Mumbai, June 2: Even as major IT firms across the country seem to be rolling out layoffs for their young recruits, Infosys co-founder Narayana Murthy presents a possible alternative to reverse the mass firing. Murthy recently suggested that th jobs of young recruits can be saved if senior executives take pay cuts. Also Read - TCS 3rd Most-Valued IT Services Brand Globally, Infosys & HCL Also Secure Spots in Top 10
The solution was put forth by Murthy in a recent TV interview with ET Now in which he said, “I have a feeling that it is possible for us to protect the jobs of youngsters if the senior management people were to make some minor adjustments – adjustment of taking salary cuts.” Also Read - Infosys Records 16.6% Growth in Q3 Net Profit at Rs 5197 Crore, CEO Calls It ‘Excellent Result’
The statement comes at a time when Narayana Murthy and the Infosys board have a tussle over the nearly 60 per cent pay hike for some senior most employees. Murthy had described the hike as “grossly unfair to the majority of the Infosys employees.” At the same time, Infosys fired hundreds of employees recently, stating that the employees did not live up to the company’s requirements as found in their bi-annual performance review. Also Read - Narayan Murthy's Daughter Richer Than Queen, Husband Rishi Sunak Faces Flak For Hiding Wealth
Other IT giants such as Wipro and Cognizant also anounced job cuts. While, Wipro fired 600 employees citing performance-based reasons, Cognizant rolled out a voluntary separation programme for its employees offering them 6-9 months of salary.
Murthy also negated the view that the IT industry was facing one its lowest phases in recent years. He said, “Let us remember we have gone through this several times in the past. We went through that in 2008, in 2001. So, this is nothing new. Therefore, there is no need for us to become extremely anxious. We have had solutions to such problems in the past. It is not fair to simply send somebody home, and then let them become very very anxious, because they may have families depending on them.”
Meanwhile, Infosys recently announced that it would set up 10,000jobs in the United States and hire American workers over the next two years. The layoffs can be seen largely determined by the US government’s decision to limit the issuance of H1-B visas, which are largely used by IT firms in India.