Infosys Will Hike Salaries Of Deserving Employees In April; Will Hire 50,000 Freshers To Combat 27% Attrition
Amid reports of industry wide attrition reaching new levels, Infosys reported that it has hired 85,000 freshers — both off campus and on campus — in the financial year ended March 31, 2022.
The freshers were recruited across India and globally.
Hiring Targets, Combating Attrition
It had declared its Q4 results where it reported a consolidated net profit of Rs 5,686 crore.
This is a growth of around 12 per cent as compared to Rs 5,076 crore in the year-ago quarter.
The software giant hired 54,396 employees for the year and plans to hire 50,000 more freshers in FY23.
The hiring spree comes amidst a spike in attrition and a new war for tech talent in the country.
Attrition stood at 27.7 per cent, Infosys CEO Salil Parekh said.
Investing In Employees
He said that there is a lot of potential to work with clients with the acceleration of digital disruptions across industries.
He added that the company will scale talent globally, invest in employees and accelerate innovation and digital capabilities to capitalize on the expanding market opportunities.
The company is experiencing a robust demand environment and aims to make appropriate long-term investments in capability building across sales, delivery and innovation.
It will offset some of the impacts through aggressive cost optimization programs and value-led pricing driven by service and brand differentiation.
Infosys is likely to provide salary hikes to employees in the coming financial year.
This is because of a strong revenue growth guidance for FY23 at 13-15 per cent, with operating margins at 21-23 per cent.
Parekh said that the company delivered the highest annual growth in a decade and continues to gain market share as a result of sustained clients’ confidence.
The company is following the lead of its peers in bringing its employees back to offices after nearly 2 years of remote work.
Return To Office Plans
It is planning a phased return to office.
In the initial phases, it will encourage its employees to attend office in person for just a day or two per week.
The company envisions a hybrid model in which about 40-50 per cent of employees will work from office after subsequent phases of return to office.
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