Infosys Gives Company Shares To More Junior, Senior Employees: Can This Stop Attrition?
It seems that information technology giants are leaving no stone unturned to retain talent and boost employee morale Amid a jostle for poaching talent from rival companies.
Infosys ESOP Programme
The news comes when the tech major Infosys is in the middle of a second appraisal cycle for the calendar year.
Now, the IT firm is expanding its Employee stock option (ESOP) programme to include more employees, as per the report from Economic Times.
This ESOP programme has reached to a lower level within the company as it is reaching a couple of levels above the entry-level.
It has become a huge success for the company, as informed by the report quoted Infosys CEO Salil Parekh.
It’s been a number of years since the company has had the ESOP programme.
Increasing Employee Ownership Of Stock
But now the company is looking to expand and deepen it to support the employees, as informed by Parekh.
Earlier in 2019, Infosys expanded the network saying that the purpose of the programme is to expand employee ownership of stock options was to incentivise and attract key talent.
Further, Infosys said that the purpose of the ESOP plan was to increase shareholder value by expanding employee ownership in order to incentivise, retain and attract key talent through this performance-based stock grant programme, as informed by the company in a filing in May 2019.
Other Peers Initiatives
Not only Infosys, other IT companies including Wipro, TCS, HCL Tech and many others have also extended multiple benefits to their employees considering the heavy demand for talent from Indian companies and technology development centres of global companies.
Digital Tags For Providing Bonuses
Apart from this program, Infosys has also set up digital skill tags which aims to provide bonuses.
By January 2021, the tech giant had already completed its pending increments from last year itself.
Now, the IT firm is headed for a second performance review cycle.
Reportedly, the ongoing review cycle will be based on employee performance from last year and will be effective July 2021.
Since Infosys had postponed increments last year, Like many other peers, owing to uncertainty around Covid-19-induced lockdown and business disruption.