Consulting giant Accenture is skipping salary hikes for its employees in India.
The company is also delaying promotions for staff at the managing director level.
As well as holding off appointing senior managing directors until June next year.
These promotions were initially scheduled to take effect on December 1.
The company said: “We are postponing our promotions to and within managing directors (MD), and appointments to senior managing directors (SMD), until June 2024 in order to allow ourselves to return to growth so that promotions are affordable.”
However, the firm promoted 1,214 employees to the MD level and 119 to SMD positions globally last year.
In December, Accenture plans to continue promotions up to career level 5, which includes senior roles.
The promotions at this level will be more conservative than in previous years, reflecting the company’s cautious growth expectations.
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Accenture’s approach comes in light of a subdued business environment, with the company forecasting revenue growth of 2 to 5 percent in the 2024 fiscal year.
This outlook is influenced by clients’ decisions to cut back on discretionary spending.
The firm expects its revenue for the first quarter of the 2024 fiscal year to range between $15.8 to $16.4 billion, representing a -2% to 2% change on last year.
Accenture said: “Given the context of our performance, we will not be providing any stay-at-level (base pay) increases this year except where legally mandated or committed too in a few critical skill areas.”