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BENGALURU: Infosys’ long-awaited hikes are being rolled out in a staggered manner. Some of the employees are learnt to be getting their hikes in January after it has rolled out increments to many of its employees in December.
Some sources said that some of the business units are finalising their budgets and hence the delay. An email sent to Infosys didn’t elicit a response till the time of going to press.Infosys has announced that the hikes are effective November 1. The Bengaluru-based IT company has deferred hikes for nearly two quarters. It normally announces the hike in June/July, and it’s effective April.
Infosys HR head Shaji Mathew, in a recent town hall, spoke about how tenured employees and high performers would be the focus of the compensation review cycle. Companies have increasingly become selective as to who they give hikes to. Recently, TOI reported that Infosys has excluded juniors and mid-level employees who were onboarded after October 2021, and seniors who joined after October 2020.
Over the past year, weakening global macroeconomic conditions, and geopolitical events have led to a slump in IT demand.
IT companies have been scaling back their hiring targets. In several recent quarters, the overall employee strength for some companies has dropped, given that fresh hiring did not compensate for those who left the company. As attrition levels grew, many over-hired in the expectation that attrition rates could further rise. But in a subdued business environment, employee attrition rates have fallen by a third to a half of what it was a year ago, also reducing the bargaining power of IT professionals. Infosys’s attrition rate nearly halved to 14.6%, from 27.1%, during the September quarter.
Some sources said that some of the business units are finalising their budgets and hence the delay. An email sent to Infosys didn’t elicit a response till the time of going to press.Infosys has announced that the hikes are effective November 1. The Bengaluru-based IT company has deferred hikes for nearly two quarters. It normally announces the hike in June/July, and it’s effective April.
Infosys HR head Shaji Mathew, in a recent town hall, spoke about how tenured employees and high performers would be the focus of the compensation review cycle. Companies have increasingly become selective as to who they give hikes to. Recently, TOI reported that Infosys has excluded juniors and mid-level employees who were onboarded after October 2021, and seniors who joined after October 2020.
Over the past year, weakening global macroeconomic conditions, and geopolitical events have led to a slump in IT demand.
IT companies have been scaling back their hiring targets. In several recent quarters, the overall employee strength for some companies has dropped, given that fresh hiring did not compensate for those who left the company. As attrition levels grew, many over-hired in the expectation that attrition rates could further rise. But in a subdued business environment, employee attrition rates have fallen by a third to a half of what it was a year ago, also reducing the bargaining power of IT professionals. Infosys’s attrition rate nearly halved to 14.6%, from 27.1%, during the September quarter.
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