Kudos to Trilegal for kicking off the wage war - Trilegal lived up to its increased number (and occasional perks like COVID bonus). SAM's recent hike matches Trilegal - especially given that their fixed components are higher. AZB paid out huge bonuses. Khaitan's upcoming increments are also expected to be a bumper - which is believable given the fact they used to pay pretty before these hikes as well.
CAM it seems pulled off a publicity stunt by quoting insane numbers and not being able to match it in reality. Of course, they will try to point out one person in each band who may be got close to the announced numbers but that is like writing "50% discount" in front of a shop and then finding out it is only on one single product.
Added with mandatory WFH, may be we are going to see huge attrition from CAM and AZB to the other firms in the coming days.
AZB is a better than CAM, at least its not pulling off a publicity stunt in creating an illusion of being some grand pay master while it's retainers were left wondering where the hell is official announcement.
Friend, I am all for shitting on CAM too as a CAM lawyer myself, but some things here are unfair.
"Of course, they will try to point out one person in each band who may be got close to the announced numbers but that is like writing "50% discount" in front of a shop and then finding out it is only on one single product."
There are multiple people who have received the ones close the announced numbers, and these are people in good standing in high revenue teams who always did get more than the others, so it is no different from earlier. Yes, this number is a small minority but that was how it was intended to be - for years a firm as bloated as CAM paid many freeloaders practically the same as the high performers, but now this has been brought in to bring in fairer compensation to those who perform well. Of course, these are limited numbers and the firm is always out to screw you and rate you lower than you deserve, but this is the reality.
On top of this, those with very good ratings but not the highest got a few lakhs off the announced figure, with a much starker decline following that. Of course I am not the right person to pass judgment on this, but this was very clearly announced when they mentioned that hikes were coming - the bonus letter in March 2021 clearly says that the pay revision will reward the high performers the most and create a greater gap amongst pay scales.
Lastly, you might want to check some of your statements - you have assumed the best of other firms and the worst of CAM to create this characterisation. Your post makes it seem like Trilegal and the likes pay uniform bands to everyone, but that is not true. Trilegal has a wide range that is being paid at each designation as well, and like CAM, only the top few are being paid the big bucks with a wide range for the others.
Of course, there are things that Trilegal must be praised for, such as giving a lion's share of the money in the fixed component each month, but the bands in many cases are inferior to CAM.
Lastly, Trilegal did not kick off the wage war. CAM had been underpaying for a long while and its hand was kind of forced and it announced a wage revision in the bonus letter. Trilegal announced a hike in July, and from Trilegal insiders, it was claimed that this was to pre-empt the CAM hike. So while Trilegal announced it prior to CAM, it would not have happened without CAM's announcement. Of course, the fact that CAM was forced to it because it took its retainers for granted and underpaid them for years on end is not to be discounted, but this is actually how this played out.
It is good that the industry has done this. Though one must expect that these "bands" will stay in place for the better part of half a decade or more (closer to a decade) going by how this cartel of Indian firms got away with not adjusting pay - people in 2014 earned more than people in 2020 for example, which taking into account inflation is just insane.
What essay is this comment, you have so much time.No one assumed the worst about CAM,they showed their worst.Went running a publicity campaign for some grand retainer hike that just fell flat.Trilegal followed CAM or vice versa,doesnt matter because eventually Trilegal emerged with a much better image
@Kian: I'm not the OP of comment 3 but I genuinely don't think the comment is trollish.
SAM did handle this better than CAM. Paying off long due increments without creating any noise. CAM which gave no increments for 6 years, announced their inflation adjusted salaries with such pomp and show on media, didn't even bother to tell their own employees first and then managed to disappoint 95% of their employees by not even giving inflation adjusted hikes (34% - is the inflation between 2015 and 2021 if you're wondering - almost exactly corresponding to the highest paybands under each category).
Agree with 3.2 because SAM handled it 10 times better with the courtesy to announce to the retainers rather than make it a publicity gimmick.Thats gotta count.
Don't know if CAM is worst paymaster in Tier1s but it sure lost credibility with many after those bumper range salaries in media while the reality of 9 rating buckets stung their retainers much later.I constantly see this, some big grand thing is announced and then it becomes flop - CAM wfh policey, the new place in Noida, the Singapore office ( a rep office), " band" hikes etcNow every candidate looks at CAM salary with suspicion.PR attempt gone all wrong. Maybe PR department salary should be reevaluated, Lol.
CAM it seems pulled off a publicity stunt by quoting insane numbers and not being able to match it in reality. Of course, they will try to point out one person in each band who may be got close to the announced numbers but that is like writing "50% discount" in front of a shop and then finding out it is only on one single product.
Added with mandatory WFH, may be we are going to see huge attrition from CAM and AZB to the other firms in the coming days.
"Of course, they will try to point out one person in each band who may be got close to the announced numbers but that is like writing "50% discount" in front of a shop and then finding out it is only on one single product."
There are multiple people who have received the ones close the announced numbers, and these are people in good standing in high revenue teams who always did get more than the others, so it is no different from earlier. Yes, this number is a small minority but that was how it was intended to be - for years a firm as bloated as CAM paid many freeloaders practically the same as the high performers, but now this has been brought in to bring in fairer compensation to those who perform well. Of course, these are limited numbers and the firm is always out to screw you and rate you lower than you deserve, but this is the reality.
On top of this, those with very good ratings but not the highest got a few lakhs off the announced figure, with a much starker decline following that. Of course I am not the right person to pass judgment on this, but this was very clearly announced when they mentioned that hikes were coming - the bonus letter in March 2021 clearly says that the pay revision will reward the high performers the most and create a greater gap amongst pay scales.
Lastly, you might want to check some of your statements - you have assumed the best of other firms and the worst of CAM to create this characterisation. Your post makes it seem like Trilegal and the likes pay uniform bands to everyone, but that is not true. Trilegal has a wide range that is being paid at each designation as well, and like CAM, only the top few are being paid the big bucks with a wide range for the others.
Of course, there are things that Trilegal must be praised for, such as giving a lion's share of the money in the fixed component each month, but the bands in many cases are inferior to CAM.
Lastly, Trilegal did not kick off the wage war. CAM had been underpaying for a long while and its hand was kind of forced and it announced a wage revision in the bonus letter. Trilegal announced a hike in July, and from Trilegal insiders, it was claimed that this was to pre-empt the CAM hike. So while Trilegal announced it prior to CAM, it would not have happened without CAM's announcement. Of course, the fact that CAM was forced to it because it took its retainers for granted and underpaid them for years on end is not to be discounted, but this is actually how this played out.
It is good that the industry has done this. Though one must expect that these "bands" will stay in place for the better part of half a decade or more (closer to a decade) going by how this cartel of Indian firms got away with not adjusting pay - people in 2014 earned more than people in 2020 for example, which taking into account inflation is just insane.
I am not from either of the scam firms.
SAM did handle this better than CAM. Paying off long due increments without creating any noise. CAM which gave no increments for 6 years, announced their inflation adjusted salaries with such pomp and show on media, didn't even bother to tell their own employees first and then managed to disappoint 95% of their employees by not even giving inflation adjusted hikes (34% - is the inflation between 2015 and 2021 if you're wondering - almost exactly corresponding to the highest paybands under each category).
While i know that it doesn't add anything, it is a genuine observations. Nothing more or less. I do not see how it trolls anyone.
Anyways, I think it great that some of us glorious slaves are getting a bigger carrot.