One of India’s largest IT services companies, Infosys Ltd, has confirmed that a large part of its employees has received 10-13 per cent salary hikes. Whereas, the company’s top performers received 20-25 per cent increments. Before Infosys, its peers including, Tata Consultancy Services (TCS), Wipro, and Cognizant also gave salary hikes to their employees.
“It would vary between 10 and 13 per cent, and in some cases, top performers have got 20-25 per cent hike," said Krish Shankar, executive vice president and group head of human resources at Infosys.
However, due to falling attrition rates, the IT major is also trying to rein in wage costs by increasing utilisation levels, lowering the number of on-site employees and reducing lateral hires.
Shankar also revealed that Infosys is focussing on ways to retain talent by giving “faster and predictable promotions", wherein top performers are encouraged to join career development programmes and advance their promotions.
“We will ensure you become a project manager from a software engineer in about nine years. For good performers, nine years, and if you’re outstanding, it can be even shorter, say about seven years. That’s what we were doing, reducing the time from what it was by 20-30 per cent," Shankar said.
In 2021, a major skills gap forced IT services firms to announce bumper salary hikes and counter offers. Infosys too announced two hikes, the first one in January and the second one later in July.