In its 40th Annual General Meeting (AGM) held virtually over video conference on June 19, Infosys’ COO Pravin Rao stated that with the markets slowly opening up and the economy reviving at a moderate pace, companies are now at a hiring spree.
This is mainly to attract the best talent in the market, which is resulting in a consequent upward tick in the attrition rate for the current financial year, when compared to the last.
To retain its talent and put a check on the increasing market attrition, Infosys has announced to roll out salary increments effective July 2021, which will be the second hike provided by the company to its employees in the ongoing calendar year.
Trak.in had earlier in April informed its readers of Infosys’ plans to roll out a second compensation hike for its employees in July 2021.
Infosys Announces 2nd Salary Hike in July
The Bengaluru-based IT giant Infosys held its 40th AGM on Saturday through video conference. The company announced a string of information, including the annual report and subsidiaries financials.
The organization’s Chief Operating Officer Pravin Rao announced that the company will be rolling out salary hikes for its employees, which will be the second in the current year.
He added that with markets reviving, the demand for best talent is on an exponential rise, which is increasing the attrition rate in FY21 by a higher margin compared to FY20.
In order to cope up with the increasing trend and retain its talent, Infosys has been taking in a number of measures.
Besides rolling out two rounds of compensation increase, effective January 2021 and July 2021, the giant has also been engaging with its employees since 2020 to upskill them with the latest market requirements, providing them with opportunities to facilitate their career advancements.
“We are hoping to contain the attrition to the manageable level,” mentions Rao.
Infosys’ Attrition Rate Spiked to 15% in FY21 Q4
In view of containing their talent pool by providing salary hikes and upskilling their employees, Infosys has been taking all the measures required to manage its attrition levels, which touched as high as 15.2% for the final quarter of FY21, while that for Q3 stood at 10%.
Its attrition for the period was registered highest compared to its competitors, Wipro and TCS.
TCS was the only company which managed to record a very low attrition rate, which was as low as 7.2%.
It will also hire about 25,000 freshers globally, in the current fiscal year, with 24,000 from Indian campuses.
Big Bucks for Skilled IT JobSeekers
The pandemic has led to a revolutionary shift in the growing demand for new-age digital skills.
If anything, it has sped up the process of skilled techies excelling at niche digital skills, to an extent that companies are willing to pay heavily for these positions.
Employees excelling at such profiles are being offered over 50-70% joining hikes, given the increasing demand for niche digital skills and not enough supply, catalysed by the Covid-19 pandemic.
You can find the complete list of such high high demand profiles, attracting meatier salaries.
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