Infosys To Double Salaries of Its Upskilled Employees
Infosys believes the upskilling process will also help meet the employer demands in future
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IT giant Infosys is planning to upskill its employees and double their salaries after they complete the upskilling process, to curb down the attrition rate of the company which has been at a high of around 20 percent.
Bengaluru based IT major is doubling pay packages for employees who successfully complete its new bridge programs which will also help the staff to switch to higher demanding job skills. The company expects to bring down the attrition rate and give young employees more career options.
Infosys believes the upskilling process will also help meet the employer demands in future, with its workforce achieving expertise in areas like artificial intelligence, augmented reality, machine learning, cybersecurity, big data and cloud.
The program will be a big boost to mid-level techies who find it hard to look for an upgrade in their career. Entry level graduates generally have good chance to switch or go back to learning; but mid-level techies in their early 40’s are left with no choice of learning and only find a new job, which is a tedious task.
“We are focused on creating a flexible internal marketplace for our talent to grow instead of their leaving to join, say, an MBA course. These programs provide people with alternative career growth opportunities,” Krish Shankar, head of human resources at Infosys, told TOI.
Employees who go through the upskilling programs in Infosys have seen their salary rise by 80-120 percent. Around 400 people have been trained in these programs till date, however, the base salary for increment is unknown. Considering an average package of Rs 3.5-4 lakh for an engineering graduate, a 100 percent hike would take their salary somewhere close to Rs 8 lakh per annum, which is good for their career.
The bridge-to-consulting program is also part of the company’s effort to focus more on consulting. Talking about career development for employees, Asked if Indian companies were late to map careers for their employees, Shankar “As the industry changes, demand for people with specific skills is growing.”