"competitive compensation revisions"
Competitive compared to who ?
My bullshit bingo card has just gained another square.
Concerns over rising labor costs and the subsequent impacts on their profits have led Indian outsourcer Infosys to cut Q1FY23 variable bonuses to an organizational average of 70 percent of theoretical maximum. In an email dated sent to employees on Monday and seen by The Register, Infosys told its workforce: As we closed …
Been a few years since I did a gig where I worked with a team in India, but every time I did I would see turnover far exceeding 28%. I estimated it at more like 100%, but I was working with the most technically capable people on already highly technically capable teams, so they are the people who would find it easiest to move.
But it goes to show that even in India the best way to get a raise is to switch companies, not wait for the one you work for to recognize your value!
Of my ex-Wipro colleagues from six years ago just a tiny fraction still work for them, whilst most work for the wider constellation of Indian offices of global tech or TCS, HCL, Infosys et al
I confidently expect "staff attrition rate of 28.4 percent for the previous twelve months" to be a low, not a high water mark :-)
I'm contracting through one of those Indian giants and it seems to be the standard method of obtaining a better package: constantly jump between them. That's what my Indian perm colleagues tell me. Apparently when they flog you to clients, there's a n-strikes-and-you're-out policy. I'm not sure what 'n' is.
Wonder if that attrition is also why they dare not do more than occasionally nag me about switching to perm (better profit margin for them, innit). They don't want to risk me jumping ship and right now with the market here, I'm in the driver seat.
I've since seen the light and gone independent contract, but back when I was still doing the perm thing, every time some recruiter would come at me with "and a fantastic bonus" I would give them that famous line. I had never seen one of those vaunted bonuses as I wasn't an exec, so shove it to that little place near Lancre. Always some excuse: team/region/global didn't do well enough, so sorry, sunspots, climate change, Mercury in retrograde, what-not.
It's an utterly massive, supernormal margin for a large company. It indicates the market has failed - there is either a monopoly or collusion going on, and government needs to look very closely to see why.
Most companies that have active competitors are around 5%, with the upper bound of 10%. (Shell and BP claim 9-10%)
A company making more than that which claims to have significant competition is almost certainly colluding somehow.