged that they fell short of analyst estimates and their own projections for the quarter. They are taking active measures to align with their previous projections, including deferring salary hikes for a certain section of their staff. The annual salary hikes for senior employees have been postponed to October, whereas in previous years, they were implemented in the September quarter. The company aims to return to the 18-19 percent growth range by implementing these actions. 

    In the case of Wipro, they also announced a quarter-long deferral of annual salary hikes for their employees. Wipro plans to implement this year’s hike in the third quarter. Additionally, the company implemented cutbacks on variable pay, capping it at 80 percent for the first quarter of the fiscal year.

    Both companies faced challenges in meeting analyst estimates, and their actions of deferring salary hikes and reducing variable pay reflect their efforts to align with their business requirements and adapt to the current environment. Wipro reported a 11.95 percent YoY rise in consolidated net profit and a 6.04 per cent YoY increase in revenue for the first quarter, falling short of analyst estimates. HCLTech reported a 7.6 percent rise in consolidated net profit and a 12 percent increase in revenue for the same period.

     

    delayed salary HCL Hike Wipro
    Share. LinkedIn Twitter Facebook
    HRK News Bureau

    Leave A Reply Cancel Reply

    12 − five =

    Related Posts

    Tamil Nadu doubles festival advance for government staff

    May 13, 2025

    Bengaluru corporate employee’s burnout story strikes a chord online

    May 13, 2025

    DHL to close Ontario facility; lay off 364 employees

    May 13, 2025

    Is Nissan gearing to lay off 20,000 employees globally?

    May 13, 2025
    EDITOR'S PICKS

    People-first approach: Not a nicety but a necessity

    May 13, 2025

    A Nordic food giant’s HR strategy balances culture & coherence

    May 13, 2025

    The invisible wall: How tariffs are reshaping Indian tech’s talent strategy

    May 12, 2025

    How Accor is cultivating homegrown leadership in India

    May 9, 2025
    Latest Post

    Tamil Nadu doubles festival advance for government staff

    News May 13, 2025

    The Tamil Nadu government has officially increased the festival advance for its employees from Rs…

    Bengaluru corporate employee’s burnout story strikes a chord online

    News May 13, 2025

    A corporate professional from Bengaluru has sparked widespread conversation after sharing his experience of extreme…

    DHL to close Ontario facility; lay off 364 employees

    News May 13, 2025

    DHL, the global logistics and shipping company, is set to lay off 364 workers and…

    People-first approach: Not a nicety but a necessity

    By Invitation May 13, 2025

    People form the core of every organisation. In a world where expectations to perform, grow,…

    Asia's No.1 HR Platform

    Facebook X (Twitter) Instagram LinkedIn WhatsApp Bluesky
    • Our Story
    • Partner with us
    • Career
    • Reach Us
    • Exclusive Features
    • Cover Story
    • Editorial
    • Dive into the Future of Work: Download HRForecast 2024 Now!
    © 2025 HRKatha.com
    • Disclaimer
    • Refunds & Cancellation Policy
    • Terms of Service

    Type above and press Enter to search. Press Esc to cancel.