Infosys Is Worried About 24% Attrition Rate; Incentives, Trainings Planned For Retaining Employees
Every company has an attrition rate, and Infosys has got the worst of it. The popular IT organization has a huge attrition rate, probably the highest of them all – a whopping 23.4%!
To curb the rising attrition rate at Infosys, the company is banking on programmes to hone skills of employees and offer compensation-based incentives.
Find out more details right here!
Infosys Faces The Worst Attrition Rate Of All Time
The rate of attrition over at Infosys has been on a steady rise. It was 23% in the quarter of last year, 20.4% in the last quarter and now it is 23.4%.
It is the worst attrition that the company has seen in its entire history.
The company has also admitted to the fact that the percentage of layoffs was also higher in this quarter.
Krishnamurthy Shankar, executive vice president and group head of human resource at Infosys, has revealed that the company’s attrition rate has been the highest in Bengaluru.
An executive of the company, with knowledge of the matter, said, “The attrition (now) is high and the steps to decrease it have not yet shown an impact. The board wants to monitor the steps because it is a significant risk.”
He also said that clients of the company are unhappy if the employees on the project keep changing, which makes total sense.
Infosys Plans Skilling Programmes And Reward Schemes To Reduce Attrition Rate
Richard Branson once said, “Train people well enough so they can leave, treat them well enough, so they don’t want to.”
Infosys seems to be adopting a similar formula.
In an attempt to reduce the attrition rate, the company has come up with skilling programmes and compensation based incentives as a way to retain the brains in the company. The company hopes that this might help modify employees’ mindsets.
Here’s what they have come up with:
- Digital tags, which are digital skills that employees identify themselves with and tag themselves to. Around 32 skill sets have been categorised, such as cloud architecture and the internet of things. Employees will be trained in these skill sets, and will be certified. They will also get a skill tag. They will also be incentivised through skill bonuses.
- Early career rewards, wherein the early growth of employees within the employees’ career is appreciated with incentives. This will help employees get a clearer idea about their growth within the organization.
- Bridge programmes, where employees will be able to choose optional skills which will obtain higher compensation.
- The absence of intrapreneurship is being compensated by the company’s Infosys Innovation Lab and hackathons, where they help develop proof of concepts.