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Variable pay for 28,000 Satyam employees restored
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Variable pay for 28,000 Satyam employees restored
Hyderabad: The recovery of the defamed Satyam Computer Services under the new owner Mahindra Satyam has proved to be a boon for nearly 28,000 employees across all levels, with the restoration of their variable pay. Under the acute financial distress Satyam suspended variable pay from April this year to trim costs as revenues.
"We owe our success to the unprecedented commitment to delivery excellence and support from our associates. This has been vital to our recovery. As we journey through this path towards total revival and growth, this is an expression of our gratitude to our associates," said T Hari, Chief People Officer of Mahindra Satyam.
The variable component is 10 percent at the entry level, 20 percent at the middle level and 30 percent at the senior management level. Half of the variable pay is a guaranteed-payment. The other half is linked to three parameters, including the performance of the company, the individual and the business unit. The performance-based Employee Stock Option Plans (Esops) for senior and middle-level associates, staggered cash bonus for select employees at the junior level and welfare allowances will also be reinstated by the company.
Source:
http://www.siliconindia.com/shownews/Variable_pay_for_28000_Satyam_employees_res
"We owe our success to the unprecedented commitment to delivery excellence and support from our associates. This has been vital to our recovery. As we journey through this path towards total revival and growth, this is an expression of our gratitude to our associates," said T Hari, Chief People Officer of Mahindra Satyam.
The variable component is 10 percent at the entry level, 20 percent at the middle level and 30 percent at the senior management level. Half of the variable pay is a guaranteed-payment. The other half is linked to three parameters, including the performance of the company, the individual and the business unit. The performance-based Employee Stock Option Plans (Esops) for senior and middle-level associates, staggered cash bonus for select employees at the junior level and welfare allowances will also be reinstated by the company.
Source:
http://www.siliconindia.com/shownews/Variable_pay_for_28000_Satyam_employees_res
