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Falling margins and an unplanned salary increase have pushed Infosys to embark on a major austerity drive. The Infosys, CEO, S D Shibulal, has sent a mail to employees saying that the company’s expenditure for the year has risen too high on account of its Loadstone and salary increase. The mail goes on to say that the cost-cutting measures would be implemented in a phased manner.
The first of the measures towards cost cutting is understood to be that the joining dates for campus recruits have been deferred for three months from the date of joining that was communicated previously.
However, the Infosys spokesperson said the company would honour all the campus offers made so far. The company has introduced an online training program to keep the new hires engaged till they formally start the work.
Infosys has setup an exclusive online chat to answer the queries from thousands of campus recruits for specifics around the deferred joining dates. This facility is in addition to the personal communication from the Infosys to individuals and addressing queries through emails.
There’s also a freeze on long-haul business class air travel by its senior executives, including the CEO.
Infosys’s operating margin has been dropping consistently for several quarters. In the quarter ended December 2011, it had a 31.2% operating margin, but this was down at 26.34% in the last quarter.
Also Read : Campus Placements to Drop This Year | IT Companies To Go Slow on Hiring : NASSCOM