Infosys Hikes Salary, Revises Compensation To Retain Talented Employees Amid High Attrition

Infosys says with these steps, the company will bring down the attrition rate, which went up to 28.4 per cent during the June 2022 quarter as compared with 27.7 per cent in the previous quarter.

Infosys Latest News Today: Corporate Houses are leaving no stone unturned to retain skilled employees at a time when the attrition rate is too high. To address the issue, IT major Infosys said it hiking the salaries of its employees and planning to increase the recruitment drive in the days to come. With these steps, the company believes it will bring down the attrition rate, which went up to 28.4 per cent during the June 2022 quarter as compared with 27.7 per cent in the previous quarter.

The total employee count of Infosys at the end of the June 2022 quarter stood at 3,35,186, and 21,171 employees during the first quarter of 2022-23. The attrition for IT firm during June 2022 quarter went up to 28.4 per cent on the last 12 months basis, against 27.7 per cent a quarter ago.

Giving details, Chief Financial Officer Nilanjan Roy said, “We are fuelling the strong growth momentum with strategic investments in talent through hiring and competitive compensation revisions. While this will impact margins in the immediate term, it is expected to reduce attrition levels and position us well for future growth. We continue to optimize various cost levers to drive efficiency in operations.”

He further added that the continued high focus on cash led to strong FCF (free cash flow) to net profit conversion at 95.2 per cent and improvement in ROE (return on investment) to 31 per cent.

Along with Infosys, several other major IT companies such as Tata Consultancy Services (TCS), HCL Tech and Wipro are also taking steps to retain talent at the company.