IT major Infosys will not be visiting college campuses this year to recruit freshers, despite the fact that the second largest Indian IT services company still has a “significant fresher bench” despite a fall in demand in major countries such as the United States.
CEO and MD Salil Parekh stated at the post-results news conference on Thursday that the company is carrying inefficiencies in its staff pyramid and has considerable room to tighten utilisation to 84-85 percent.
CFO Nilanjan Roy stated that the company is not aiming to make new campus hires at this time, citing a big fresher bench that is being trained on Gen AI.
“As we see it, we are unlikely to go to campuses for hiring this year.” But we’ll have to keep an eye on the situation every quarter,” he continued.
Every year, the IT services business takes 20-25 percent of India’s 1.5 million engineering graduates. However, corporations are expecting to reduce hiring of new employees due to a sluggish transaction pipeline and persisting recessionary fears in the United States.
IT major Infosys
Infosys announced a mediocre performance on Thursday evening, lowering its revenue outlook for 2023-24 to 1-2.5 percent from 1-3.5 percent previously.
Its 12-month trailing attrition rate was 14.6 percent, down from 17.3 percent a quarter ago. In the September quarter, its net staff headcount fell by 7,530 to 328,764.
According to hiring business TeamLease Digital and industry estimates, TCS, Infosys, Wipro, HCL, Tech Mahindra, Cognizant, Accenture, and several other IT organizations employed 800,000 freshers between the joyful days of 2021 and September-October 2022.
TeamLease Digital anticipates a 30% year-on-year reduction in FY24.
Furthermore, hundreds of freshmen from engineering universities’ 2022 and 2023 batches who landed positions with IT services organizations, on- or off-campus, are enduring interminable onboarding delays.
Concerning the onboarding delays experienced by new employees, the corporation stated: “Committed to existing offers, at appropriate time.”
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