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Business News/ Companies / News/  Infosys to hire 45,000 college graduates as attrition level rises sharply
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Infosys to hire 45,000 college graduates as attrition level rises sharply

Infosys hiring: The IT company said that it plans to hire 45,000 college graduates this fiscal as compared to earlier target of 35,000

At the end of the September 2021 quarter, employee attrition at Infosys stood at 20.1% on annualised basisPremium
At the end of the September 2021 quarter, employee attrition at Infosys stood at 20.1% on annualised basis

As the demand for digital talent explodes, Infosys is expanding its hiring program for freshers as the Bengaluru IT giant posted strong results for the quarter ending September 30, 2021, though attrition levels also witnessed a spike. Infosys said that it plans to hire 45,000 college graduates this fiscal as compared to earlier target of 35,000.

“In order to harness the full potential of the market opportunity, we are expanding our college graduates hiring program to 45,000 for the year. Simultaneously, we continue to strengthen employee value proposition including health and wellness measures, reskilling programs, appropriate compensation interventions and enhanced career growth opportunities", said Pravin Rao, Chief Operating Officer.

At the end of June quarter, Infosys had said that it planned to hire 35,000 college graduates. “As the demand for digital talent explodes, rising attrition in the industry poses a near-term challenge," COO Pravin Rao had said earlier.

At the end of the September 2021 quarter, employee attrition at Infosys stood at 20.1% on annualised basis as compared to year-earlier levels of 12.8%. Infosys had a headcount of 2,79,617 employees at the end of September quarter. 

Infosys today also raised its annual revenue outlook, as India's second-largest IT services firm bets on more contracts from global businesses expanding their digital offerings during the COVID-19 pandemic. The company forecast revenue to rise between 16.5% and 17.5% in the financial year to March 2022, compared to its July prediction of 14% to 16% growth. It maintained its margin forecast for fiscal 2022 at 22% to 24%.

Its consolidated net profit came in at 5421 crore, beating the analysts' average estimate of 5,274 crore, according to Refinitiv IBES data. Revenue from operations climbed 20.5% to 29,602 crore. Infosys also announced interim dividend of 15 per share for FY22.

"Our stellar performance and robust growth outlook continue to demonstrate our strategic focus and the strength of our digital offerings. As we witness a strong market opportunity with global enterprises rapidly accelerating their digital journeys, our sustained investments in expanding capabilities, including the differentiated cloud play, Infosys CobaltTM, has uniquely positioned us to continue serving our clients effectively, gain market share and emerge as the preferred cloud and digital transformation partner in the market," said Salil Parekh, CEO and MD. 

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Published: 13 Oct 2021, 04:32 PM IST
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