During October, Indian IT major, Infosys made headlines when it said that it would be skipping campus hiring this year.
Then the tech giant clarified that it won’t be hiring fresh talent from campuses this year because it still has a “significant fresher bench” to train, as per a PTI report.
The company was carrying “inefficiencies in its employee pyramid and has enough room to tighten utilization to 84-85 per cent,” said Salil Parekh, Infosys CEO and MD, during a press conference.
80 Percent Performance Bonus For the Employees
Further, the company has announced that it will be paying 80 percent variable pay to its employees just a month after this move.
But there is a catch as only selected employees will be eligible for the payout.
Notably, the bonus will be paid as a quarterly performance bonus for September.
Basically, the employees at position level 6 and below – which means below manager level except for entry level employees – will receive an average payout of 80 per cent, as per the media report.
Improvement In Performance
It is noteworthy here that this amount is more than what was paid as the performance bonus last quarter, where payouts ranged between 60% and 70%.
Further, the company highlighted the significance of the bonus, emphasizing that it reflects the employees’ performance and contributions during the July-September period, in an email sent to employees.
When it comes to the distribution of the payout, it will be determined by unit delivery managers, giving an element of individualization to the process.
“This is to keep you all informed that the quarterly performance bonus payout for Q2FY2024 will happen in the November 2023 payroll for all eligible employees,” read the HR’s email sent to employees.
Further adding that the employees were able “to stay relevant and build a solid foundation for future market share expansions in Q2, despite the challenging environment.”
The employees play a “pivotal role” in the success of the organization, the tech giant said that it looks forward to “an optimistic quarter ahead” with its employees.
“The Unit delivery managers will finalize the distribution of the payout for their respective units and inform the eligible employees this week,” the email said.
