The Indian job market has seen some better days earlier.
In one such development, Indian IT services giant Infosys reported a 76 percent drop in college graduates hiring for the previous financial year.
Infosys Hiring Dropped By 76%
Infosys earlier hired 50,000 freshers, as per an annual financial report, in FY23.
These numbers have now significantly dropped to 11,900 hires in FY24.
Besides this, the attrition rate was reduced to 12.6 percent compared with 20.9 percent in FY23.
Infosys CEO and Managing Director Salil Parekh said, “The current headcount at Infosys is over 3,17,000 employees. We trained over 2,50,000 employees in AI skills,” in his address to shareholders.
Employee Wellbeing & Satisfaction
Further he said that Infosys is currently the leading company in AI and generative AI.
Moving ahead, the Chairman of Infosys, Nandan Nilekani said, “We are in the second year of the generative AI revolution. The real power of AI will come from configuring all the different models and tools to get the best solutions. This is not very different from previous generations of technology. The rise of powerful open-source AI models has accelerated the deployment of AI to solve tough business and societal challenges. Although there could be concentration risk in the hardware and cloud infrastructure space, as we move into actual use cases, a thousand flowers will bloom.”
Moreover, the report informed that Infosys had spent an annual average of 74.6 hours (about 3 days) of training per employee.
The company has also invested Rs 1,615 crore in employee well-being.
The employee satisfaction for FY24 was recorded at 80 percent through Pulse, Infosys’ feedback mechanism collecting real-time feedback from employees anonymously on work, learning, and careers.
So far, over 1.60 lakh employees have participated in this survey.
