Infosys Reports Drop In Hiring For FY24, First Decrease In Headcount In Over Two Decades
India's second-largest IT exporter, Infosys, disclosed a decline in hiring during the fourth quarter of fiscal year 2023-24, alongside a decrease in headcount for the entire fiscal year. Despite a 1.4 per cent year-on-year (YoY) revenue growth in constant currency, the company ended FY24 with 25,994 fewer employees compared to the previous fiscal year, an unprecedented downturn in its headcount figures.
The firm, which concluded FY23 with 3,43,234 employees, saw a significant reduction in its workforce, ending FY24 with a total of 3,17,240 employees. This decline contrasts with the previous fiscal year, where Infosys witnessed an addition of 21,219 employees over the preceding fiscal period.
In the third quarter of FY24, Infosys recorded a sequential headcount decrease of 6,101, followed by a further decline of 5,423 in the fourth quarter. These figures reflect a departure from the company’s historical trend of continuous growth in its employee base.
The change in hiring patterns was attributed to a shift towards a more agile model of campus recruitment, as noted by Jayesh Sanghrajka, the company’s current CFO. Sanghrajka, who took over the role following the resignation of Nilanjan Roy in December, stressed that specific numbers for future campus hiring are yet to be determined.
Infosys’ financial performance in FY24 saw a profit jump of 30 per cent year-on-year to Rs 7,969 crore. Despite this outcome, the company’s decision to reduce hiring marks a significant departure from its traditional recruitment strategies, signaling potential changes in its workforce management approach going forward.
