Infosys campus hires drop 76% as only 11,900 students find jobs in 12 months –

The Indian labor market has seen some better days before.

Infosys campus hires drop 76% as only 11,900 students hired in 12 months

In one such development, Indian IT services giant Infosys reported a 76 percent drop in the number of graduates it hired last fiscal year.

Infosys recruitment fell 76%

Infosys previously hired 50,000 freshers in FY23, according to an annual financial report.

These numbers have now fallen significantly to 11,900 new hires in FY24.

In addition, employee turnover was reduced to 12.6 percent, compared to 20.9 percent in FY23.

Salil Parekh, CEO and Managing Director, Infosys, said, “The current workforce at Infosys stands at over 3,17,000 employees. We have trained over 2,50,000 employees in AI skills,” he said in his address to shareholders.

Employee well-being and satisfaction

He further said that Infosys is currently the leading company in AI and generative AI.

Looking ahead, Infosys Chairman Nandan Nilekani said, “We are in the second year of the generative AI revolution. The real power of AI will come from configuring all the different models and tools to get the best solutions. This is not much different from previous generations of technology. The emergence of powerful open-source AI models has accelerated the use of AI to solve difficult business and societal challenges. While there may be concentration risk in terms of hardware and cloud infrastructure, a thousand flowers will bloom as we deal with actual use cases.”

Furthermore, the report said that Infosys had spent an average of 74.6 hours (about 3 days) on training per employee annually.

The company has also invested Rs 1,615 crore in employee welfare.

Employee satisfaction for FY24 was recorded at 80 percent through Pulse, Infosys’ feedback mechanism that collects real-time employee feedback on work, learning and careers.

To date, more than 1.60 million employees have participated in this survey.