Here’s a good news for Tech Mahindra employees. They are likely to get a salary hike in the range of 7-10 per cent for the coming year. About 95,000 employees of the firm are likely to be covered by the hike.
“Those working in the US get a hike of 1.5-2 per cent. We might get the same hikes that we got last year. We are planning to maintain that level,” a source in the company said.
As it absorbed Mahindra Satyam, the company has changed the salary hike cycle to January. The employees are yet to get the letter, intimating their respective hikes. “It might take a week or two,” the source said.
Replying to question on the growing attrition at an analyst call after the second quarter results, Rakesh Soni, Chief Operating Officer (COO – Enterprise Division) and Chief People’s Officer, said the hike would happen with effect from January 1.
“We are not deeply concerned with the increase in the attrition. We are going to mitigate the impact of the attrition by going in for additional hiring. Also, the hikes are going to happen effective January 1 (2015). I think that is another factor which is going to reduce the attrition going forward,” he said.
In the second quarter ended September 30, it registered a revenue of $900 million. Profit after tax for the quarter was put at $118 million. It added 2,500 employees during the quarter.