IT major Infosys has rolled out 80 per cent of variable payout for its employees for the first quarter ended June 30.
In an internal mail reviewed by businessline, the company wrote to employees, “The quarterly performance bonus payout for Q1 FY24 will happen in August payroll for all eligible employees. The average payout at an organisation level at 80 per cent for Q1 FY24.”
The individual payout percentages will differ based on individual performance and contribution for the quarter, according to the company.
“We delivered a good performance in Q1, setting a robust foundation for future expansion. We remained committed to helping businesses accelerate their digital journeys and catering to emerging client requirements. By staying focussed on our priorities, collaborating closely across teams, and remaining adaptable to changing circumstances, we are confident in setting ourselves up for a productive and optimistic quarter ahead,” the mail read.
Avg variable pay
In the last quarter, the company had rolled out average variable pay of 60 per cent. In Q1, Infosys lowered its revenue guidance steeply to 1-3.5 per cent from 4-7, as the company said the delay in decision-making was playing spoilsport.
The net profit for the quarter stood at ₹5,945 crore, an 11 per cent rise year-on-year (YoY). On a quarter-on-quarter (QoQ) basis, profit dipped 3 per cent from ₹6,128 crore last quarter. On a YoY basis, revenue from operations rose 10 per cent at Rs 37933 crore. Sequentially, revenue marginally increased by 1.3 per cent.
Infosys’s peer Wipro is also rolling out 81 per cent of variable payout for the first quarter to its employees. The company after announcing its Q1 results had noted that promotion cycles will continue and a variable payout up to 80 per cent will be provided in Q1 for the employees.
“Variable pay is linked to business metrics for all employees. As we have done in the past, we will be awarding our employees on pre-set performance criteria metrics. We will pay out above 81 percent of variable pay for most of our colleagues,” the company said in a statement.
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Published on August 23, 2023
