Infosys Technologies Board member and Head — HR T V Mohandas Pai, on Wednesday, ruled out any slowdown in recruitment in Infosys Technologies and termed the recent layoff as an industry practice for optimisation of talent pool.

He said, “I don’t see any so called layoff...I don’t see anything more than last year...” Mr Pai told reporters after launching Infosys’ next generation solution for banking transformation, Finacle 10. 

Staff appraisals

Mr Pai said all companies undertake appraisals of its employees twice every year and identify the people who do not perform up to the expectations.

“If the underperformers do not improve even after extra training then there would be a ‘separation’ or ‘parting of ways.’ 'This is no way a layoff. I think the media has created reports that slowing down of the US economy has caused this and people have become more sensitive to it,” he said.

Mr Pai said the industry would hire 4.3 lakh people this fiscal and by this fiscal end the IT industry would have two million people on its rolls. He said the number of underperformers, being relieved, was ‘very very small.’ Finacle 10, along with whole new set of offerings including Islamic banking, wealth management and an enhanced mobile banking solutions, will enable banks to transform their multi-country operations through a standard platform and processes, Infosys said.

Finacle 10 has been built with an investment of over 240,000 person days, Mr Pai said adding: “We have invested over $60 million in last three years to build a the banking solution.”

Mr Pai pointed out that 105 banks across 60 countries and 31 banks within India, are using this software that can perform 100 million transactions per hour and could be used by 1.3 lakh persons concurrently.