Indian IT services giant Infosys reported a 76 per cent drop in college graduates hiring in the previous financial year. According to the annual financial report, in FY23, Infosys hired 50,000 freshers. However, this number dropped to 11,900 hires in FY24.
On the other side, the attrition rate was reduced to 12.6 per cent compared with 20.9 per cent in FY23.
“The current headcount at Infosys is over 3,17,000 employees. We trained over 2,50,000 employees in AI skills,” said Infosys CEO and Managing Director Salil Parekh in his address to shareholders.
He added that Infosys is currently the leading company in AI and generative AI.
“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 very different from previous generations of technology. The rise of powerful open-source AI models has accelerated the deployment of AI to solve tough business and societal challenges. Although there could be concentration risk in the hardware and cloud infrastructure space, as we move into actual use cases, a thousand flowers will bloom,” said Nandan Nilekani, the Chairman of Infosys.
The report also showed that Infosys spent an annual average of 74.6 hours (about 3 days) of training per employee. Investments in employee well-being went up to ₹1,615 crore. Through Pulse, Infosys’ feedback mechanism collecting real-time feedback from employees anonymously on work, learning, and careers, employee satisfaction for FY24 was recorded at 80 per cent. Over 1.60 lakh employees participated in this survey.