Infosys has markedly reduced its intake of college graduates at 11,900 in FY24, which is a significant drop from the over 50,000 freshers the company recruited the previous year.
The company’s CEO and MD, Salil Parekh, disclosed these figures in the FY24 annual report released on Monday. “We recruited nearly 11,900 college graduates in the year and ended the year with over 317,000 employees,” said Parekh. This reduction is part of a broader industry trend where top Indian IT companies have collectively seen a reduction in workforce numbers amidst uncertain demand and other market dynamics.
Not to forget, Infosys’ also saw a headcount reduction for the first time in at least 23 years in FY24, which fell by 25,994 to 317,240. The company’s attrition also declined to 12.6% from 12.9% in FY23.
GST appeal process to be fully digitised
Election 2024 Results: Here is what India Inc is betting on as Exit Polls signal a third term for Modi
J&K witnesses 134% growth in AePS transactions, Northeastern states follow, reveals PayNearby’s report
After Amul, Mother Dairy announces milk price hike by Rs 2 per litre in Delhi-NCR
The company’s chief financial officer, Jayesh Sanghrajka, had told the media in April that Infosys had changed its hiring model significantly. “We no more hire all the freshers from campus. We hire less than half of them from campus and more than half of them off campus,” he said.
Recently, the IT employee union, Nascent Information Technology Employees Senate (NITES) had alleged that the company has been repeatedly delaying onboarding of over 2,000 campus recruits.
GenAI focus at Infosys
Despite the reduced fresher intake, Infosys remains committed to its workforce and technological advancements. “Our attrition reduced to 12.6%. We trained over 250,000 employees on AI skills. Our focus on gender diversity continues with about 39% of our workforce consisting of women employees,” Parekh highlighted in the report.
The company’s leadership is also steering towards maximizing the potentials of generative AI. Nandan Nilekani, non-executive chairman and cofounder of Infosys, said, “We are into the second year of the generative AI revolution, and some clarity is beginning to emerge from the noise and babble of the last 18 months,” Nilekani said. He emphasised the productivity gains from automation and the need for talent redeployment in new areas with new opportunities.
Nilekani’s vision for AI extends to both consumer and enterprise applications: “The real power of AI will come from configuring all the different models and tools to get the best solutions”.
Sexual Harassement Cases
Infosys reported a notable increase in sexual harassment complaints for FY24 to 98 cases filed against 78 complaints filed in fiscal 2023.
Furthermore, it provided data specific to complaints under POSH, revealing 64 total complaints reported in fiscal 2024 compared to 31 in the previous year.
This comes after, Tata Consultancy Services also reported an uptick in sexual harassment complaints. In FY24, the company received 110 complaints, up significantly from 49 the previous year.
During TCS’s 29th annual general meeting, Chairman N Chandrasekaran said that the increase might also be attributed to heightened awareness and encouraged openness within the company’s extensive workforce of over 600,000 employees.
“We are operating in a global environment and constantly enforcing and encouraging a culture of openness. We always want people to express themselves. If there is harassment, people should raise it; when they do so, the number goes up,” Chandrasekaran said.
From: financialexpress
Financial News
