BackInfosys to start 2023 appraisal cycle as employees still await previous pending hike: Report
Infosys to begin new appraisal cycle this week, employees still waiting for previous performance cycle hikes.
PremiumIT major Infosys is set to begin new appraisal cycle for the current fiscal this week even as employees still waiting for previous performance cycle hikes, four employees told Economic Times.
The IT giant is set to start its ‘performance review cycle for October 2023’ with self-evaluation tomorrow i.e. on 29 September, while Manager evaluation will begin by 4 October, an email sent to managers said as viewed by ET. As per the email, the ratings will he told to individual employees in December 1st week.
However, Two employees told the daily that with the fresh appraisal is about to begin, they have yet not received any hikes for the previous appraisal cycle i.e. from October 2021 to September 2022.
They also added that the company has not given any clarity if the pending hike amount would be added with the upcoming appraisal hike or it will be skipped.
Infosys Appraisals
"We need to update our self-evaluation and accomplishments soon … Last year too the appraisal process happened and ratings were disclosed. But the hike (salary revision) has not been released yet. It is usually paid in June-July," one of the employee told ET. The employees told the daily that the hikes are often paid in June or July of the corresponding year during the review period.
“Previous hikes were paid in July 2022. We have received ratings for the previous period (Oct 2021-Sept 2022), but hikes have not been reflected in the salaries," another employee said as quoted by ET. Moreover, the report also added that the company had rolled out an average 80 percent quarterly variable pay for the 1st quarter which ended in June, ET reported stated.
"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!
In another news, the IT major, recently on 26 September, had said it is partnering with Microsoft to enhance enterprise functions with AI-enabled solutions across multiple industries. Both organisations will bring together their respective artificial intelligence (AI) capabilities -- Infosys Topaz, Azure OpenAI Service and Azure Cognitive Services for transitioning to AI from digital, thus driving efficiency and productivity among businesses, the domestic IT firm said.
Prior to this, Infosys had also announced an expansion of its strategic partnership with US chipmaker, Nvidia. As part of the partnership, Nvidia will offer its artificial intelligence (AI) models, tools, applications and compute infrastructure to Infosys, which in turn will train 50,000 of its over 3.36 lakh employees on Nvidia’s AI stack through a dedicated centre of excellence (CoE). Moreover, the company is also set to offer custom enterprise large language models (LLM) through its Generative AI Labs, by using Nvidia’s ‘NeMo’ LLM framework. Translational use cases based on Nvidia’s Riva generative AI platform will also be made available to Infosys’ clients, through the latter’s ‘Cortex’ platform.
Meanwhile, the company which had reported 15.4 percent annual revenue growth in FY23, slashed its FY24 revenue guidance to 1-3.5 percent, one of its lowest in recent years during its first-quarter earnings call.
Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.
