India’s second-largest IT firm, Infosys has announced that it will be rolling out salary hikes effective July 2021, This is the second salary hike this year, as the company aims to manage attrition and retain talent.
Infosys had announced its first salary hike in January 2021.
Speaking at Infosys’ 40th annual general meeting, COO Pravin Rao said that with markets opening, demand is picking up and companies are hiring in large numbers.
Rao added, the company is increasing its efforts to retain talent. “We have two rounds of compensation increase, effective January 2021 and July 2021,”
Recently, its peer companies Like Wipro Limited and TCS rolled out a second salary hike in the calendar year. Wipro has announced salary hikes for 80% of its eligible employees, effective from September 1, 2021. And TCS was the first to announce a salary hike for employees effective April 2021.
Infosys engaged with employees by providing opportunities for continuous learning and career advancements. “We are hoping to contain the attrition to the manageable level,” Rao said.
Responding on queries from investors regarding H-1B issues, Rao explained “Since the Biden administration took over, there have been reviews on the immigration policies of the Trump administration,” He further said that the approval rates have improved in Q4 FY21.
Salil Parekh, CEO, Infosys, said that the company is open to large acquisitions, however, the focus is to buy small firms working in the digital space. One of the crucial components of the acquisition is how well its integration works with the organization, he said.
On the startups front, Salil Parekh said that Infosys looks at startups from India, West Coast in the US and Israel. However, the company is not in the business of investing in startups but rather the focus is on co-innovation and partnerships with the companies.