Infosys goes all out to retain talent, increases promotions, ESOP coverage

To retain talent, IT giant Infosys has increased its internal promotions by 3.5 times compared to last year and doubled its employee stock ownership coverage (ESOP), according to a news report.

Faced with alarming attrition, the IT industry is doubling down on talent retraining and retention through various monetary and non-monetary benefits. In the first three months of the calendar year 2022, Infosys saw a turnover of 27.7 percent.

Tata Consultancy Services (TCS), India’s largest IT company by revenue, witnessed a 17.4 percent churn, while HCL Technologies’ churn was 21.9 percent in the January-March quarter. For Wipro and Tech Mahindra, turnover was 23.8 percent and 24 percent, respectively.

The head of Infosys’ HR development group, Krish Shankar, said: “According to our analysis, most employees leave because of external market demand,” he was quoted as saying. The economic times† He added: “It is also due to other personal reasons, such as location preference and flexibility (in work) after the pandemic.”

In the past 12 months, the IT company has also strengthened its “Bridge” program, which helps a mid-career software engineer become a consultant, power programmer or digital specialist after three months of training.

After retraining, the candidates can go about streams as they also get higher compensation, Shankar . told ET

The pandemic-driven surge in digitization spending has fueled a massive demand for talent in recent quarters.

To talk with ETsaid the head of Infosys HR, “freshmen are much better at execution than a veteran employee who passed out five years ago.”

The ET report states that Infosys also offers premium compensation for specific skills and a salary that aligns with market trends in cloud-related areas, big data analytics, and specializations such as SAP and Salesforce fields that faced higher turnover.

The IT company will also open offices in tier-II locations such as Coimbatore, Vizag, Kolkata and Noida, to attract workers who leave metro cities to stay closer to home. ET reported.

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