Flipkart will not give salary hikes to its senior employees this year
Flipkart has announced that it will not be giving salary hikes to its senior employees this year. The announcement came after Flipkart decided to take a cut in its minimum wage and bonus payments, as well as launch a new incentive plan for senior employees and executives.
With Flipkart CEO, Sachin Bansal stepping down and new CEO Kalyan Krishnamurthy taking over the helm, salary hikes for senior employees have become a hot topic as well. In an official letter to all its employees, Flipkart announced that it will not be giving any raise this year.
As this decision was a very tough decision from the company’s side they are taking on a long-term strategic perspective and not just to give the impression of helping us up our salaries but also affecting overall investment going forward.
Flipkart, the e-commerce giant has decided not to give salary hikes to its senior employees this year. In a company-wide email, Flipkart said it was finalizing its compensation-related changes for next year and hoped the review would be completed soon. The move is likely to leave those who want raises bewildered as they were expecting an announcement about their salaries by now. According to Flipkart’s new announcement regarding salary, they are likely to raise the salary of associates instead of executives who already earn above-average pay.
The company is committed to providing sustainable growth and excellent returns for shareholders, which includes making good financial decisions that are aligned with its long-term vision. Flipkart will not give salary hikes to its senior employees this year, citing a challenging environment in India and the fact that growth is slowing down. The company stated that it needs to maintain a certain amount of stability across its various divisions.
The senior executives of Flipkart have been offered a 4 percent salary hike this year. This includes Flipkart’s leadership team and other senior employees. This decision was taken after extensive discussions with senior leadership across various functions and levels within the organization.
Flipkart new announcement regarding salary
Flipkart announced today that it will not be giving its senior employees a salary hike this year. Since the company has seen a decline in its profit since 2016, the founder and CEO of Flipkart Binny Bansal has decided to bring down costs by cutting down on staff bonuses and other perks. According to reports, Binny Bansal himself will have either a reduced salary or none at all as well.
Flipkart will not give salary hikes to its senior employees this year, according to new documents filed with the Registrar of Companies. The company has also clarified that it is currently considering offering a pay hike for some of its employees but has not made any final decisions yet. This comes after reports that Flipkart had offered its senior employees a 10% raise in recent months.
The company is focussing on growing profitability and improving employee retention. Flipkart will now offer only 5 percent pay increments over three years with an additional specialized promotion program for employees who have been working at Flipkart for two years or more.
Flipkart has been widely criticized for its alleged policy that denies salary hikes to senior employees, as they are on par with their juniors. The company had promised to make changes and provide equal opportunities, but it is still not giving any monetary benefits to its senior employees this year.”We have made some changes in the past few months and are committed to improving our culture to ensure everyone feels valued and respected,” said Flipkart CEO Binny Bansal in a statement.
Flipkart is not planning to give salary hikes to its senior employees this year. In an email to Flipkart employees, the company stated that “we have already communicated our decision on pay in February 2018,” and that it will be “unclear” whether they can give any other benefits like yearly bonuses, parental leave, and more.
Flipkart is launching a new initiative where senior employees will get no salary hike this financial year. The e-commerce platform said that it wants to focus more on product innovation and technology, rather than increase its costs.
Flipkart’s CEO Binny Bansal has said that the company will not give salary hikes to its senior employees this year. The move is aimed at keeping a lid on expenses, and getting a handle on quality assurance issues in its delivery process, he added.
Flipkart current news for senior employees
Flipkart will not give salary hikes to its senior employees this year. The company has been facing some tough times since last year when it was found to be one of the worst-performing start-ups in India. But it is expecting a turnaround soon, with the management promising a bright future ahead.
Flipkart is not giving any salary hikes to senior employees including the CEO, CFO, and other high-level executives. This decision was taken after a thorough analysis of the company’s financials and quarterly performance.
Flipkart Senior Management Team will not get any salary hikes this year. This is an austerity measure for employees because of the severe financial crisis. Such an order has been given by the company under whom Mr. Binny Bansal was CEO and now he heads the US operations of Flipkart as a co-founder. In connection with this event, many people have started to take this news as a matter of concern and disappointment among senior employees as well as junior ones because they were expecting to see some positive decision from your side regarding their future employment prospects.”