Adith Charlie Mumbai, Feb. 4
Mid-size IT solutions firm Mastek will give an average salary increment of 6-7 per cent to key employees across geographies starting February.
However, across-the-board wage hikes and performance based promotions will be given out in the next fiscal depending on how the demand for IT solutions shape up, said Mr Farid Kazani, Group Chief Financial Officer and Finance Director.
(Mastek's accounting year begins in July and ends in June.)
“Since the markets are opening up, it is necessary that we reward our critical employees so that they are not poached. However, we are in the process of working out how employees should be given wage hikes for this month,” he told Business Line.
Mastek employs about 3,363, who service sectors such as insurance and government across the US, the UK and Asia Pacific. Most software companies, including Mastek, had clamped down on salary increments as the economic meltdown last year had a cascading effect on the demand for technology services and solutions.
However, with the gradual recovery in the US economy, demand for technology services have picked up as is evident from the buoyant results reported by bellwethers Tata Consultancy Services, Infosys and Wipro.
Exits BPO biz
Separately, Mastek has completely exited from the business process outsourcing business. “BPO was never a focus area for us. Henceforth, if we get any deals with an integrated back office component we will partner with third party vendors,” he said. In back office, Mastek used to do work related to cheque truncation and processing.Related Stories:
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