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Accenture to forego salary hikes for India, Sri Lanka employees, ETHRWorld

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<p>This comes at a time when the larger sector has been facing macro headwinds and reduced client spending</p>
This comes at a time when the larger sector has been facing macro headwinds and reduced client spending

IT consulting major Accenture has communicated to its employees in India and Sri Lanka that they will not not receive hikes for the fiscal year 2023 following adverse macroeconomic challenges.

In an email sent out by the country, managing director Ajay Vij said that employees will get individual annual performance bonuses where applicable although they will be significantly lower than the previous year due to the company’s performance setback.

This comes at a time when the larger sector has been facing macro headwinds and reduced client spending.

“As shared in our FY23 results, we experienced a macro environment that was more challenging than we anticipated at the beginning of FY23 and our growth was lower than planned, resulting in the need to make some hard decisions around promotions and rewards,” said Vij in the email, seen by ET.

The company is also postponing promotions across senior management until June 2024.

“Given the context of our performance, we will not be providing any stay-at-level (base pay) increases this year except where legally mandated or committed in a few critical skill areas,” he added.

IT bellwether Accenture gave a 2-5% sales growth guidance for FY24 and reported a 16% year on year fall in net income for the quarter-ended August.

This comes as Indian IT majors have also called out an…

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