Among all the surveys on India Inc's hiring and salary hike plans, this latest one is a blockbuster. According to a report, India Inc plans to dole out cars and flats with annual appraisals this fiscal.
According to the new performance appraisal system documents developed by the HR departments of top companies (and seen by us), cars worth up to Rs 10 lakh and flats costing up to Rs 40 lakh will be distributed by companies to their best performers.
Employees of Reliance Industries, Infosys, Sun Pharmaceuticals, HCL Tech, Bharti Airtel, ITC, Maruti Suzuki, Hero MotoCorp, Bajaj Auto and M&M among others are likely to reap gains during the appraisal process.
Capitaline database suggests the industry has come out of rough weather and companies across sectors have accumulated huge cash reserves. According to the data, India Inc is sitting on cash reserves of Rs 12 trillion at the end of December quarter of this financial year.
An HR director of a top Indian firm, who did not wish to be named, said the Indian industry is in a buoyant mood on its good performance this fiscal and will reward its employees with out-of-turn promotions along with flats and cars this appraisal season.
Meanwhile, data show India Inc is in the pink of health of late.
The results of 1,243 companies across 57 industries in the third quarter (excluding banks and other financial companies) show that revenues have grown by 20 per cent and they are expected to close the fiscal with revenue growth of 25 per cent.
Data posted on the RBI website also signals a rise in EBITDA and net profit margins for the Indian companies on a sectoral basis.
While earnings before interest, tax, depreciation and amortisation (EBITDA) margins for Indian firms in Q2 of FY15 rose to 13.2 per cent against 12.2 per cent in Q2 of FY14, the net profit margins in Q2 of FY 15 rose to 6.6 per cent against 5.1 per cent in Q2 of FY14.
Only time will tell if India Inc chooses to translate its earnings, net profits into prime benefits for its employees this appraisal season.
*The above story was written in good humour to celebrate April Fools Day. We enjoyed sharing a laugh with you and hope you did too.
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