One of the leading software service firms, Hexaware, announces exciting news for its employees. The company is offering 100% variable pay for valued employees while 120% for exceptional high performers. Currently, the IT industry is going through a rough patch globally in economic terms, and announcing mass layoffs, meanwhile, this news of Hexaware brings a positive impact. It shows the company’s valuable support to the workforce and invests in strengthening existing employees’ willpower.
A Step Towards Workforce Growth
For any progressive company like Hexaware Technologies, investing in the workforce comes out as a strategic move that builds long-term faith, credibility & brand image. From a financial perspective, Hexaware technologies share price is expected to increase in future due to the possible positive outlook of the company. It will impact the level of hiring as newcomers will look at the stability and growth prospects in the company. As per the report of Brand Finance, Hexaware Technologies falls under the top fastest-growing companies in 2023.
The IT firm believes in the vision of attracting the best tech talent globally. Recently, as per their website source information, there has been a significant rise in the employee retention rate from 68% to 73% in 2022.
Vinod Chandran, COO & HR Head of Hexaware Technologies shared his insights “Our determination to go above and beyond in our variable payouts is a testament to our belief that when we support our team, remarkable things happen.”
Hexaware to Hire Estimated 6,000 Talents
According to Money Control, Hexaware Technologies has boarded over 4,500 people in the year 2022 and scaled up the total employee number to 28,000.
Also, Hexaware provides a hybrid environment that brings more comfort to employees. The IT firm sets a good example for the industry to nurture the workforce that drives the economy of the company.
Progressive steps like appraisal and a hike of 100% will value the hardworking employees. It significantly helps companies in reducing attrition rates. Hexaware Technology hires talents with skill sets in Java, full-stack, cloud infrastructure, app development, and digital engineers. Despite the disturbance in the market, the decision to hire will have an overall positive impact with increasing joining ratios. Furthermore, it also gets an edge over the share price of Hexaware.
Hiring talents has been an expensive and hectic task for any organisation. IT company’s keen interest in increased rates of retention rather than hiring new ones. However, the subsequent percentage of attrition is bound to happen.
Motivation for Workforce
Employees set an expectation from the organisation while delivering their work and time. Precisely, the best motivation that works for any employee is monetary advantages. Hexaware makes the right decision to recognise their talents & appreciate them with 100 to 120% variable pay. It acts as the best mediator to make the workforce feel more recognised. One of the major reasons for the attrition rate is not getting enough work recognition and payouts.
Hexaware gets an edge to use the strategy in the vulnerable time of industry. It will showcase the social and financial growth of the company to derive more value in the future. The workforce is an integral part of any growing organisation that increases the overall strength.
Comparing the share price of Hexaware technologies from October 2022 to October 2023 shows a sharp rise to surpassing the benchmark of Rs. 600/-. In the upcoming month, after the announcement of variable pay of 100% to 120%, the price might fluctuate. However, it depends on multiple factors like the company’s performance and market conditions.
Hexaware Technologies maintained profitable financials in the last year with a CAGR of 25%. Despite economic instability in the industry, Hexaware is optimistic towards consistent growth in the next year. One of the evidence of progressive growth would be the variable pay decision. It shows the financial growth and strength of the company to provide the investment of the workforce.
Recently, Hexaware was recognised in The American Business Awards, the IT company got the honour of the Gold Stevie Award under ‘Fastest Growing Tech Company of the Year’ in 2023. It was a great recognition and effective parameter to upgrade the brand image and attract employees to join the organisation.
Hexaware Technologies – Build a Good Strategy!
The IT firm, Hexaware overpowers the news headline with the best strategy announced at the right time. The effectiveness of business decisions relies on the perfect time frame; it is predicted that the company will grow more with a high Hexaware technology share price pertaining to factors like layoff timings, pace of growth, and workforce recognition.
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