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Infosys promotes 5,000 employees to keep lid on rising attrition

India TV Business Desk August 08, 2014 11:38 IST
India TV Business Desk
New Delhi: In a bid to boost its rising attrition rate, India's second-largest IT services exporter, Infosys, has given promotions to around 5,000 employees. The move is taken by its new chief executive officer (CEO) Vishal Sikka who took over the reins of the IT major on August 1.

Sources say the promotions have been given to staff falling between the L3 and L5 categories. The job level 3 is for software programmers and the next levels are for higher designations.

The latest round puts the total number of promotions at 15,000 this year. Earlier, the company promoted 7,500 promotions during the April-June period.
The company's Indian employees will get a hike of 6-7 per cent and 1-2 per cent to those on site, effective April 1. Other Indian IT majors have also given salary increases for FY15, with TCS being the highest at 10 per cent followed by Wipro at 6-8 per cent.

Infosys has taken several measures to improve retention rate of its employees by reducing the variable component in the salary structure, having a quarterly promotion cycle and putting in place a fast-track career programme for top performers, among others.

The company also offered its staff an across-the-board increment in the middle of 2013 after co-founder N R Narayana Murthy returned as executive chairman. Murthy, who is set to step down in October, had used this to lift morale in tough times that forced Infosys to defer pay hikes.