Bengaluru-based IT services major Infosys saw its headcount shrink by 7,530 for the quarter ending September 30, making this the third consecutive quarter in which the company has ended the quarter with fewer employees than the previous quarter. This is also the steepest-ever fall in headcount at the company.
The company, which announced its results for Q2 on October 12, ended the quarter with 3,28,764 employees.
The company's headcount shrank by 3,611 in Q4FY23 and 6,940 in Q1FY24. Its rival, Tata Consultancy Services, which announced its numbers on October 11, also saw a decline in headcount.
The company said that for now, it will not be going to campus to hire freshers, and will evaluate its hiring plans each quarter.
Attrition for the quarter continued its downward trend and came in at 14.6 percent, from last quarter’s 17.3 percent on a last-twelve-month basis. As the talent market cools off, attrition rates have continued to normalise further.
Read: Infosys to roll out wage hikes to employees from November 1
Poor hiring numbers and a decline in headcount are expected across the industry as companies tighten their purse strings and focus on improving utilisation in a challenging demand environment and macroeconomic climate.
Infosys has not shared any hiring plans, and has only previously said that it will calibrate hiring plans for FY24 based on the available pool of employees, growth expectations, and attrition trends.
The company has also said that it wants to improve utilization metrics, which went up to 81.8 percent in Q2 from 81.1 percent in Q1, excluding trainees.
Read: Infosys reports 3% YoY rise in net profit in Q2FY24, narrows revenue guidance at upper end
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