Infosys Fired 950 Employees Within 90 Days; Hired 7000 New Employees In The Same Period
Infosys has had quite a depressing year, especially when the company hit its worst attrition rate, 24%, in its entire history. However, in reality, the company has just been calling massive layoffs as “involuntary attrition.”
Yes, Infosys has fired as much as 950 people in the last quarter of the last year.
Read on for more details about the huge layoffs at Infosys right here!
Massive Layoffs At Infosys In The Last Quarter
India’s second-largest IT company, Infosys has reportedly fired about 950 people in the third quarter of the financial year 2020, and in September, the company has fired about 828 people. The Chief Operating Officer of Infosys, Mr. Pravin Rao said, “For the quarter ended December 31, involuntary attrition (layoffs) was 2%, while in the second it was 1.4%.”
In November, sources had revealed that the company might be looking at job cuts of more than 10,000 employees.
According to Infosys, 7350 employees quit their jobs voluntarily. The attrition rate at Infosys had dropped by 240 basis points to 15.6%. After which the company started drafting career progression plans, fast-tracked promotions and recognizing the managers.
Attrition Rate Reduces At Infosys
The attrition rate at Infosys was 19.4% in the quarter previous to the one that ended in December, and it fell down to 17.6% in December. As much as 8303 employees quit the company voluntarily.
In November, Infosys is said to have laid off about 2,200 people in the JL6 band (job level 6), which is code for senior managers at the company. In JL 3 and below, which consists of associates, Infosys is looking to fire about 2-5% of employees, and these job cuts are happening in JL4 and JL5 levels as well.
There are about 30092 employees in the JL6, JL7, and JL8 bands and the total number of employees at the end of December was 243,454, which is an incredible rise from 15,331 from the beginning of the last year.
However, the hiring at Infosys has not paused either. Employees that were focused on traditional technologies have been replaced with those who are adapting new technological and digital technologies faster. The overall number of employees rose by 7000 during the quarter.
In spite of the digital business booming, the revenue earned by Infosys from core business has fallen.