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Infosys sees attrition dipping with hikes, promotions this month

Infosys sees attrition dipping with hikes, promotions this month
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First Published: Fri, Oct 22 2010. 12 21 AM IST
Updated: Fri, Oct 22 2010. 12 21 AM IST
Hyderabad: Infosys Technologies Ltd, which reported an employee attrition at 17.1% during quarter to September, hopes attrition to come down significantly as wage hikes and promotions are due this month, said chief executive officer and managing director Kris Gopalakrishnan.
Saying that high attrition was a phenomenon across the board owing to a sudden spurt of growth in the industry and scramble for recruitment across companies, he said Infosys expects stability by next quarter.
Talking to reporters in Hyderabad on Thursday on the sidelines of a conference of Confederation of Indian Industry, he said, “The data says that may be approximately 12,000 employees (of Infosys) would get promoted. As part of promotions, there would be hikes also. This is part of our (promotions) cycle from this year.”
As against promotions coupled with hikes once a year in April, Infosys is now taking up promotions exercise twice a year, in April and October, from this year onwards.
Further, Gopalakrishnan said with the spurt in growth, the Indian IT sector is set to recruit some 130,000 to 150,000 engineers this year as against some 50,000-60,000 recruited last year.
Infosys alone would hire some 40,000 engineers during this fiscal, he said while announcing financial results for the quarter to September on last Friday in Bangalore.
“The demand for IT services globally is going up. It is driven by (the economic) recovery. Many companies got accustomed to the current environment and they are now ready to invest for growth and are starting to invest. Many of them are investing through outsourcing and offshore outsourcing,” said Gopalakrishnan.
c.sukumar@livemint.com
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First Published: Fri, Oct 22 2010. 12 21 AM IST
More Topics: Infosys | Attrition | Employment | IT | Technology |