Infosys vice-presidents get salary hikes of Rs 4-5 crore
Infosys has raised the salaries of its top executives so sharply that some of them are now in the $1-million (Rs 6-crore) compensation club - making them almost unpoachable by even international rivals - and raising the salary benchmark in the Indian IT industry. The executive vice-presidents who are now at the Rs 6-crore level had salaries in the Rs 1.2-Rs 2 crore range previously, meaning that they have got three to five-fold hikes. The move comes as newly appointed CEO Vishal Sikka seeks to revitalize the demoralized company and stem the flood of exits, and brings in senior executives from his erstwhile employer, SAP, at salaries that Infosys has largely been unused to. Navnit Singh, MD of executive search firm Korn/Ferry India, says it is a retention strategy to make the senior executives less vulnerable to competition. "If you look at salaries of some of the global companies, they are comparable to what Infosys has done," he said.
Read the Economic Times news report here.