Infosys employees received an intranet notification on Wednesday, informing them that they are due for a 5-7 per cent salary hike in job levels up to project managers and senior project managers.
Employee sources in the Infosys Bangalore office said that they were informed that the increments would be effected in the April salary. The last such salary hike, averaging around 8 per cent, was announced in July last, a month after company founder N. R. Narayana Murthy returned from retirement to an executive role. The company is reportedly in the process of finalising hikes for senior (above grade 6) and on-site employees. The company traditionally announced increments in March-April, and had stopped doing so for two years.
In an investor call, hours after the intranet announcement, Mr. Murthy said he was not happy with the company’s performance in the 2013-14, which is ‘slightly short’ of NASSCOM’s predictions on the average industry growth. “During this time, we have doubled our growth...but we are not happy with it,” he said. He also confirmed that the company was in the midst of board-level changes in the coming year with founders and board members S. D. Shibulal and S. Gopalakrishnan scheduled to retire from executive roles in the first quarter of 2015.
On succession plans, Mr. Murthy said the company was in the process of ensuring a ‘suitable replacement’ for S. D. Shibulal. “There is considerable depth of leadership available within the company.