Most Infosys employees get 'mid to high' single-digit salary hike
IT services major Infosys today said it has rolled out salary hikes ranging from "mid-single digit to high-single digit" for majority of its employees, effective from April onwards.
Besides, it has also created a special bonus pool of USD 10 million that will be paid to employees in addition to their variable pay that has also been increasing over the past quarters.
"We are also pleased to announce compensation revision for 85 per cent of our employees starting April. For rest of the employees, primarily middle management and senior management, it will be effective July 1. This is for both onsite and offshore," Infosys Chief Operating Officer UB Pravin Rao said.
Rao added that majority of employees in India will get raises from "mid-single digit to high-single digit" and that similar to last year, there will be much more focus on differentiation based on performance and contribution.
"The variable payout is 100 per cent for this quarter, it will be highest in the last 10 quarter, and in addition we have announced a USD 10 million incremental investment bonus payout to employees that is in addition to 100 per cent (variable) payout," Rao said.
Infosys had a total headcount of 2,04,107 people at the end of March 31, 2018. While the gross addition stood at 12,329 people, the net addition was of 2,416 employees.
Rao said the attrition at the company for the March quarter had increased to 16.6 per cent (annualised standalone) as compared to 15.8 per cent in the previous quarter.
"However, the high-performers attrition has come down dramatically at 9.4 per cent," he added.
The attrition rate was at 19.5 per cent in the March 2018 quarter on annualised consolidated basis.
Besides, the Board has appointed Kiran Mazumdar-Shaw, Independent Director as the Lead Independent Director of the Board.
Talking about the business, Rao said revenues from digital services have increased to 26.8 per cent in the fourth quarter and for the entire fiscal, it stood at 25.5 per cent.
"During the (March) quarter, we also saw 10 large deal wins with total contract value (TCV) of USD 905 million. This is the highest quarterly TCV win in this particular year. Total TCV win for the year crossed USD 3 billion," he noted.
The executive also emphasised that the deal pipeline remains healthy, while the utilisation rate (excluding trainees) was stable at 84.7 per cent.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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