5 Minutes Read
Infosys headcount declines for the fifth straight quarter in Q4 with net reduction of 5,423 employees
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
Listen to the Article (6 Minutes)
Summary
Infosys Q4 results: This is the fifth quarter in a row that the IT giant has witnessed a net decline in the total workforce. In these five quarters, the firm has seen a net reduction of more than 29,000 employees.
Infosys saw a net reduction of 5,423 employees in the January to March 2024 quarter which took its total strength to 317,240 at the end of the 2023-24 fiscal year, according to the firm’s financial results released on April 18.
This is the fifth quarter in a row that the IT services giant has witnessed a net decline in the total workforce. In these five quarters, the firm has seen a net drop of more than 29,000 employees.
This is also the second reporting quarter after Infosys said it won’t hire fresh talent from campuses this year since it still has a “significant fresher bench” while there is a decline in demand in key markets like the US.
Meanwhile, the attrition rate — employees leaving an organisation — continued to ease in the fourth quarter of the fiscal to 12.6% at Infosys.
In the press briefing after announcing the results, Jayesh Sanghrajka, CFO, Infosys said the firm’s hiring model has changed significantly in last few years. “We are at 82% utilisation and there is headroom for growth there; 85% is our comfortable level,” he said.
Last week, Infosys’ peer Tata Consultancy Services (TCS) also reported a net drop of 1,759 employees in the January to March 2024 quarter, which took its total workforce at the end of the 2023-24 fiscal to 601,546 — the lowest in the last two years.
At a time when Infosys had implemented a campus hiring freeze, TCS boasted of being the first one to hire from institutes. “We have already gone to private institutions and made 1,000s of offers,” TCS CHRO Milind Lakkad said, adding that experienced talent is hired every quarter based on the required demand.
Also Read: TCS explains the changing role of developers amid AI adoption
Track Infosys Q4 results live updates here
Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout
3 Mins Read
Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter
Daily Newsletter
