While attrition fell to 12.9% in Q3 from 14.6% in 2QFY24, the company’s utilization rate increased to 82.7% in the upcoming quarter through precious.
Infosys’ net headcount fell by 6,101 to a total of 322,663 employees in the third quarter of 2024. This was the fourth consecutive quarter in which an IT company reported a decline in its total headcount.
In the September quarter of fiscal 2024, Infosys had about 3,28,764 employees. Over the past 12 months, the company saw a total decline of 24,182 employees, or about 7% of its workforce in Q3 FY 2023. This was also the year when the IT industry saw 3 out of the 10 highest paid employees in FY23 leave the company.
While attrition fell to 12.9% in Q3 from 14.6% in 2QFY24, the company’s utilization rate increased to 82.7% in the upcoming quarter through precious. This compares with 81.8% in the second quarter.
Nilanjan Roy, outgoing CFO of Infosys, said: “We continue to monitor the usage and our flexible hiring model with Covid, on and off campus, this is a post new to us… At this stage, of course, we are not seeing immediate recruitment on campus. But to increase numbers, we have a very strong off-campus program.
After about five months of delay, Infosys last month rolled out pay hikes to select employees, effective November 1, with the new amount credited to accounts along with December salaries . Lower-level employees who join the company after October 2021 will not receive a salary increase, nor will those at the management level who join the company after October 2020 receive a salary increase. Generally, IT companies give annual salary increases to June-July hires and they are effective. right from the start of the exercise.
Salil Parekh, CEO of Infosys, said many general AI projects are underway and the company now has 100,000 employees trained in GenAI. Infosys also saw a decline in the number of active and smaller customers in the third quarter.
The company saw its number of active customers increase from 1,884 to 1,872 in the third quarter. Even the number of million- and ten-million-dollar customers dropped seven and four, respectively, to 944 and 308 in the third quarter.
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