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Best of luck to those who left Infosys: Murthy
Unfazed by the exodus of top executives, Infosys co-founder and Executive Chairman N R Narayana Murthy on Friday said he wished luck to those who quit the firm and said the company has a strong cadre of leaders and that its future will not be "compromised".
"These people have shouldered heavy responsibilities in the company. For several years, some of them have taken new work, bigger responsibilities. So therefore, I would say that we wish all the people, who have left us, the best," Murthy said.
Murthy, who returned to Infosys last year to steer the company back on growth track, said he was confident of the strong cadre of leaders that the company has.
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Best of luck to those who left Infosys: Murthy
Asked if his son Rohan is being groomed for the top job at Infosys, Murthy said it is a decision to be taken by his son.
He added that Rohan, who is on leave from Harvard, would like to go back at an appropriate time.
"...what position he will hold in Infosys, that is not for me to decide...who knows he may change his mind, he may do something else in India - who knows, so I cannot commit what he will do in his future. That's not fair on my part," Murthy said.
Speaking to analysts in the morning, Murthy said Infosys was the first Indian company to set up a leadership institute.
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Best of luck to those who left Infosys: Murthy
"We have a three-tier programme and these three tiers have developed approximately 600 leaders...We have a large number of enthusistic and energetic people who report to people in this room. As far as the future of this organization is concerned, that future will not be compromised for leadership," he said.
In the last few months, Infosys has witnessed a steady exit of top-level executives with Board member and BPO business head V Balakrishnan being the latest casualty.
Another board member and Head of Americas business Ashok Vemuri, who was considered to be a top contender for the CEO's position after Shibulal's retirement, quit the firm to join iGate as CEO.
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Best of luck to those who left Infosys: Murthy
Other exits included Vice President and financial services head (Americas) Sudhir Chaturvedi, sales head Basab Pradhan and senior vice-president and head of financial services (Americas) Shaji Farooq.
Last week, the company announced restructuring of its business under two divisions to be headed by B G Srinivas and U B Pravin Rao.
These two are now being considered as possible contenders for the CEO's post after S D Shibulal retires.
Infosys has also dissolved its top decision-making body, the executive council, with effect from April 1, 2014.
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Best of luck to those who left Infosys: Murthy
Besides top management, the company is also struggling to retain mid and lower management staff.
For the October-December 2013 quarter, the company added 6,682 employees on gross level in the reported quarter, but the total headcount was lower by 1,823 at 1,58,404 people.
Chief Executive and Managing Director S D Shibulal said the company has given compensation increases and promotions, while changing the variable computation structure.
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Best of luck to those who left Infosys: Murthy
"There are a number of deliberations going on within the organisation on the next phase of change regarding next compensation increase, what will be the next promotion cycle, all of that is being deliberated. So, we are focussed on meeting our employees aspirations," he said.
While most IT firms revise salaries in April or May, in 2012, Infosys gave a wage hike in October. Following Murthy's return last year, Infosys raised salaries for staff in India by 8 per cent on average in June.
"We all believe we would like to move back to the April cyle. Our desire is to move back to the old cycle as far as wages are concerned," Murthy told analysts.
Reports suggest Infosys may offer double-digit pay hikes this year to keep the workforce motivated.