Infosys workforce declines by 25,994 in FY24

This is the fifth consecutive quarter of decreased hiring for India's second-largest IT firm.

By the end of FY24, the company had 25,994 fewer employees compared to the previous year, resulting in a total workforce of 343,234 employees, reported India Today.

This is the first instance in over two decades where the company has recorded a decline in its workforce.

In the third quarter of the fiscal year, the company's workforce diminished by 5,423 individuals, resulting in a total of 317,240 employees, said the report.

This stands in stark contrast to the previous fiscal year, during which Infosys had an increase of 21,219 employees.

During the press briefing that ensued the results announcement, Jayesh Sanghrajka, the CFO of Infosys, emphasized alterations in the company's recruitment strategy over the past few years, according to India Today.

"We are at 82% utilisation and there is headroom for growth there; 85% is our comfortable level," said Sanghrajka

Sanghrajka also mentioned that the company has shifted towards a more agile approach to campus hiring, although specific figures for campus recruitment have yet to be decided.

In the fourth quarter of the preceding fiscal year, there was a sequential decrease of 3,611 employees.

Jayesh Sanghrajka assumed the position of deputy CFO on April 1, 2024, following the resignation of Nilanjan Roy, the former CFO of Infosys, in December.

Tata Consultancy Services (TCS) also reported a net decrease of 1,759 employees in the January to March 2024 quarter, resulting in a total workforce of 601,546 at the end of FY24, the lowest in the past two years.