Infosys net headcount declined by 6,101 to reach a total of 322,663 employees during the third quarter of FY24. This is the fourth quarter in a row that IT company reported a decline in its total headcount.
In the September quarter of FY24, Infosys had about 3,28764 employees. In the last 12 months, the company saw a total decline of 24,182 employees, that is about 7% of its Q3FY23 employee base. This is a also a year where the IT major has witnessed three of its 10 highest paid employees in FY23 leaving the company.
While attrition fell to 12.9% in Q3, down from 14.6% in Q2 FY24, Utilisation for the company has gone up to 82.7% in the just concluded quarter. This is against 81.8% in the second quarter.
Nilanjan Roy, outgoing CFO of Infosys, said, “We continue to monitor the utilisation and our flexi hiring model with Covid, on campus and off campus, that’s been a new learning for us… At this stage, of course, we’re not seeing any immediate campus recruitment. But for any volume increase we have a very strong off-campus programme.”
After deferring for about five months, Infosys last month rolled out hikes to selective employees that was effective from November 1, with the new amount credited to accounts with the December salary.
Junior employees, who joined the company after October 2021, did not get hikes, nor did those at the manager level who joined the firm after October 2020. Generally, the IT company gives annual hikes to its employees in June-July and they are effective from the start of the financial year.
Salil Parekh, CEO, Infosys, said that a lot of generative AI projects are in the pipeline and the company now has 1,00,000 GenAI-trained employees. Infosys also saw a decline in the number of its active and smaller clients in the third quarter.
The company saw its number of active clients falling from 1,884 to 1,872 in the third quarter. Even the number of million-dollar and 10-million-dollar clients fell by seven and four, respectively to 944 and 308 in the third quarter.