Bangalore: Infosys, the IT Giant, gave shocking news on last Friday to its shareholders that there won’t be any increment for its 1, 49,000 employees for the time being, reports Devina Sengupta on the Times of India.  In its first quarter which was completed recently, Infosys failed to meet its own growth guidance and by that it has ended up by giving a lower than expected growth projection for 2013 financial year.

According to Nandita Gurjar, Head of the HR team at Infosys, said that, this is the perfect time to focus only on the business aspects and the one thing all the stakeholders ask is that of the growth and because of that at the present environment, leadership must focus only on growth rather than anything else. She also added that their employees will understand the present situation and the reason behind the no hikes. Infosys has also reported that as the present market is unstable, it is not the right time for wage increase.

V Balakrishnan, the Chief Financial Officer of the firm, has said that, the company will be giving a pay raise when the company has more comfort on the business. In the year 2011, the company had given 10 to 12 percent increment to its employees.

However, the recruitment and management experts declined this assurance particularly when another IT firm iGate-Patni a small size compared with Infosys has announced to give a 10 percent pay raise to its employees. According to S Kandula, HR Head at iGate-Patni said that, small companies like iGate-Patni and others have started serving their employees more than their shareholders.

Infosys has expected to grow up to 8 to 10 percent for the coming fiscal compared to 23 percent of Cognizant which is the only IT company that has given growth guidance for the present financial term.

Infosys has announced zero increments for the second time as it had announced it firstly in the year 2008. But, during that financial year it had given a 10 percent raise to all its employees. Meanwhile, the company has the target of hiring around 35,000 for the present year and it is been expected to give out 16,000 promotions in this year.