In the middle of the slowdown in the IT sector, senior executives at Tech Mahindra have decided to take the pay cut of 10-20 per cent in their salaries.
According to a report in Times of India, ranks of executive VP and senior VP in Tech Mahindra have offered to take a pay cut of 10-20 per cent because of the company's not so great performance over the past few quarters.
The 20 executives reportedly had written a letter to the CEO C P Gurnani and chief people officer Rakesh Soni.
Quoting a source, TOI in its report said that the action followed a hint from the management to the top executives that they would appreciate such an act. The pay is expected to be restored if and when the company's performance gathers some steam.
Meanwhile, IT major Tech Mahindra plans to hire around 2,200 people in the US this year, same as last year, amid the American government's call for creation of jobs in the country.
The Mumbai-based company, which has over 6,000 people working for over 400 clients in the US, has been recruiting resources out of colleges in the US over the past four years.