In its 36th annual general meeting held in Bengaluruon Saturday, IT giant Infosys admitted to releasing 11,000 jobs due to automation. According to Chairman R. Seshasayee, the revenue per full-time employee (FTE) increased by 1.2 percent as a result of automation, utilisation and productivity improvements.

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The rapid digitisation of everything around us is disrupting entire industries in an irreversible and profound way. As this revolution accelerates, the opportunity for us is two-fold, stated Seshasayee, the Economic Times reported.

The company has been actively encouraging the idea of bringing automation and software-led efficiencies to the core of their technological services for a while now. This, they said, would help them utilise the new technologies in order to innovate better, which in turn, would allow them to assist their clients through their own digital transformations.

Infosys annual report cited that the release of the 11,000 jobs on account of automation is a clear indication of the crucial role that software is to play in the business model of the second-largest IT company in India.

The meeting, which took place at Christ College, was an attempt by the company to clear up all the speculations that the media and others have conjured up, in the past few months. Another key issue that the company addressed was the accusations for wide compensation gap between its top management executives and employees. Recognising the fact that the administration could have worked more efficiently to reduce the gap, the company hoped to assure the masses by putting forth their plan of a restructured compensation package, which would include stock-based rewards.

Additionally, the company also announced their decision to undertake three key transformations for a better future for both itself and its clients. These include business transformation, cultural transformation and transition to independent board.

The first is business transformation from a traditional IT services to an innovation-led software-plus services company, which is formidable enough; second the cultural transformation that comes along when you induct global leadership talent; and third, the abrupt transition from the promoter-led Board to an independent Board, Seshasayee was quoted saying, at the meeting.

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Infosys says it has released 11000 jobs due to automation - YourStory.com