Infosys, India’s second-largest IT services company, saw a 76% drop in hiring college graduates, recruiting nearly 11,900 in fiscal year 2023-24 ending in March.
Marking a significant decline in campus hiring compared to the previous year. In FY23, the company had hired over 50,000 freshers.
“We recruited nearly 11,900 college graduates in the year and ended with over 3,17,000 employees,” said Salil Parekh, CEO and managing director of Infosys, in the FY24 annual report.
This substantial year-over-year drop highlights a shift in Infosys’ hiring strategy or a response to changing business conditions.
The report also said that the company has trained over 2,50,000 employees on AI skills. The company’s focus on gender diversity continues with about 39% of the workforce consisting of women employees.
The sharp reduction in the number of recruits indicates a cautious approach to workforce expansion, potentially reflecting broader industry trends or internal adjustments within the company.
Overall, the drastic decrease in campus hires signals a notable change in Infosys’ recruitment patterns from one year to the next.
According to NITES, the company has also repeatedly delayed the joining and onboarding of freshers.
Harpreet Singh Saluja, President, NITES said, “Nascent Information Technology Employees Senate (NITES) is deeply concerned about the ongoing delay of joining dates for Infosys campus recruits who received offer letters in April 2022.”
“This extended wait has caused significant stress and uncertainty for these students, who may have turned down other opportunities in anticipation of joining Infosys”, he added.
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In Q4FY24 and FY24, Infosys witnessed decreased hiring compared to previous quarters and fiscal years, reflecting a shifting trend.
Despite a 1.4% year-on-year revenue increase in constant currency. In Fiscal Year 24, the company’s headcount dropped by 25,994 as of the Quarter ended Mar 31, 2023, the headcount was 343,234 and as of Quarter ended Mar 31, 2024.
| Infosys | Q4FY24 | Q3FY23 | Q4FY23 |
| Total employees | 317,240 | 322,663 | 343,234 |
| S/W professionals | 299,814 | 304,590 | 324,816 |
| Voluntary Attrition % (LTM – IT Services) | 12.6% | 12.9% | 20.9% |
| % of Women Employees | 39.3% | 39.3% | 39.4% |
This reflects the impact of a weak global demand environment and clients’ constrained tech spending.
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