No `planned layoff,` says Infosys |
Infosys sought to pacify employees` fears, amid reports of layoffs, and said there was no `planned layoff.` However, the company said there could be performance-based exits as in the past. Infosys Chief Operating Officer Pravin Rao said the compensation revision for its India employees would be done in July. Rao said employees who are in the JL5 band and below, the compensation review will be effective July 1, 2017. The senior employees may have to wait longer for their compensation revision. The JL5 and lower bands consist of employees like software engineers, team leads, among others which constitute around 40% of the total employee strength. The adoption of new technologies, automation and reduction in growth in the banking and healthcare segments in the U.S. and geopolitical events are impacting the profitability of Indian IT companies. The last financial year was a challenging one; r Q4 results were below expectations, the industry is going through challenging times and core services business continues to be commoditised, Rao wrote. Further, the company management also said it is looking at various opportunities to optimize cost. The company which had launched a few cost optimization measures had to discontinue a few initiatives based on the employee feedback.
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