Infosys has slashed the quantum of variable payouts for employees, after the Bengaluru-based firm posted results that fell short of expectations and was forced to trim its full-year revenue forecast.
In a quarter where Infosys witnessed high attrition rates of about 21%, the company is handing out 75% of variable pay to employees, down from the 90% payouts in the March quarter.
The company, however, is taking steps to curb attrition. Despite a weak quarter, Infosys is handing out a higher number of promotions this quarter and promoting about 2,500 employees at the company. In the March quarter, Infosys promoted about 2,147 employees.
Infosys also relaunched its employee stock option plan (ESOPs) after a gap of over a decade and said it would reward 7,500 junior to mid-level employees with ESOPs.
Around 10,262 Infosys employees left the firm in the quarter-ended June 30, compared with 8,373 employees for the quarter-ended March 31.
This is in stark contrast with attrition rates at arch-rival TCS, which narrowed to 13.6% in the first quarter -the lowest in several quarters as it took steps to control the loss of employees.
- "Economic Times"
Comments
Post a Comment