Infosys won’t visit colleges for its fresher hiring drive this year.
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.
Fresher pipeline
The firm said it still has a “significant fresher bench” in the midst of a decline in demand in key markets such as the US.
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.
Industry overall cutting back
It typically takes in 20-25 per cent of the 1.5 million engineering graduates in India every year.
However firms are now cutting back on hiring freshers due to a weak deal pipeline amid lingering recession fears in the US.
Revenue, profit
Infosys cut its revenue guidance for 2023-24 to 1-2.5 per cent compared to the 1-3.5 per cent given earlier.
Net profit rose 3.1 per cent year-on-year to Rs 6,215 crore for the September 2023 quarter and revenue rose 6.7 per cent to Rs 38,994 crore.
Attrition, headcount
Attrition rate on a 12-month trailing basis was down to 14.6 per cent, from 17.3 per cent a quarter ago.
Net staff headcount was down by 7,530 in the September quarter to 328,764.
Overall hiring decline
TCS, Infosys, Wipro, HCL, Tech Mahindra, Cognizant, Accenture and several other IT firms hired 800,000 freshers over the past two financial years.
However, staffing firm TeamLease Digital has projected a 30 per cent year-on-year decline in FY24.
Onboarding delay
Thousands of freshers from the 2022 and 2023 batches of engineering colleges who landed roles in IT services companies, on- or off-campus, are facing endless onboarding delays.
On the onboarding delays at the company itself it said it is “Committed to existing offers, at appropriate time.”
