Business

Tech Mahindra suspends salary hike for senior employees

The H1B visa ban issue and cost-cutting scenario across the IT sector have started reflecting in the appraisal cycle of Tech Mahindra, at least for now.

The IT sector behemoth has suspended appraisal cycle for employees having more than six years of experience, signalling slowing of the hiring cycle. The announcement was made on Friday at the firm's webinar chaired by chief operating officer L Ravichandran, according to a report.

The employees have been told they will have to wait for at least two quarters before they get to know if they would get a hike. These employees are typically team leaders and above having more than six years of experience.

The company has said the employees would be informed about prospects of their hike post a management review.

The company posted 4 per cent rise in Q3 revenue sequentially to $1.12 billion. Its net profit rose 30.8 percent sequentially to $126.3 million.

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