It is well known that Indian IT businesses provide their CEOs and CXOs large wage packages. HCL has disclosed in its annual report that CEO C Vijaykumar receives an annual remuneration of Rs. 123 crore. Salil Parekh, the CEO of Infosys, has had his pay increased by 88 percent, bringing his yearly income to Rs. 79 crore.
Digital Desk: An issue that has existed
in the IT industry for many years was recently brought up in an interview by Former
Infosys director and chairman of Aarin Capital Mohandas Pai. Pai thinks that
freshmen are taken advantage of, which has caused problems including a rise in
attrition, moonlighting, a reluctance to return to work, and many other things.
In a statement to the
media, Pai emphasized that businesses in the IT sector are "making decent
profits, especially in view of the falling value of the Indian rupee." He
added that the rupee's depreciation has led to a 13–14% revenue rise for IT
companies. "IT firms are profitable, and they give senior staff members
very substantial wages. Why not pay the younger ones as well?" he
questioned.
"For the past ten years, the IT industry has taken advantage
of new graduates. Freshers are being paid the same Rs. 3.5 to 3.8 lakh that the
corporations were giving in 2008-09; there has been no increase in wages, he
continued.
It is well known that
Indian IT businesses provide their CEOs and CXOs large wage packages. HCL has
disclosed in its annual report that CEO C Vijaykumar receives an annual
remuneration of Rs. 123 crore. Salil Parekh, the CEO of Infosys, has had his pay
increased by 88 percent, bringing his yearly income to Rs. 79 crore.
On the other hand, big
Indian IT companies like Wipro and Infosys recently declared that some
employees, particularly junior level staff, will be losing their variable
compensation owing to margin pressure. When speaking about the situation, Pai
stated, "Senior people should make any sacrifices that are necessary. When
junior employees aren't getting paid more, how can a senior employee accept a
pay raise? Do not treat them like midgets, but rather as human beings.
He also emphasized the
reality that these businesses would become "mercenary organizations"
if they do not alter their current policies. "This is a business that prioritized people and looked out for everyone. The notion of protecting those
at the base of the pyramid has vanished over the past ten years. These
businesses are great because of the human spirit. If they depart from the
tremendous human culture upon which this business was formed, they will become
mercenary organizations, he warned.
Continue Reading
