Infosys rolls out mid to high single-digit salary hike
The salary hike will apply to 85% of Infosys employees starting April, says COO Pravin Rao
Bengaluru: Infosys Ltd on Friday said it has rolled out salary hikes ranging from “mid-single digit to high-single digit” for a majority of its employees, effective 1 April.
“We are also pleased to announce compensation revision for 85% of our employees starting April. For rest of the employees, primarily middle management and senior management, it will be effective July 1. This is for both onsite and offshore,” Infosys COO Pravin Rao said.
According to Rao, similar to last year, there will be much more focus on differentiation based on performance and contribution. “Majority of employees in India will get raises from mid-single digit to high-single digit,” he said.
Infosys had a total headcount of 2,04,107 people at the end of 31 March 2018.
While the gross addition stood at 12,329 people, the net addition was of 2,416 employees.
Besides, the Board has appointed independent director Kiran Mazumdar-Shaw as the lead independent director of the board. Rao said the attrition at the company for the March quarter had increased to 16.6% as compared to 15.8% in the previous quarter.
“However, the high-performers attrition has come down dramatically at 9.4%,” said Rao.
Talking about the business, Rao said revenues from digital services have increased to 26.8% in the fourth quarter and for the entire fiscal, it stood at 25.5%.
“During the (March) quarter, we also saw 10 large deal wins with total contract value (TCV) of $905 million. This is the highest quarterly TCV win in this particular year. Total TCV win for the year crossed $3 billion,” he noted. The executive also emphasised that the deal pipeline remains healthy, while the utilisation rate (excluding trainees) was stable at 84.7%.
On Friday, Infosys shares rose 0.58%, or Rs6.75, to Rs1,169.00 on the BSE while the benchmark Sensex gained 0.27%, or 91.52 points, to end the day at 34,192.65.
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