Chander Prakash Gurnani CEO of Tech Mahindra earns 28% more in the fiscal year 2020 with his annual salary and using investment opportunities. His base salary was Rs 2.79 crore 21% lower than the previous financial year. The vesting of stock options increased his earnings.
The ratio of Gurnani’s earnings to median earnings of employees was 618.14 and if it is compared with only gross salary it is77.16. There was a 12% increase in the average earnings of the employees.
There was an increase in 10% of managerial personnel earning because of the vesting of stock options, which also lead to an increase of 4.3% in the earnings of employees. Most of the managerial personnel were Indian based while the other employees were overseas-based where inflation and earnings increase tends to below.
The export service of India’s software increased from 8.1% to $ 147 billion in the financial year 2020. The 40% comes from the top five companies – Tata Consultancy Services, Infosys, Wipro, Tech Mahindra, and HCL Technologies.
Rajesh Gopinathan, CEO of India’s biggest IT benefits firm TCS, saw pay fall by 16.5% to Rs 13.3 crore as pay rates of top officials were decreased because of the effect of the Covid-19 flare-up.
Wipro’s previous CEO, Abidali Neemuchwala, earned Rs 32 crore, an expansion of 12%, while Salil Parekh, CEO of Infosys, saw his pay increment by 39% to Rs 34.27 crore in the monetary year 2020.
The largest enterprise deal in insurance and annuities space was signed by Tech Mahindra. They announced a new deal worth $3.7 billion higher than the previous year’s deal of $ 1.67 billion.
The adoption of technologies like artificial intelligence, machine learning, 5G, and cybersecurity will be fastened due to covid19. Many industries like banking, travel transport will witness a contactless form of conducting business like contactless payments, drones based delivery. The IT infrastructures will transform, 5G technologies will come up, the need for ever-faster access to data, cloud computing access will be more. There will be many opportunities coming up in various fields. The overall impact of this pandemic is hard to assess now, every business should mitigate plans to reduce the impact on revenue and profitability.