Infosys cuts staff, considers salary hikes’

When compared to the previous fiscal year’s fourth quarter, the number of workers working at Infosys during the June quarter fell by 6,940.Additionally, headcounts fell at the information technology businesses Wipro and HCLTech.As of the 30th of June in 2023, the total number of workers working for the company was 3,36,294 as opposed to 3,43,234 during the March quarter.

The percentage of employees that left the company during the quarter dropped to 20.9% from 20.3% in the prior quarter. In the same time period a year before, the company’s voluntary attrition rate was 28.4%. The company did not provide an outline for the hiring target for FY24 and stated that it will depend on changes in the demand environment as well as changes in the attrition statistics that they are observing. This is relevant to the fact that the company did not provide an idea for the hiring target for FY24.

Wipro, like most other companies, did not provide an employment forecast. According to Saurabh Govil, Chief Human Resources Officer (CHRO) of Wipro, recruiting would depend on the macroeconomic situation, and hiring will occur in important fields such as artificial intelligence.”We will calibrate hiring according to requirements,” he stated. “We are going to do that.”

The pay increases that were scheduled for the staff of Infosys have been postponed, and the Chief Financial Officer of the company, Nilanjan Roy, has stated that “this is under consideration as of now and we are looking at it.” Many of the company’s employees have not gotten any information regarding the wage increase, despite the fact that the corporation typically makes the announcement of a wage increase either in April or May.

In addition to Infosys, HCLTech has arrived at the conclusion that it will not conduct the salary review, beginning with the management layer, which is the E4+. According to analysts, these delays are evidence that IT companies are dealing with a hard demand environment.