Infosys, one of India’s leading IT companies, has reported a significant decrease in the number of college graduates it hired in the fiscal year 2023-24 compared to the previous year. According to data from its annual reports, Infosys recruited only around 11,900 college graduates in FY24, a stark contrast to the over 50,000 graduates hired in the previous year.
The company’s CEO and managing director, Salil Parekh, stated that Infosys ended the year with over 317,000 employees, showcasing a 7.5% decline in its total employee base compared to the previous fiscal year. The overall headcount saw a decrease of nearly 26,000 employees during this period.
Despite the drop in college graduate hires, Infosys has seen a reduction in its attrition rate, which declined to 12.6% from 12.9% in the previous year. The company has been focusing on upskilling its workforce in areas such as AI, with over 250,000 employees trained on AI skills.
Nandan Nilekani, chairman and former cofounder of Infosys, addressed shareholders, emphasizing the importance of adapting to the evolving landscape of artificial intelligence. He acknowledged the rapid advancements in AI technologies and stressed the need for configuring different models and tools to achieve optimal solutions.
As the company navigates the generative AI revolution, Infosys aims to stay at the forefront of innovation in AI and leverage automation to drive productivity gains and create new opportunities for talent redeployment. With a focus on continuous learning and development, Infosys is poised to thrive in the ever-changing digital era.
