Infosys said improved supply of manpower, the major component for expenses in software companies, would ease pressure on salaries in the coming years. T.V. Mohandas Pai, director and head of human resources development for Infosys, said: “There will be wage moderation. We are doing ‘right skilling’, ensuring that those who are overqualified (such as engineers) are not put on jobs that could be done by a graduate.”
Infosys has increased offers to recruits from college campuses by 40% to 18,000 for the year to March 2009. The company added 8,100 people to take its employee base to 88,601 in the quarter just gone by. Infosys paid $26 million, or Rs102 crore, as settlement towards overtime wages to about 800 workers for three years, after it settled voluntarily with the California Division of Labour Standards Enforcement, the company added.
In the past year, the BSE’s benchmark sensitive index saw a 52.8% growth from 13,630 to 20,827.45, but the three largest IT stocks—Infosys, Tata Consultancy Services Ltd, or TCS, and Wipro Ltd—lost more than 20% each.
Just four of the 18 stocks in the BSE IT index gained on Friday. TCS, the largest Indian software services firm by revenues, gained 1.4% to close at Rs989.05.
vishwanath.k@livemint.com