Infosys says financial services to get new organisational structure

“So, we’ve announced and rolled out an internal structure which is focused on delivery with the exit of Ravi (Kumar S). We are in a position to now roll out the structure that will be for financial services,” chief executive Salil Parekh said, talking about the roles left vacant due to senior level exits.

Between October and March, the company saw two top level exits in the delivery and financial services portfolios — Ravi Kumar and Joshi, who joined Cognizant and Tech Mahindra, respectively, as chief executive officers.

Parekh said the company has a strong internal leadership programme for the new structure in the delivery division. “We have a very good leadership team within the company. So, a lot of people are really energised and excited with the new roles that they have already claimed,” he said.

Meanwhile, owing to the uncertainty in the business environment and demand slowdown, the company reduced headcount by 3,611 employees on a net basis during the March-ended quarter, taking the overall headcount to 343,234.

For the full year, the net hiring number was 29,219, down 46% from the 54,396 employees hired by the Bengaluru-headquartered firm for the full fiscal 2022.

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Infosys had hired 1,627 candidates in the previous quarter. Infosys’ attrition came in at 20.9% in the March quarter compared with 24.3% in the previous three months. A year earlier, it was 27.7%. The metric was the highest for Infosys among the country’s top four IT majors in the comparable periods.Parekh said the company has seen interest from clients on generative artificial intelligence platforms. “We work with both open source platforms for clients or proprietary platforms for our own work. And we have the ability to work on any generative AI platform because we have our software development libraries and we can use for training,” said Parekh.

The company said that it had hired around 51,000 freshers in FY23 compared with the plans for around 50,000. It did not share FY24 fresher hiring plans.

“We have a very rich bench now and a lot of them are getting skilled or getting trained. So, we have a leeway for the next few quarters in terms of the availability of freshers. With the agile model of both college and off-campus recruitment, we can always turn that up. So, we have no specific number for FY24,” chief financial officer Nilanjan Roy said during a post-earnings press conference.

Larger rival Tata Consultancy Services has pegged its fresher hiring number at 46,000 for FY24.

On Wednesday, Tata Consultancy Services reported a net addition of 821 employees in headcount in the fourth quarter of FY23. Further, the headcount rose by 22,600 for the full year FY23. This is a 78% drop compared to the 1,03,000 employees added during FY22.