Infosys announced that it will not be hiring fresher students from colleges this year.
Infosys plans to avoid hiring fresh talent from campuses this year due to a decline in demand in key markets like the US.
Ankush Pandey
INTRO
- This year, Infosys will not be hiring recent college graduates.
- There are already enough freshmen in the organization.
- All previous offer letters will be honored, notwithstanding.
Twitter, Amazon, and Google are among the tech industry giants that have faced mass layoffs due to cost-cutting measures following the COVID-19 pandemic's peak hiring surge. While some companies are focusing on cost reduction, others continue to lay off employees.
Infosys, an IT company, has decided not to hire freshers from campuses this year, citing a sufficient number of candidates who need to be trained.
1. Infosys CEO Salil Parekh announced that the company will not be hiring fresh talent from campuses this year due to a decline in demand in key markets like the US and inefficiencies in its employee pyramid.
2. Nilanjan Roy, CFO, stated that many freshers are being trained on Gen AI, with the company hiring 50,000 ahead of demand last year. However, there's still room for improvement in utilization and future campus expansion.
3. Roy, a key figure in the company, plans to monitor projects and hire individuals as they arise, despite not planning to visit campuses for hiring this year.
4. Infosys terminated 600 freshers after failing an internal SAP exam. Out of 150 employees, only 60 passed the FA exam, and the rest were terminated. The company also terminated 85 freshers from the previous batch who joined in July 2022. The incident highlights the challenges faced by Infosys.
5. The company reported a 40% reduction in employee variable pay for the quarter ending March 2023 in May.
