India’s second-largest IT services company, Infosys Ltd, on Thursday weighed in on the moonlight issue, which has created quite a stir in the industry, and said the company has to let some of its employees go on double employment.
Simply put, moonlighting refers to employees taking on side gigs to do more than one job at a time.
During the Q2 earnings briefing, Infosys CEO and MD Salil Parekh said, “To be clear, we do not support dual employment.” “We have found employees working in two different companies in the last 12 months, where there are further privacy issues, we have laid them off,” he said.
“One of the things that our company has always focused on is making sure we have a real focus on learning opportunities and opportunities in common for all of our employees. And we always encouraged our employees who have that kind of mindset within the company,” the Infosys management said.
Information on ‘Gig’ Opportunities
In addition, the company said a platform called “Accelerate”, a huge opportunity within the organization, has been established.
“Within the company, we have established over the past several years, not just the last week or the last several years, a platform that we call momentum, that employees can see what we call it fully work, different projects. Outside of their core job. On an average more than 4,000 people apply for it outside of core work, around 600 are selected. This is something that is active in the company,” the management said.
On certain gig projects, Infosys said, “We support the aspirations of our employees to learn beyond their work. We will support them to work on some gig projects after prior approval of the managers. We are also developing more comprehensive policies for this, while ensuring that contractual and confidentiality commitments are fully respected.”
Infosys boosts sales outlook
Infosys raised its annual sales forecast, allaying fears that the global economic slowdown will push customers on the outsourcing giant to cut tech spending.
The Bengaluru-headquartered company said it expects revenue to grow between 15% and 16% by March 2023. Analysts had forecast revenue growth of 19% on average.
IT major reports 11% year-on-year growth in consolidated net profit 6,021 crore for the September quarter and also announced share buyback program 9,300 crores.
Infosys will pay an interim dividend on aggregate 6,940 crore to the shareholders.
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