For Mahindra Satyam staff, finally some cause for cheer

For Mahindra Satyam staff, finally some cause for cheer
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First Published: Thu, Sep 24 2009. 10 12 PM IST
Updated: Thu, Sep 24 2009. 10 12 PM IST
Mumbai: The road to recovery may take a while, but Mahindra Satyam is taking things one step at a time. It is starting to offer promotions to its staff and even giving marginal pay raises to promoted employees.
Satyam Computer Services Ltd employees had faced a rough patch when the company plunged into a crisis following founder B. Ramalinga Raju’s confession in January that accounts to the tune of Rs7,136 crore had been misstated over several years.
Variable compensation was slashed across all levels and employee stock options withdrawn in the wake of the scandal at the firm, which was purchased later by Tech Mahindra Ltd and renamed Mahindra Satyam.
Earlier this month, Mahindra Satyam revived the variable compensation system and committed itself to restoring the stock options given to employees across levels. With promotions now resuming, the news gets even better for staff.
“Our jobs were in jeopardy for long and our salaries had been slashed. But with promotions kick-starting in certain departments, things are definitely looking positive,” said an executive at Mahindra Satyam who did not want to be named.
Only employees identified as high performers had been given promotions and pay hikes, the executive said.
“This move is a recognition of their commitment and dedication to the organization,” Mahindra Satyam spokesperson Sridhar Maturi said.
cnbctv18@livemint.com
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First Published: Thu, Sep 24 2009. 10 12 PM IST