By Srinath Srinivasan
IT major Infosys will delay taking on board new recruits and will temporarily freeze hiring, hikes and promotions in the wake of the disruption due to the global pandemic. “We have no regrets in doing so. It will help us come out of the crisis stronger,” Nilanjan Roy, CFO, said on Monday.
Last week, TCS, the country’s biggest exporter of software services, had said it would not retrench any employees though there would be no increments this year. The TCS management said it would take on board the 40,000 recruits.
Salil Parekh, CEO, Infosys, observed that while the company was yet to gauge the full impact of the global pandemic, near term margin pressures across verticals and geographies could be expected. The IT major, which announced Q4FY20 results on Monday, expects the momentum to slow before picking up again after a few quarters.
Pravin Rao, COO, Infosys, said 93% of the company’s employees are currently working remotely from homes. “We are not looking at furloughs and will honour all our hiring commitments,” Rao said. He added the offices will open in a phased manner, with less than 5% of the work force expected to return to offices in a span of 3 to 5 weeks.