will not be handing out increments to its senior leadership. Those holding leadership roles under Grade 10 and above category—which includes roles from managers to vice-presidents—with the impact likely to affect 4,500 people within the firm.
Business Standard was the first to report the development.
According to the company, the move was to retain cash flow and shift the company’s focus on profitability.
“Given the current macroeconomic situation, we want to be prudent in managing our resources while keeping our employees’ best interests in mind. In line with this, about 70% of our employee base will continue to get an increase in their compensation,” the company said in a statement.
“Additionally, our stock option allocation and bonus exercise will continue as is for those who are eligible. We stay committed to enhancing value for all our employees through employee-centric policies, continued skilling and training programs, regular promotion cycles, wealth creation for ESOP holders, and enhanced benefits, including medical insurance,” it added.
Walmart International’s business took a hit in the fiscal’s fourth quarter with its operating income plunging 65.3% owing to the separation of its Indian entities Flipkart and . The Bengaluru-based online marketplace and the fintech startup announced a full ownership separation of PhonePe in December. Flipkart and PhonePe continue to operate under US-based Walmart, which remains the largest shareholder in both.
Last month, reports said Flipkart Internet, the Indian marketplace arm of Flipkart, received a cash infusion of $90 million (Rs 772 crore) from its Singapore-based parent entity.
Edited by Akanksha Sarma