{"id":1274445,"date":"2023-10-16T09:28:10","date_gmt":"2023-10-16T03:58:10","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1274445"},"modified":"2023-10-16T09:28:46","modified_gmt":"2023-10-16T03:58:46","slug":"infosys-will-not-hire-from-colleges-universities-this-year-stops-campus-hiring-as-growth-projections-demolish","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/infosys-will-not-hire-from-colleges-universities-this-year-stops-campus-hiring-as-growth-projections-demolish\/","title":{"rendered":"Infosys Will Not Hire From Colleges, Universities This Year: Stops Campus Hiring As Growth Projections Demolish"},"content":{"rendered":"\n<p>Infosys won&#8217;t visit colleges for its fresher hiring drive this year.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/10\/Untitled-design-26-1280x720-2-1024x576.jpg\" alt=\"Infosys Will Not Hire From Colleges, Universities This Year: Stops Campus Hiring As Growth Projections Demolish\" class=\"wp-image-1274475\" srcset=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/10\/Untitled-design-26-1280x720-2-1024x576.jpg 1024w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/10\/Untitled-design-26-1280x720-2-300x169.jpg 300w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/10\/Untitled-design-26-1280x720-2-768x432.jpg 768w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/10\/Untitled-design-26-1280x720-2.jpg 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>CFO Nilanjan Roy said the company is not looking to make fresh campus hires yet.&nbsp;<\/p>\n\n\n\n<p>\u201cAs 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,\u201d he added.&nbsp;<\/p>\n\n\n\n<p><strong>Fresher pipeline<\/strong><\/p>\n\n\n\n<p>The firm said it still has a \u201csignificant fresher bench\u201d in the midst of a decline in demand in key markets such as the US.&nbsp;<\/p>\n\n\n\n<p>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.&nbsp;<\/p>\n\n\n\n<p><strong>Industry overall cutting back<\/strong><\/p>\n\n\n\n<p>It typically takes in 20-25 per cent of the 1.5 million engineering graduates in India every year.<\/p>\n\n\n\n<p>However firms are now cutting back on hiring freshers due to a weak deal pipeline amid lingering recession fears in the US.&nbsp;<\/p>\n\n\n\n<p><strong>Revenue, profit<\/strong><\/p>\n\n\n\n<p>Infosys cut its revenue guidance for 2023-24 to 1-2.5 per cent compared to the 1-3.5 per cent given earlier.&nbsp;<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p><strong>Attrition, headcount<\/strong><\/p>\n\n\n\n<p>Attrition rate on a 12-month trailing basis was down to 14.6 per cent, from 17.3 per cent a quarter ago.<\/p>\n\n\n\n<p>Net staff headcount was down by 7,530 in the September quarter to 328,764.&nbsp;<\/p>\n\n\n\n<p><strong>Overall hiring decline<\/strong><\/p>\n\n\n\n<p>TCS, Infosys, Wipro, HCL, Tech Mahindra, Cognizant, Accenture and several other IT firms hired 800,000 freshers over the past two financial years.<\/p>\n\n\n\n<p>However, staffing firm TeamLease Digital has projected a 30 per cent year-on-year decline in FY24.&nbsp;<\/p>\n\n\n\n<p><strong>Onboarding delay<\/strong><\/p>\n\n\n\n<p>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.&nbsp;<\/p>\n\n\n\n<p>On the onboarding delays at the company itself it <a href=\"https:\/\/www.businesstoday.in\/latest\/corporate\/story\/it-major-infosys-to-skip-campus-hiring-this-year-401767-2023-10-12\">said <\/a>it is&nbsp; \u201cCommitted to existing offers, at appropriate time.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Infosys won&#8217;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.&nbsp; \u201cAs 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,\u201d he added.&nbsp; [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":1274475,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[311,1757],"class_list":["post-1274445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-infosys","tag-it-hiring"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Infosys Will Not Hire From Colleges, Universities This Year: Stops Campus Hiring As Growth Projections Demolish - Trak.in - Indian Business of Tech, Mobile &amp; Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/infosys-will-not-hire-from-colleges-universities-this-year-stops-campus-hiring-as-growth-projections-demolish\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Infosys Will Not Hire From Colleges, Universities This Year: Stops Campus Hiring As Growth Projections Demolish - Trak.in - Indian Business of Tech, Mobile &amp; Startups\" \/>\n<meta property=\"og:description\" content=\"Infosys won&#8217;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.&nbsp; \u201cAs we see it, it is not likely that we will go to campuses for hiring this year. 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