HCL to reward top performers with Mercedes Benz

Not just HCL Technologies, other top Indian IT firms have stepped up fresher hiring for FY22 by an average 30 percent to a combined 1.1 lakh on the back of growing demand as businesses goes digital and increased attrition.

HCL Technologies is planning to reward its top performers with a brand new Mercedes Benz in a bid to reduce the attrition rate.

HCL CHRO Apparao VV has confirmed with The Times of India that, currently, the proposal is with the board for approval adding that the company gave out 50 Mercedes Benz cars to top performers in 2013 but did not continue the practice.

HCL’s IT services attrition has reportedly risen by 11.8 percent in the last 12 months in the June quarter as compared to 9.9 percent earlier. Apparao told the publication that the candidates are backing out as “prospective job seekers are finding multiple job offers.”

"Replacement hiring cost is 15% to 20% higher. Hence, we are actively participating in skilling our full force. If you need a Java developer, you will get them at the same price point, but a cloud professional can't be hired at the same price point,” he added.

“HCL has a good retention package with a three-year cash incentive scheme which is 50-100% of the CTC every year. At least 10% of the critical talent in the leadership teams have benefited from it. HCL’s IT services attrition on (last 12 months) basis rose by 11.8% in the June quarter, compared to 9.9% in the quarter before,” he added.

HCL Technologies CEO C Vijayakumar had told Moneycontrol that the company plans to hire 22,000 freshers in FY22 as compared to 15,600 in FY21.

Not just HCL Technologies, other top Indian IT firms have stepped up fresher hiring for FY22 by an average 30 percent to a combined 1.1 lakh on the back of growing demand as businesses go digital and increased attrition.

Infosys has said it will hire 35,000 freshers this year, up from 21,000 in FY21. Wipro will add over 12,000 campus hires this fiscal, 33 percent more than it did the previous year. TCS will offer jobs to 40,000 pass-outs, similar to what it hired in FY21.