According to TOI report, EVP and Group HR Head Krish Shankar, Infosys has said that freshers in the company today get promoted much faster and get substantially higher jumps in salaries than a few years ago.
Responding to fresher salaries in the IT industry having stagnated at about Rs 3.5 lakh per annum for years, he said “Earlier, a software engineer trainee who joined us would have got a 50 per cent compensation increase over three years. Now, given our early career rewards and accelerated growth, trainees get a 90 per cent increase in compensation over three years,”
“Now, freshers even get promotions at a higher pace than the previous years,” he added. He also explained that the promotions have risen to mid-career levels job level 4 which is equivalent to a technology analyst in four years. Earlier it took 7-8 years for the same sort of promotions.
Earlier analysis had shown that the IT sector witnessed stunted salary hikes for freshers in the past 10 years compared to their CEOs. Analysis has shown that freshers’ salaries have gone up only 46.94 percent in the past 10 years while the salary of CEOs has shot up a whopping 1,492.27 percent.
Krish Shankar, who retires on Tuesday after over seven years with Infosys, also said, “Now, given our early career rewards and accelerated growth, trainees get a 90 percent increase in compensation over three years.”
Infosys hired around 6,000 freshers in Q3FY23. The company’s net addition stood at 54,778 employees in Q3FY23. The attrition rate of the company has come down.
The current attrition rate in Q3FY23 stood at 24.3% down from 27.1% in the September 2022 quarter. During the June 2022 quarter, the attrition rate was 28.4%.
“Operating margins in Q3 remained resilient due to cost optimization benefits which offset the impact of seasonal weakness in operating parameters”, had said Nilanjan Roy, Chief Financial Officer.
“Attrition reduced meaningfully during the quarter and is expected to decline further in the near term”, he added.
Earlier, Infosys founder, Narayana Murthy also advised youngsters not to fall into the trap of working from home and moonlighting.
Narayana Murthy said that as the country is growing and youngsters should work from the office instead of working from home. He also warned youngsters about moonlighting.
Narayana Murthy said, “Anybody who has told you that work ethics are not important, hard work is not important and laziness is good, they are not your well-wishers.”
The company’s total employee count stood at 3,46,845 in Q3FY23 a net addition of 1,627 employees compared to 3,45,218 employees in Q2 of FY23. In the Q3FY22 quarter Infosys, the headcount stood at 2,92,067 employees.
