According to an email issued to management, the country’s second largest IT exporter would begin its ‘performance review cycle-October 2023’ with self-evaluation on September 29.

 Manager evaluation will take place by the end of October, with ratings sent to individual workers in the first week of December, according to the email, a copy of which ET has seen.

Infosys is due to begin a new assessment cycle for the current fiscal year this week, despite the fact that four workers have told ET that they are still waiting for raises from the previous performance cycle.

According to an email issued to management, the country’s second largest IT exporter would begin its ‘performance review cycle-October 2023’ with self-evaluation on September 29. According to the email, which ET obtained a copy of, manager evaluations will take place by the end of October, and ratings will be provided to individual employees in the first week of December.

This assessment is for performance from October 2022 to September 2023.

While a new evaluation is planned, two employees informed ET that they did not receive any raises during the last appraisal cycle (October 2021 to September 2022). Furthermore, it is unclear if the next rises would be combined with the upcoming cycle or missed, they stated on the condition of anonymity.

“We need to update our self-evaluation and accomplishments as soon as possible… The evaluation procedure occurred last year as well, and ratings were released. However, the raise (salary revision) has not yet been announced. “It’s usually paid in June or July,” one of them explained.

During the results conference following the first quarter, chief financial officer Nilanjan Roy stated that rolling out yearly raises was under “active consideration.”

The Indian IT industry has been under strain as global macroeconomic conditions have reduced technology expenditure.

During the epidemic year of 2020, Bengaluru-based Infosys is claimed to have stopped compensation increases to save money, but rises were implemented in January 2021.

Cross-town competitor Wipro’s FY23 raises have been postponed by a quarter and will be paid in the December-ended quarter, according to departing CFO Jatin Dalal on an analyst call in July.

However, industry leader Tata Consultancy Services announced yearly raises for FY23 beginning in April, with average compensation increases of 6-8% and 12-15%.

Infosys announced last month that its employees received an average of 80% quarterly variable compensation for the first quarter ending June.

According to the individuals ET talked with, a normal review period at Infosys runs from October to September, and raises are generally granted in June or July of the following year.

“Previous raises will be paid in July 2022.” We have received ratings for the preceding period (October 2021-September 2022), but salary increases have not been recorded,” a third employee stated.

Infosys reported a roughly 11% increase in net profit at Rs 5,945 crore and a 10% increase in sales at Rs 37,933 crore for the first quarter ended June 30, but fell short of expert expectations. It reduced its revenue growth forecast for the fiscal year, citing expenses.