Infosys to roll out salary hikes effective July 2021, second in the calendar year, as the company looks to contain attrition and retain talent.
The company had rolled out a compensation increase effective January 2021.
Speaking at Infosys' 40th annual general meeting, which was held virtually, COO Pravin Rao said, with markets opening, demand is picking up and companies are hiring in large numbers. This has led to higher attrition in FY21 compared to FY20.
Having said that, Rao said, the company is increasing its efforts to retain talent. “We have two rounds of compensation increase, effective January 2021 and July 2021,” Rao added.
Read: Infosys to announce Q1 results on July 14
Earlier, Wipro announced that it is rolling out salary hike for 80 percent of its employees effective September 2021, its second in the calendar year. TCS was the first to announce a salary hike for employees effective April 2021.
Over the last year, Infosys engaged with employees by providing opportunities for continuous learning and career advancements. “We are hoping to contain the attrition to the manageable level,” Rao said.
On queries from investors regarding H-1B issues, Rao said that since the Biden administration took over, there have been reviews on the immigration policies of the Trump administration. He further added that the approval rates have improved in Q4 FY21.
Shareholders also queried the Infosys management on its acquisition strategy, and partnerships with startups. Salil Parekh, CEO, Infosys, said that the company is not shying away from large acquisition but the focus is to buy small companies in the digital space. An important aspect of the acquisition is also about how well its integration works with the firm, he added.
On the startups front, Parekh explained that the company looks at startups from India, West Coast in the US and Israel. However, the company is not in the business of investing in startups but rather the focus is on co-innovation and partnerships with the companies.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
