Friday, September 25, 2009

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Satyam to lift freeze on promotions, selectively

Mahindra Satyam is lifting the freeze on promotions, even though they will be on a selective basis. This follows similar moves made by IT majors Cognizant, Wipro and Infosys and is indicative of an improved environment, say analysts.

Mukund Menon, head of business HR worldwide, Mahindra Satyam, told Financial Chronicle that while no pay hikes are planned this year, there will be promotions for star performers.

The Hyderabad-based firm has also decided to reinstate the variable portion of salary and other benefits for associates across all levels, effective from October 2009.

Cognizant and Wipro were among the first to give promotions to selected personnel in FY10.

According to industry trackers, multinational firms such as Accenture and IBM have also given promotions and hikes to top performers.

Infosys and TCS are also comtemplating promotions and hikes this year. These firms had earlier said that they will not give any promotions and salary hikes in FY10 considering the present market environment.

Company officials suggest that the initiative by these firms is due to the improving business scenario. Some HR analysts, however, say that it’s not just a better demand scenario that is driving companies to give promotions and hikes. Kris Lakshmikanth, CEO of Head Hunters India, says that selective increments have primarily been at the project manager and above levels even while several companies have decreased their salary package offerings at fresher levels.

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