Infosys Cut Hiring by 46% in Fiscal Year 2023, Reduces Headcount by 3,611 Employees While Resisting Layoffs
Infosys witnessed a 40% plus fall in net hiring during the fiscal year 2023 vis-a-vis fiscal year 2022. For the full year (FY2023), the net hiring number at Infosys stood at 29,219, down 46% from the 54,396 employees hired by the company over the whole of FY2022.
New Delhi, April 14: Infosys witnessed a 40% plus fall in net hiring during the fiscal year 2023 vis-a-vis fiscal year 2022. For the full year (FY2023), the net hiring number at Infosys stood at 29,219, down 46% from the 54,396 employees hired by the company over the whole of FY2022. The overall number of people at Infosys has gone down by 3,611, even though it hired 1,627 professionals during the financial year.
According to a report in Free Press Journal, Infosys’s total employee strength declined to 343,234 by the end of the fiscal, the tech giant’s quarterly financial results showed on April 13. This is the first time since the Covid-hit quarter of FY21 that Infosys is ending a quarter with fewer employees than it had at the end of the previous quarter. In the same quarter last year, Infosys added 21,948 employees. TCS Hiring: Amid Tech Layoffs, Tata Consultancy Services Plans to Recruit 40,000 Freshers Via Campus Placement Drive in Financial Year 2023-24.
Infosys’ attrition came in at 20.9% compared to 24.3% in the previous quarter. It stood at 27.7% in the year-ago period. The metric was highest for Infosys among the country’s top four IT majors in the comparable periods. Google Planning Another Round of Layoffs? CEO Sundar Pichai Has This to Say on More Job Cuts At The Tech Giant.
The company hired around 51,000 freshers in FY23 compared to plans for around 50,000. It did not share FY24 fresher hiring plans.
Infosys reported 8% year-on-year (YoY) growth in consolidated net profit to Rs 6,128 crore for the quarter that ended March 2023. The software major has forecasted for FY24 sales to grow by a mere single-digit 4-7% in constant currency terms, an indication of the challenges it foresees in the current year. The operating margin is expected to be in the range of 20-22% as per the company's guidance for the year.
The tech sector which is shaken by uncertainty could see change in hiring activity in the next six months depending on revisions in growth forecasts by IT firms.
(The above story first appeared on LatestLY on Apr 14, 2023 08:57 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).