Infosys’ Full-Year Employee Strength Drops for First Time in 23 Years by 25,994 in Financial Year 2023-24
"We have changed our hiring model significantly. We no longer hire all the freshers from campus. We hire less than half of them from campus and more than half of them off campus," said Sanghrajka.
Bengaluru, April 18: The full-year headcount at IT major Infosys declined for the first time in nearly 23 years, by 25,994 in the financial year 2023-24. The full financial year headcount was 317,240 -- a 7.5 per cent decrease from the previous fiscal year. "Our utilisation rate has improved from 77 per cent utilisation including trainees in the beginning of the year. The growth environment was also very different at that point so we had guided differently," said Jayesh Sanghrajka, CFO, Infosys, as the company reported its fourth-quarter results on Thursday.
"We had to realign some of those factors as the growth environment changed. Our utilisation has changed to 82 per cent now. Our attrition has also come down significantly. That’s the reason you see a net headcount reduction," he added. On a quarterly basis, the company added 5,423 fewer employees. Infosys Announces To Acquire Global Semiconductor Design Service Provider InSemi, Aims To Accelerate Its ‘Chip-to-Cloud’ Strategy.
"We have changed our hiring model significantly. We no longer hire all the freshers from campus. We hire less than half of them from campus and more than half of them off campus," said Sanghrajka. Infosys Announces Its New 'Diamond' Partnership With HPE Alliances To Empower Businesses To Embrace Future and Achieve Their Goals.
The IT software giant declared a 30 per cent jump in net profit to Rs 7,969 crore for the January-March quarter, up from Rs 6,128 crore in the same quarter last year.
(The above story first appeared on LatestLY on Apr 18, 2024 11:45 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).