Infosys is preparing to launch a new appraisal cycle for the current fiscal year. However, according to reports by ET, some employees are uncertain about their salary increases from the previous year’s performance evaluation.
The annual performance assessment for Infosys staff spans October to September. The procedure begins with a self-assessment, scheduled for 29 September 2023. Following that, managers are expected to complete their evaluations by the end of October.
Employees usually receive their final performance ratings in the first week of December, while any salary adjustments resulting from these ratings are typically implemented in their paychecks in June or July of the following year.
Employees are concerned regarding pending salary increments stemming from the previous performance cycle, which covered the period from October 2021 to September 2022. The uncertainty revolves around whether these outstanding raises will be incorporated into the upcoming cycle or potentially overlooked.
During the first-quarter earnings conference, the company mentioned that they were contemplating annual salary adjustments. The Indian IT sector has been grappling with challenges due to global macroeconomic factors impacting technology spending. It’s worth noting that Infosys had previously frozen salary increases in 2020 but later reinstated them in January 2021.