High attrition continues to trouble Infosys
Vishal Sikka, CEO, Infosys introduced many schemes over the past two years aimed at bringing down attrition rates at the IT major. However, none seem to be working.
The company announced its first quarter of 2017 financial year results on Friday. It said that 10,262 employees left the company in the given quarter as against 8,373 in the quarter ended March 31, 2016 and 8,553 in the same period of last year.
This means that attrition rate at Infosys has gone up 15.8% on an annualised basis in the June quarter as against 12.6% in March quarter and 14.2% in the June quarter of last year.
The company added employees as well which meant that its net addition stood at 3,006 employees, lower than June 2015 of 3,336 employees.
Board of Infosys, the company said, has approved 1,857820 RSUs to 7,898 employees. It said, that the company has identified high performing employees upto mid-level managers and its subsidiaries and the RSUs will be given under the 2015 Employee Stock Compensation Plan.
It said, "The RSU's shall vest over a period of four years from the date of grant which shall be exercisable within the period as approved by the committee."
Sikka, too, got RSUs.
Infosys said, "Vishal Sikka, CEO and Managing Director has been granted RSU's amounting to $ 2 Million which shall be made on August 1, 2016. The RSU's are time based and will vest over a period of 4 years subject to continuous service. The exercise price for the grant is equal to the par value of one share per RSU."
The company’s shares were tumbled in after the company announced its results and were down 9.26% at 11:27 am IST at Rs 1,067 per share.