Source | The Times Of India : By Surabhi Agarwal
NEW DELHI: HCL Technologies, which has realigned its financial year, is likely to shift its appraisal cycle too in line with the rest of the industry which gives out pay hikes from April onwards. The change, however, will come only from next year. HCL, which announced its financial results last week has altered its financial year from earlier July to June to April to March now in order to comply with the new Companies Act.
When asked whether the company will shift to an April to March appraisal cycle from next year onwards, Anant Gupta, CEO of HCL Technologies said: “Ideally yes, that’s what we should be doing.” Talking to ET, Gupta said that, however, appraisal cycle in the current year will maintain status quo.
“This year it will happen in July because it is just too much to shift the entire organisational planning.” He added that from a compliance perspective, the company closed its financial year 2015-16 in nine months, and has taken one more quarter from the previous financial year for all comparison purposes.