Infosys reported a decline in hiring for the fifth consecutive quarter in its announcement for Q4 of FY24. This marks the first time in more than twenty years that the company has reported a decrease in its workforce. The company ended FY24 with 25,994 fewer employees than the previous year, reaching a total of 3,43,234 employees.
During the fiscal third quarter, the company's headcount decreased by 5,423, leading to a total of 3,17,240. This is a contrast to the previous fiscal year, where Infosys had witnessed an addition of 21,219 employees.
In the press briefing following the results announcement, Jayesh Sanghrajka, the CFO of Infosys, highlighted changes in the company's hiring approach over the last few years. Sanghrajka mentioned that the company is now following a more agile model of campus hiring, although specific numbers for campus recruitment have not been decided yet.
The fourth quarter of the previous fiscal year had witnessed a sequential dip of 3,611 employees.
Jayesh Sanghrajka was appointed as the deputy CFO, taking over the role effectively from April 1, 2024, after Nilanjan Roy, the former CFO of Infosys, had resigned in December.
Tata Consultancy Services (TCS) also reported a net reduction of 1,759 employees in the January to March 2024 quarter, bringing its total workforce at the end of FY24 to 601,546, the lowest in the last two years.
