Infosys CEO Parekh says firm to continue its hiring plans even as rival TCS cuts jobs: Report

Infosys chief executive & managing director Salil Parekh

Infosys chief executive officer Salil Parekh said the IT major won’t change its hiring plans for the current financial year and will continue to make strategic investments into its workforce to make them future-ready for artificial intelligence-led changes.

The country’s second-largest IT firm’s comments come at a time when its bigger rival Tata Consultancy Services decided to cut 12,000 jobs as it tries to become “more agile and future-ready” amid rapid disruptions in technology.

However, Parekh, in an interview with the Times of India, said Infosys has recruited around 17,000 new employees in the first quarter and it is on track to add 20,000 freshers this year.

He told TOI that the company is focused on its reskilling program with around 275,000 already trained. Parekh said the company is focused on AI transformation and believes the reskilling efforts will provide new opportunities for the workforce.

Parekh also pointed out that it is “critical to invest” into newer technologies and the company has focused on “internal efficiency” to achieve its targets without “major disruptions”.

Moreover, he said that the company’s growth will be stronger in the future once global issues, especially in the US and Europe, stabilizes.

Global environment ‘more stable’ but not yet fully settled, says Infosys CEO Salil Parekh

The IT bellwether reported an 8.7 percent on-year increase in consolidated net profit at Rs 6,921 crore for the quarter, beating street expectations. It also beat revenue expectations, which grew by 7.5 percent to Rs 42,279 crore.

A Bloomberg poll of brokerages had pegged Infosys’ net profit at Rs 6,778 crore and revenue at Rs 41,724 crore for the June quarter.