India’s second-largest IT major Infosys will be rolling out its wage hikes from November 1, Chief Financial Officer Nilanjan Roy said while announcing the company’s results for Q2FY24.
The company used to roll out hikes to everyone below the senior management in April, and to those above in July. While it has been delayed, the company did not clarify if this means the cycle has been changed.
“Every quarter we have a look at the environment and what the competition is doing — so there is nothing decided,” he said.
In India, this makes Infosys the third company among the IT majors to announce its hikes for employees, albeit delayed.
Tata Consultancy Services, the largest IT company, was the first to say that it rolled out hikes in Q1FY24 to employees, and up to 12-15 percent for top performers.
Wipro, which deferred hikes from Q2 to Q3, has informed employees that the merit salary increases will be effective from December 1. HCLTech deferred hikes for junior employees by a quarter, and said it is skipping merit increases for senior management.
Moneycontrol reported earlier in the day that Accenture has informed employees in India and Sri Lanka that it will not be doing base pay increases for its employees unless it's legally mandated or for critical skills, annual bonuses would be significantly lower than last year, and promotions would be few.
Infosys’ pay hike announcement comes at a time when the company has seen a reduction in headcount for three consecutive quarters, even as attrition continues to trend downwards. The company is looking to increase its utilisation, and said is utilising bench strength. For now, according to Roy, the company is not going to campuses and doesn’t have immediate plans to do so.
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