Infosys Will Hike Salaries Of 25,000 Mid-Level Executives Based On 32 Digital Skills
As we had reported earlier, Infosys is facing a monumental task of managing attrition, which zoomed past the dangerous 24% mark this year.
In order to retain employees, especially mid-level executives who are prone to get terminated, Infosys has planned a comprehensive incentive scheme.
Around 25,000 mid-level executives in Infosys can raise their salaries, get more incentives.
But how will it work?
Gain 32 Digital Skills Tag For Incentives
Infosys has created 32 skill tags, which are based on the new-age digital technologies. Mid-level executives can study these new skills, and get the ‘tags’ on their names, once they clear the required exams.
Infosys has decided to provide extra incentives, salaries and bonuses to those employees, who have these skill tags.
The more skill tags an employee has, the better will be their salaries and incentives.
As per Krishnamurthy Shankar, global head of HR at Infosys, some of these incentives are quaterly basis, and some of them are linked with better billing from the clients: Once an employee gets skill tags, based on reskilling, they are expected to get better projects, and better billing.
He said, “We have created comprehensive learning pathways for the mid-level managers. We have created something called digital tags and have linked incentives with them. While there are quarterly skill incentives, there is another pay growth on better billing (once they become experts in digital technology),”
What Are These 32 Digital Skills?
At the time of writing, Infosys hasn’t publically announced these 32 new age digtial skills, which can help 25,000 mid-level executives to get extra salaries, and extra incentives.
However, as per the filing made to Nationa Stock Exchange this year (while reporting their financial numbers), Infosys gave a hint.
These 32 digital skills are related with subjects such as ‘domain and techno-functional consulting, specialist programming jobs, technical architect and design roles.’
On the other hand, Infosys has also launched a new program called ‘Power Programmers’, which promises double salaries to freshers, who are good in programming. Freshers can get as high as 100% appraisal if they are able to clear the tests.
Infosys hopes that such new, and innovative skill-based incentive program will help them to contain attrition, and retain the most talented employees.
We will keep you updated, as more details come in.