Senior Employees Appraisal Cycle Suspended by Tech Mahindra
Employees in Tech Mahindra with over 6 years experience received a shocker when they got to know that the company has suspended their appraisal cycle amidst the Indian IT industry grappling with changes in the way it conducts business.
According to employees of Tech Mahindra, the announcement was made on Friday by L. Ravichandran, COO of Tech Mahindra at a webinar. Affected employees – basically team leaders and people above this designation will need to wait for at least 2 quarters before they are informed whether they should expect a hike. A Tech Mahindra employee stated that, they were expecting less increase in the wages but not this. He also added that, so far there has been no big scale layoff which was definitely a worrying concern.
According to another employee, employees are agitated regarding the move and discussions about the move are flooding the internal messaging groups.
A spokesperson of Tech Mahindra stated that, this move is not an indefinite postponement and it is also not linked to their third quarter performance. He also added that, this was an item of discussion and after review by the management, the employees would be informed.
The 3rd quarter revenue of Tech Mahindra grew by more than 4% to $1.12 billion and profit earnings increased to $126.3 million by 30.8%. Employees unaffected by the move will receive compensation revision letter in the month of March however salaries will become effective from July.
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