Infosys Workforce Declines by 7.5% in FY24, First Decline in Two Decades

Infosys reported a 7.5% decrease in its workforce for the fiscal year 2023-24. The company ended the year with 317,240 employees, down from 343,234 the previous year. This marks the first time in nearly two and a half decades that Infosys has seen a decline in its annual headcount.

CFO Jayesh Sanghrajka attributed the decrease to a shift in the hiring environment and a successful reduction in employee attrition. The company has also implemented a new hiring strategy, focusing on experienced professionals rather than solely on recent graduates. Despite the workforce reduction, Infosys’ net profit for the January-March quarter rose 30% to Rs 7,969 crore.