India’s second-largest IT services provider, Infosys announces bumper salary hikes, promotions, and bonuses to its employees to deal with rising attrition.
According to media reports, Banagluru-based- IT major plans to offer an average rise of 12-13 percent to its employees in India.
The company also plans to give high-potential employees a hike up to 20-25 percent and additionally a retention bonus.
Infosys completes a limited pool of workers in digital, cloud computing, artificial intelligence, and data science. It is also offering top performers better roles and opportunities to learn new skills like Artificial Intelligence (AI) and Machine Learning (ML).
Managers have been asked to assure employees that they will be given opportunities to work in different teams and learn in-demand skills such as AI and ML.
As the demand for tech workers has been increasing since the pandemic began. The employees switch jobs in record numbers in search of higher salaries, better roles, and stock awards.
During the course of pandemic, companies had to opt for digital transformation projects to cope with the distribution caused by the lockdowns, remote working, and the popularity of e-commerce.
Infosys is going beyond salary hikes to keep its workforce from quitting. The company will attract more laterals and fresh graduates to the tech firm.
It is planning to hire about 50,000 college graduates in FY23. The company has reported that it has hired 85,000 freshers both off-campus and on-campus in the financial year 2022 and the total headcount stood at 3,14,015 from 2,92,067 within the December 2021 quarter.
The attrition in IT companies has been at an all-time high. Infosys posted a record attrition rate of 27.7% in the March quarter, faster than the 10.9% in the year-earlier and 25.5% turnover rate in the three months ended 31 December.
Its rival companies such as Tata Consultancy Services Ltd had reported an attrition rate of 17.4% during the March quarter, Wipro clocked an attrition rate of 23.8%, while HCL Technologies reported 21.9%.