Infosys announces promotions for 4,000 staff in October

Infosys announces promotions for 4,000 staff in October

Infosys has given promotions to 4,000 employees in October, as the company continues with its efforts to retain key staff and improve employee morale. With this, it has promoted about 12% of its 1,65,000 employees since the current financial year began in April.
The Bangalore-based software exporter has promoted staff across sales, delivery and business-enabling functions and in all markets. “We announced a quarterly promotion system earlier this year. In August, 5,000 employees across sales, delivery and business-enabling functions across geographies were promoted,” said a company spokeswoman. “With the promotions we did at the beginning of this month, over 19,000 employees have been promoted since April 2014.”
The latest was the fourth round of promotions by the company, with about 10,000 employees getting better roles in April and June. Then, in his first week as the chief executive of Infosys, Vishal Sikka approved 5,000 promotions. This year’s once-a-quarter round of promotions also marks a shift from the longstanding practice at Infosys of giving elevations once a year.
Until now, Infosys’ attempts of engaging with employees at different levels – including promotions, offering 100% variable bonus payouts and Sikka’s crowdsourcing initiative called murmurations – have not shown any improvement in attrition numbers. Infosys reported an attrition rate of 19.5% at the end of the first quarter, and more than 20% in the second quarter through September. At rival Wipro, the rate was under 17% at the end of the second quarter.
However, some experts say these measures would start helping the company from the current quarter. “For a company of the scale of Infosys, any measures take a little time to reflect,” said an analyst at a Mumbai based brokerage. “I believe the company should start reporting lower (attrition) numbers from the December quarter.”
Infosys itself remains confident that it should be able to bring down the rates closer to 14y% in the coming months. “Given the amount of emphasis we place on training, we will be comfortable if attrition is 13-15%,” chief operating officer UB Pravin Rao said earlier this month when Infosys declared its second-quarter numbers.

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