Tech giant Infosys has announced that it will be
paying 80 per cent variable pay to its employees. However, only selected
employees will be eligible for the payout. The bonus will be paid as a
quarterly performance bonus for September.
An Economic Times report stated employees at position
level 6 and below, which means below manager level except for entry level
employees, will get an average payout of 80 per cent. This is more than what
was paid as the performance bonus last quarter, where payouts ranged between 60
per cent and 70 per cent.
Via email, the company highlighted the significance of
the bonus, emphasizing that it reflects the employees’ performance and
contributions during the July-September period. The distribution of the payout
will be decided by unit delivery managers, adding an element of
individualization to the process.
The HR’s email sent to employees read, “This is to
keep you all informed that the quarterly performance bonus payout for Q2FY2024
will happen in November 2023 payroll for all eligible employees.”
It further stated the employees were able “to stay
relevant and build a solid foundation for future market share expansions in Q2,
despite the challenging environment.”
Adding that the employees play a “pivotal role” in the
success of the organisation, the tech giant said it looks forward to “an
optimistic quarter ahead” with its employees.
The email added, “Unit delivery managers will finalise
the distribution of the payout for their respective units and inform the
eligible employees this week.”
Infosys had said this October it would be skipping
campus hiring. The tech giant won’t be hiring fresh talent from campuses this
year because it still has a “significant fresher bench” to train.
In a press conference, Infosys CEO and MD Salil Parekh
had said the company was carrying “inefficiencies in its employee pyramid and
has enough room to tighten utilisation to 84-85 per cent.”
NE Watch Desk
