Hexaware Develops Virtual Bench for Employees
Following in the footsteps of Mastek, Hexware, a global provider of IT, BPO services and consulting, will put around 350 people who are currently non-billable on a virtual bench.
Additionally, Hexaware will impose a salary reduction of 2 to 10% for employees above a certain level. The steps have been initiated as a part of cost-cutting measures, the company said.
Hexaware plans to retain these people in the organization though there are no immediate billable opportunities for them. These employees will be given time off to improve their skills and get re-trained in skills which are in demand.
Hexaware said it will continue to make significant value addition in all areas where it is involved, while strengthening its competencies and continue to work towards building a stronger revenue stream.
"Given the current market environment, Hexaware is also maintaining a significant focus on improving operational efficiencies, enhancing productivity, increasing utilization and implementing multiple cost rationalization initiatives," said P.R. Chandrasekar, CEO and vice chairman.
Hexaware will organize re-skill and training opportunities for these employees and will give them a compensation equivalent to 50% of their basic salary. These employees will continue to receive provident fund and gratuity, hospitalization insurance and life cover. They will be on the pay rolls, while the organization will identify opportunities to absorb them into the mainstream.
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