Infosys to skip campus hiring this year

This year, Infosys won’t be conducting campus recruitment to hire fresh graduates, as the second-largest Indian IT services company continues to maintain a substantial pool of fresh talent. This decision comes in the wake of reduced demand in crucial markets like the United States.

In the post-result press conference on Thursday, CEO and MD Salil Parekh said the company is carrying inefficiencies in its employee pyramid and has enough room to tighten utilisation to 84-85 per cent. 

Pointing to a significant fresher bench that is being trained on Gen AI, CFO Nilanjan Roy said the company is not looking to make fresh campus hires yet. 

“As we see it, it is not likely that we will go to campuses for hiring this year. But will have to watch the situation every quarter,” he added. 

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Infosys Scales Down Revenue Guidance for 2023-24

Traditionally, the IT services sector in India employs around 20-25 percent of the annual influx of 1.5 million engineering graduates. However, companies are now scaling back their fresh graduate hiring plans due to a sluggish deal pipeline, driven by ongoing concerns about a recession in the United States.

Announcing a lukewarm result on Thursday evening, Infosys cut its revenue guidance for 2023-24 to 1-2.5 per cent compared to the 1-3.5 per cent given earlier. 

Its attrition rate on a 12-month trailing basis was down to 14.6 per cent, from 17.3 per cent a quarter ago. Its net staff headcount was down by 7,530 in the September quarter to 328,764. 

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Decline in Freshers Recruitment and Onboarding Delays

In the euphoric days of 2021 up to September-October 2022, the likes of TCS, Infosys, Wipro, HCL, Tech Mahindra, Cognizant, Accenture and several other IT firms hired 800,000 freshers over the past two financial years, as per staffing firm TeamLease Digital and industry estimates.  

TeamLease Digital has projected a 30 per cent year-on-year decline in FY24. 

Besides, several thousands of freshers from the 2022 and 2023 batches of engineering colleges who bagged jobs with IT services companies, on- or off-campus, are facing endless onboarding delays.   

On the onboarding delays faced by freshers, the company said: Committed to existing offers, at appropriate time. 

In the September 2023 quarter, Infosys reported a 3.1 percent year-on-year increase in net profit, reaching Rs 6,215 crore. The company’s revenue also saw a 6.7 percent growth, reaching Rs 38,994 crore, as disclosed in their recent announcement on Thursday evening.

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