Besides working on better operational control, internal efficiency and leveraging of internal talent, Salil Parekh is also focusing on building a pipeline of leaders
said its consolidated net profit has gone up by 7 pc to Rs 3,708 crore while total income in the October-December quarter rose 8.3 pc to Rs 18,093 crore.
Sikka pays 4 business heads million-dollar salaries as incentive to reach the company's revenue target of $20 billion by 2020.
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.
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.
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.
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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.
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, however, cut 2017-18 revenue growth guidance to 5.5-6.5 per cent from 6.5-8.5 per cent in constant currency.
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.
After removing Bell Curve model, company plans to do more periodic review of staff goals for facilitating continuous feedback.
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.
Attrition is driving the hiring effort on campuses.
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.
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.
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."
Restricted stock units can be an effective tool to curb employee attrition and retain key talent
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Most of the 250 freshers Infosys hired from US campuses last year would be deployed in sales
"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.
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.
The company has decided to consolidate its delivery functions horizontally
Focus has to be a lot about self-learning, says Nasscom Senior VP Sangeeta Gupta.
Rising protectionist policies followed under Trump administration has prompted all IT services players to hire more locals in onsite geographies, especially in US.
Infosys has already hired 20 such talent.
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
These flights belong to the fleet of Air India, Air India Express, IndiGo, Spice Jet, Vistara, Go Air, and also planes from Air Force.
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.
'We have to plan for whatever the new normal is.'
Panaya drags Q1 profits though revenue improves on the back of large deal wins, good traction in North America.
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