The 1.5 lakh employees of Infosys will once again have to play the guessing game as to when they will get increments for financial year 2013-14. "We are changing our compensation structure and will communicate directly with the employees," was all chief executive SD Shibulal had to say on the issue at a press conference.
Their new human resources head Srikantan Moorthy said while promotions will happen in April as expected, the numbers are yet to be finalised as salary structures are getting altered.
In financial year 2012-2013, the IT firm had deferred its increments five months and rolled out an increment of 6 % in October for offshore employees and 2-3% for their onsite employees.
Attrition for last 12 months at Infosys increased 1.6% to 16.3% for the fourth quarter, compared with same period last year. In the third quarter, attrition stood at 15.1%.
It also remained elusive on the number of total hires for the year. Shibulal said the company would look at 70:30 ratio of freshers to laterals, where a large chunk (70%) of freshers would come from campus while rest will be off-campus. Off campus students are those who do not get placed during the campus interviews and companies get to pick their lot later on from the remaining pool.
Out of laterals, around 40% will be from the industry and 60% via promotions, added the CEO.
The firm will be bringing in the last chunk of 10,000 students who were offered jobs in 2011 campus placements by second quarter of this year and around 5,000 from those offered in 2012 later on in the year. Around 28,000 students were recruited from engineering colleges in 2011 and the firm had announced a campus-hiring target of 18,000 for 2012.
IT firms visit engineering colleges in September and it takes around a year-and-a-half at the most for a student to join.
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