Finance Minister Nirmala Sitharaman on Tuesday reviewed with Infosys officials the technical glitches that continue to mar the new income tax e-filing portal. Sitharaman, along with Minister of State for Finance Anurag Thakur, revenue secretary Tarun Bajaj, CBDT chairman Jagannath Mohapatra and other senior ministry officials, went point by point on the issues facing the new portal with officials of Infosys - the vendor which developed the site. While there was no official word on what transpired at the meeting, a statement issued by the Institute of Chartered Accountants of India (ICAI) said "the technical glitches shall be addressed fast". ICAI representatives attended the meeting on Tuesday.
IT services major Infosys, which has been battling high attrition rates, expects the situation to continue for a few more quarters before it can be brought down to "comfortable" levels, its Chief Operating Officer U B Pravin Rao said.
Sikka pays 4 business heads million-dollar salaries as incentive to reach the company's revenue target of $20 billion by 2020.
Infosys continues to be interested in acquisitions.
Infosys chief Vishal Sikka took home an annual salary package of $7.45 million (about Rs 48.73 crore) for the 2015-16 financial year.
According to several industry sources in the know, expenses towards deploying contractual staffer, which used to account 10 per cent of the overall billable employee cost at IT firms, has fallen to around 3 per cent. IT firms typically use the contractual workers from staffing solutions providers or subcontractors.
Once the IT bellwether, Infosys was also reporting laggard performance and facing harassment allegations by overseas employees.
Parekh, who is joining the company from Capgemini, will take over on January 2, 2018..
Infosys, Facebook, Genpact, and Cognizant, among others, have reached out to employees and offered support in different ways as the second wave of Covid cases sees an exponential rise. Companies are asking employees to stay indoors and prioritise the health and safety of their families. This is of significance as several information technology firms were going to take a call on work-from-home from June and had plans to allow some employees to come back to work.
Infosys, however, cut 2017-18 revenue growth guidance to 5.5-6.5 per cent from 6.5-8.5 per cent in constant currency.
After removing Bell Curve model, company plans to do more periodic review of staff goals for facilitating continuous feedback.
Infosys was the worst performer among the bluechips on both the key indices.
Murthy said he was anguished by the allegations, tone and tenor of statements made by the Infosys board.
Even as high attrition rates continue to haunt Infosys, the country's second-largest IT services firm is confident of bringing it down to 12-14 per cent in the next two quarters as it gets back to the growth trajectory.
The US and Europe are key markets for the over $ 140 billion Indian outsourcing sector.
With the appointment of Vishal Sikka as CEO and Managing Director of the company, IT major Infosys has elevated 12 leaders to the position of Executive Vice President with additional responsibilities.
Infosys aims to achieve an aspirational goal of $20 billion in topline by 2020.
ESOPs allow employees to own equity in the company, which is seen as a morale booster for them.
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In his blog, sikka said, "It is clear to me that despite our successes over the last three years, and the powerful seeds of innovation that we have sown, I cannot carry out my job as CEO and continue to create value, while also constantly defending against unrelenting, baseless/malicious and increasingly personal attacks."
Most of the 250 freshers Infosys hired from US campuses last year would be deployed in sales
Nearly 45 per cent of this value is likely to be delivered by 3 sectors - consumer goods and retail, agriculture and banking and insurance, the Nasscom report said.
"Power to purchase its own equity shares or other securities by way of a buy-back arrangement has been included and provisions relating to nomination facility for shares by a shareholder have been inserted," the Infosys postal ballot notice, uploaded on the company's website, said.
In the seventh top level exit in six months at Infosys, Subrahmanyam Goparaju, Senior Vice President and a member of the Executive Council that frames business strategy, has resigned.
The company has decided to consolidate its delivery functions horizontally
It has also proposed that CEO and managing director Salil Parekh be granted annual performance-based stock incentives in the form of restricted stock units worth Rs 10 crore under the 2019 Plan.
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Infosys has already hired 20 such talent.
Focus has to be a lot about self-learning, says Nasscom Senior VP Sangeeta Gupta.
The $140-billion Indian IT market is facing challenges on multiple fronts including stricter visa regime in key markets and shortage of skilled manpower for new technology areas like data science.
Also looks at setting up development and training centres in the US to tide over visa-related issues
Rising protectionist policies followed under Trump administration has prompted all IT services players to hire more locals in onsite geographies, especially in US.
Pai argued that at a time when the salary for entry level software engineers had not been raised in the IT industry in India for the past seven years, it was totally wrong to hike the compensation for top-level executives.
This will be Infosys' first investment from its innovation fund dedicated to start-ups and emerging technologies.
Vishal Sikka, the new chief executive officer, is in the process of internally discussing and finalising the future course of action, chief operating officer U B Pravin Rao said on Tuesday.
'We have to plan for whatever the new normal is.'
Infosys has been struggling to revive high growth for two years.
