Mahindra Satyam shows revival signs
Mahindra Satyam today said it has reinstated the variable portion of salaries of employees, a move which indicates the revival of the once fraud-hit firm.business Updated: Sep 09, 2009 01:49 IST
Mahindra Satyam on Tuesday said it has reinstated the variable portion of salaries of employees, a move which indicates the revival of the once fraud-hit firm.
"Variable pay is now being re-instated within 6 months (effective October 2009)," Mahindra Satyam said, adding various benefits like ESOPs and associate welfare programmes will also be reintroduced.
The company had withdrawn vairable pay during the height of the crisis in April when its founder Ramalinga Raju admitted to the frauds.
Mahindra Satyam Chief People Officer Hari T said that the varibale pay is 10-30 per cent of the overall pay and the decision will have marginal impact on increasing the wage cost of the company. According to sources, the company now has 34,000 employees.
But Hari said what is more important is that the company is confident of its strength now.
Other reinstated benefits include staff welfare allowance every quarter, performance-based ESOPs for middle and senior level associates and service anniversary programmes.
The company is also re-introducing staggered cash bonus for select set of associates at the junior level, along with various rewards and recognition programs in order to acknowledge excellence at work and enhance associate delight.
Hari said, "As we journey through this path towards total revival and growth, this is an expression of our gratitude to our associates.