Infosys and TCS to Recruit Thousands of Fresh Graduates in 2024: A Shift in Hiring Strategies
Infosys and TCS are gearing up to recruit thousands of fresh graduates in the current fiscal year, revamping their hiring strategies to include both on-campus and off-campus placements. This approach highlights the IT firms' focus on agile hiring to meet evolving market demands.
Infosys Resumes Campus Recruitment
After a four-quarter hiatus, Infosys is set to resume its campus recruitment drive, targeting the hiring of 15,000 to 20,000 fresh graduates this fiscal year. This recruitment drive includes both on-campus and off-campus placements, reflecting the company's adaptive hiring approach. Off-campus hiring involves recruiting new graduates outside the traditional campus placement season, broadening the talent pool.
TCS's Consistent Hiring Strategy
Infosys's larger competitor, TCS, plans to hire approximately 40,000 freshers this financial year, consistent with its hiring numbers from the previous year. This steady approach underscores TCS's commitment to maintaining a robust talent pipeline.
Adjustments in Hiring Models
In the June quarter, Infosys's headcount decreased by nearly 2,000, bringing the total number of employees to 315,332. Despite this reduction, Infosys CFO Jayesh Sanghrajka emphasized the company's move towards agile hiring, stating, "In the past multiple quarters, we have moved to agile hiring where we hire freshers from campus and off-campus. Our utilization is already at 85%. So, we have little headroom now left. We are looking at hiring 15,000 to 20,000 freshers this year depending on how we see the growth."
Infosys's utilization rate, excluding trainees, increased to 85.3% in the June quarter from 83.5% in the March quarter. The company has adjusted its hiring strategy to a model where 50% of new hires come from campuses, while the remaining come from off-campus recruitment.
Industry Trends and Future Growth
Traditionally, IT firms have been the largest recruiters of engineering and technology talent. However, in the past financial year, the combined headcount of TCS, Infosys, and Wipro decreased by nearly 64,000 due to a slowdown in off-campus hiring, largely influenced by a slump in mainstay customer markets.
"Despite an overarching trend of reduced attrition and increased productivity, companies are creating new positions to support their growth. Secondly, there is a strong focus on future growth—by bringing in freshers, companies can invest in training and development to ensure they possess the skills necessary to meet future client demands," said Krishna Vij, business head of IT staffing at Teamlease Digital.
Infosys's hiring initiative will blend on-campus and off-campus recruitment based on project requirements and necessary skills, with plans to recruit lateral staff as needed. This strategic mix aims to ensure that the company remains agile and responsive to market changes while building a strong foundation for future growth.
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