Infosys will not go to college campuses to hire freshers this year as the second-largest Indian IT services company still has a “significant fresher bench” amid declining demand in key markets like the US.
In a post-results press conference on Thursday, CEO and MD Salil Parekh said the company is carrying inefficiencies in its employee pyramid and has enough room to tighten utilization to 84-85 percent.
Pointing to a significant new bench trained in general AI, CFO Nilanjan Roy said the company is not yet looking to recruit new campuses.
“We see, there is no possibility of going to the campus for recruitment this year. But the situation has to be looked at every quarter,” he added.
The IT services industry typically employs 20-25 percent of the 1.5 million engineering graduates in India every year. But firms are now planning to stop hiring freshers due to a weak contract pipeline amid fears of a lingering recession in the US.
In the boom days of September 2021-October 2022, IT firms like TCS, Wipro, HCL, Infosys, Tech Mahindra, Cognizant, Accenture and others hired 800,000 freshers in the last two financial years, according to staffing firm Teamlease, a digital and industry estimate.
