Infy delays campus recruitment; Bansal is CFO

With a challenging environment and low visibility into client spend, Infosys has said that it will be delaying joining dates for the current batch of its campus recruits and the management is also putting some cost-saving measures in place, reports Shreya Roy of CNBC-TV18.

Infy had decided that with its current business needs in mind it will be deferring the date of joining for campus recruits. The company had initially made 27,000 campus offers, but now the company says that 17,000 of these will be deferred by up to three months.
However, the firm has reiterated that it plans to honour each of these offers in due course of time. In fact the company which prided itself on a six-month long extensive training programme for fresh intakes has also decided to cut the period short by two months, four months of this training programme will be conducted at its sprawling Mysore campus, while two months will be an online programme.
The company is also taking a few more cost-cutting measures, such as the senior management has decided to forgo privilege travel. Until recently, Infosys has also deferred increments for its employees, but last quarter it had eventually gave its employees a hike of six percent.
CNBC-TV18 also learns that Rajiv Bansal, vice president – finance has taken over as the CFO from V Balakrishnan, former CFO, Infosys.
Rajiv Bansal, CFO, Infosys Bangalore, says that it is going to be challenging, but a very exciting role. "The company is going through some tough times. The first important thing will be to reassure all the stakeholders whether it is investors, customers or employees that Infosys is a great company has a right strategy. We are all working on the new strategy Infosys 3.0, which will change the business model of Infosys."