Source | The Times Of India : By Shilpa Phadnis
BENGALURU: The crorepati club at Infosys is getting bigger. As many as 49 senior executives drew over Rs 1 crore in compensation in the 2015-16 financial year, up from 18 two years back. Last year was an aberration when 113 crashed past the crore mark due to a one-off, high-incentive payout.
The increase in the number of VPs and SVPs entering the Rs 1-crore roster last fiscal explains the company’s attempt to bridge the pay gap with competitors and stem attrition in a fierce war for talent. The top-level pay spike also reflects Infosys’ efforts to align salaries with the market at a time when the company is on course to return to industry-leading growth rates under CEO Vishal Sikka.
Sikka himself has raked in $7.45 million in the 2015-16 financial year that includes a variable pay of $4.33 million and RSUs (restricted stock units) granted to him that’s valued at $2 million. However, this has put the spotlight on the ratio of Sikka’s compensation to the median remuneration of employee that stood at 935.