Source | LinkedIn : By Jochelle Mendonca & Neha Alawadhi
BENGALURU | NEW DELHI: Tech MahindraBSE -0.24 % (TechM) has suspended the appraisal cycle for employees with more than six years of experience pending a management review, as the IT industry grapples with deep changes to the way it does business.
TechM made the announcement on Friday on a webinar chaired by its Chief Operating Officer L Ravichandran, three TechM employees told ET. The affected employees — who are typically team leaders and above — will have to wait at least two quarters before they are told if they should expect a wage increase. “We thought the wage increases would be very bad but we did not expect this. At least there are no large scale layoffs so far. That was also a worry,” a TechM employee who was on the webinar told ET.
Another employee said people were agitated about the move and that internal messaging groups were flooded with discussions about the announcement.
TechM confirmed the move but said the appraisals had not been postponed indefinitely and that the affected employees would be informed about their hikes after a management review. “This decision is not related to our performance in the third quarter. This was an item of discussion and once there is a management review, the employees will be informed,” a TechM spokesperson told ET.