Indian IT behemoth Infosys is reportedly losing staff, losing around 8,000 in the first quarter of this year alone.
According to a report in the Times of India, the company’s mission, which tells staff it is running a marathon and not a sprint, has become a burden and turned staff running for the door rather than to the staff room.
And it’s not just the mission statement that’s causing ripples in the company, with previous and current staff citing wage freezes and financial underperformance as further reasons for the mass exodus. Last week the company also gave its staff more ammunition announcing
lower-than-forecast sales as well as reducing its target growth rate to five percent.
Its business rival, Tata, on the other hand met earnings expectations, showing Infosys staff that the market wasn’t as dire as they had been made to believe.
And companies in this sector are also dangling the wage carrot in front of disgruntled Infosys staff in a bid to gain talent. After four years at Infosys, one employee claims she ran off to to join a rival IT services provider on a 40 percent higher salary.
One employee, who fell for the Infosys romantic set up story – founder NR Narayana Murthy sold his wife’s jewellery in a bid to start up the company in 1981 – told the Times of India that he was frustrated at the way the company was losing ground to competition. He added that the business was “tired” and that top management was unconvincing about the direction in which the company was headed.
“Everyone around talks about leaving as soon they get a better offer,” he said.
Infosys moved to cover its falling staff rate claiming that the drop was normal at the time of year with many leaving their jobs to study.