For managers and above, hikes would be effective July 1 onwards, the company said on Friday, while announcing its quarterly earnings.
India’s second-largest IT firm Infosys has given an average salary increase in the range of 6-12 percent effective April 1 to its workforce in India (below managerial level). For managers and above, hikes would be effective July 1 onwards, the company said on Friday, while announcing its quarterly earnings . The average wage hike for last year was about 6.5 percent.
However, Infosys did not specify the percentage hike in salary for top performers in the organisation. Last year, the Bengaluru-based software services firm awarded an average hike of 9 percent to its top performers. For its employees based abroad (onsite), the average wage increase this year would be about 1-2 percent, almost flat compared to last year. The appraisal letters are expected to be rolled out to employees in the next few days.
Infosys said for the fiscal year 2015-16, a total of 8,900 promotions were given to employees below the managerial level. Of the total promotions, 2,147 were dolled out during the recently concluded January-March quarter. The IT firm had 194,044 employees as of March 31, 2016.
Infosys is also planning to reward its high performing employees through a more tangible process by offering shares as restricted stock units (RSU) predominately to its middle and senior-management employees.
“Our plan is to retain and attract talent. We are going to cover select percentage of high performers, about 20-25 percent of the managerial level; that would be our intention. We are still working out the details,” said Krishnamurthy Shankar, executive vice president and group head, human resource development, Infosys. The company plans to roll out the initiative during the current quarter, but did not specify the structure of the stock incentives.