Infosys Declared Annual Hike Date, cheers the employees.
The company delayed the annual hikes this year because it was optimizing its operations in response to industry challenges.
Infosys Declared Annual Hike Date After Holding for Six Months, cheers the employees.
Infosys has announced annual raises for employees after deferring them for the previous two quarters. Shaji Mathew, Infosys’ chief human resources officer, announced at a town hall meeting that the Indian IT services firm will begin implementing annual salary increases for employees on November 1, 2023.
Typically, the IT Company announces annual raises for its senior management in April, followed by the remaining employees in July. However, the company delayed the annual hikes this year because it was optimizing its operations in response to industry challenges.
According to Mathew’s statement, the raises will primarily benefit tenured employees and high performers.
During an investor call following the earnings report, Nilanjan Roy, Infosys’ chief financial officer, stated that the wage increase delay was a strategic response to address inefficiencies within the company and is part of Project Maximus, the company’s cost-cutting initiative. He also stated that the company had a very strong second quarter, with these measures increasing margins by 50 basis points.
The company’s fiscal outlook has been adjusted to account for reduced project activities and non-essential expenditures. The company has revised its FY24 guidance, lowering it by 100 basis points. Infosys now expects revenue growth in the one to 2.5 percent range, down from the one to 3.5 percent range previously projected.
The company is taking additional steps to address inefficiencies, such as increasing utilization, reducing the number of employees on the bench, and canceling this year’s campus placement drive.
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