India’s second-largest IT service provider company, Infosys in order to retain the talent has increased its internal promotions by 3.5 times compared to last year.
The company has also come forward to double the employee stock ownership plan (ESOP) coverage over the last two years.
Infosys has also strengthened its Bridge Programme that helps to meet your professional goals and will also receive a decent amount of hike (without making a switch to a new company).
The IT industry has been doubling down on reskilling and retaining talent through various monetary and non-monetary compensations due to the alarming rates of attrition.
In the last 12 months, the Bridge Programme has helped mid-career software engineers become a consultant, power programmers, or digital specialists after training for three months once they clear an initial selection test.
Infosys is also giving premium compensations for specific skills and aligned pay as par with market trends in cloud-related areas, big data analytics, and specializations such as SAP and Salesforce fields that faced higher attrition.
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.
Krish Shankar, Executive Vice President, and Group Head-HR, Infosys said, “Most employees are leaving due to external market demand according to our analysis.”
He added, “It is also due to other personal reasons such as location preference and flexibility (in work) post-pandemic.”
After reskilling, the candidates can move across streams as they also get higher compensation, Shankar said
The pandemic-led upswing in digitization spending has resulted in a massive demand for talent in the last few quarters.
Infosys HR head further said, “college freshers are much better at execution than an experienced employee who passed out five years back.”
Infosys is opening four new offices in tier-II cities like Coimbatore, Noida, and Vizag. This move is aimed to empower the local talent. The company is planning to transform the new centers into talent hubs and plans to continue to invest in them.
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.
Motivating staff to attend office in person once or twice a week, IT major Infosys has reportedly said that the return to office will be calibrated in three phases.
The company’s senior leaders and teams are coming to offices. However, the majority of its workforce is working from home which is over 90 per cent of its total workforce.
