Infosys has seen attrition rate of 19.5 percent during the quarter ended June 20, the highest-ever for the IT major. The move by Sikka is part of his outreach to employees.
New Infosys CEO Vishal Sikka is leaving no stone unturned in his bid to woo employees. According to media reports, the ex-SAP executive has promoted 5,000 employees in order to stop them from leaving the Bangalore-based software exporter.
Infosys has given promotions to employees falling between the L3 and L5 categories, The Financial Express reported quoting sources. The job level 3 is for software programmers and the next levels are for higher designations.
Infosys has given salary hikes of 6-7 percent to its employees in India and 1-2 percent to those on site, effective April 1.
Soon after taking over as chief executive, Sikka had visited the company's Mysore campus and spent time with trainees. The promotions part Sikka's outreach to employees. After this latest round of promotions, Infosys has promoted 15,000 employees since the start of the year.
Infosys has seen attrition rate of 19.5 percent during the quarter ended June 20, the highest-ever for the IT major. In fact, attrition has been a big problem for the whole of Indian IT sector. Yesterday, Cognizant announced salary increments at the higher end of the industry to send a strong message to employees that they can have "terrific careers and great growth paths", said president Gordon J Coburn.
The IT solutions provider will give double-digit salary hikes to its offshore employees in a bid to battle rising attrition. Most of Cognizant's 1.87 lakh employees are based in India.
Cognizant's wage hike matches its bigger rival TCS, which announced a wage hike of 10 per cent for employees in India and 2-4 per cent for staff in developed markets.
Also Read: Will Cognizant's problems spill over to industry?
Infosys stock price
On August 08, 2014, Infosys closed at Rs 3480.35, down Rs 34.2, or 0.97 percent. The 52-week high of the share was Rs 3847.20 and the 52-week low was Rs 2894.00.
The company's trailing 12-month (TTM) EPS was at Rs 185.71 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 18.74. The latest book value of the company is Rs 733.03 per share. At current value, the price-to-book value of the company is 4.75.
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