Selected Employees at Infosys to Receive an 80% Performance Bonus – Discover Eligibility Criteria
In October of this year, Infosys gained attention when it announced the omission of campus hiring. A PTI report disclosed that the tech giant made this decision due to having a ‘significant fresher bench’ available for training. Infosys CEO and MD Salil Parekh explained in a press conference that the company identified inefficiencies in its employee pyramid and had room to tighten utilization to 84-85 percent. A month later, the company declared a 80 percent variable pay for its employees; however, only selected employees will be eligible for the payout. The bonus, distributed as a quarterly performance bonus for September, will particularly benefit employees at position level 6 and below, excluding entry-level employees. An Economic Times report revealed that this payout is higher than the performance bonus paid out in the previous quarter, ranging between 60% and 70%.
In an email to employees, the company underscored the significance of the bonus, linking it to employees’ performance and contributions during the July-September period. Unit delivery managers will play a role in finalizing the distribution of the payout, adding an element of individualization to the process. The email stated that the bonus payout for Q2FY2024 would be processed in the November 2023 payroll for eligible employees. Infosys acknowledged its employees’ role in navigating challenges and building a foundation for future market share expansion during Q2. The company expressed optimism for the upcoming quarter and looks forward to continued success with its employees.
On a related note, Infosys co-founder NR Narayana Murthy has recently made headlines with his comments. In the past month, he sparked a nationwide debate by suggesting that youngsters should work 70 hours per week. Murthy also commented on the ease of becoming a software engineer or financial analyst compared to the challenges of being an entrepreneur. In an interview with Money control, he emphasized the need for broader societal support and a shift in perception for risk-taking entrepreneurs, acknowledging the government’s efforts in fostering the startup ecosystem. Murthy highlighted the surge of innovative ideas from today’s entrepreneurs and the willingness to tackle complex problems
