In a significant move, Infosys has rolled out a substantial pay hike for its employees, effective in 2024. This strategic decision reflects the company’s commitment to recognizing and rewarding the dedication and contributions of its workforce.
Acknowledged for its progressive HR policies, Infosys aims to boost employee morale with this considerable pay adjustment, aligning with the company’s ongoing efforts to prioritize employee satisfaction and well-being. This move is not only a testament to Infosys’ financial health but also an acknowledgment of the hard work and dedication exhibited by its employees.
The Infosys pay hike comes amidst a competitive market for skilled professionals, emphasizing the company’s proactive approach to attract and retain top-tier talent. This initiative sets a benchmark for other companies and is anticipated to have a positive cascading effect on the overall job market.
The pay hikes, with average increments below 10%, have been distributed to a substantial number of employees. Entry-level employees, however, were excluded from the annual hikes this year. In a communication to employees, Infosys expressed gratitude, stating, “We are pleased to revise your compensation in acknowledgment of your commitment and performance.”
Reports suggest that several employees have received single-digit hikes, while some enjoyed increases in the low-double digits. The email communication thanked employees for their “unparalleled support and efforts to overcome the current challenges and ensure success in all aspects.”
Despite the pay adjustments, Infosys reported a net profit increase of 3.17% to ₹6,212 crore in the July-September quarter of fiscal 2023-24. The company has narrowed its revenue growth guidance for the full year to 1-2.5%, following a reduction last quarter from 4-7% to 1-3.5%. Revenue rose by 7% to ₹38,994 crore in the September quarter.
Infosys’ forthcoming implementation of a substantial pay hike is not only rewarding but also aligns with evolving industry standards. This move is poised to reverberate not only within Infosys but also contribute to shaping the trajectory of compensation practices in the wider landscape of the IT industry.