Infosys Cuts Headcount for Fourth Straight Quarter, Utilization Rises

12 Jan 2024 , 12:59 PM

For the fourth quarter in a row, Infosys, a leading provider of IT services based in Bengaluru, had a 6,101 decrease in personnel for the quarter that concluded on December 31.

At the end of the December quarter, the corporation employed 322,663 people.

In Q2FY24, Infosys saw a 7,530 decrease in personnel compared to a 1,627 gain in Q3FY23. Tata Consultancy Services (TCS), a rival of the company, also released its numbers today, showing a 5,680 reduction in workforce to 603,305.

On a twelve-month basis, attrition for the quarter continued to fall, coming in at 12.9%, down from 14.6% in the prior quarter. As attrition rates continue to normalize, this pattern suggests that the talent market is cooling.

Since IT organizations are fighting a slowdown in the macroeconomic environment and sluggish demand in their core markets, hiring is still a low priority, especially when it comes to backfilling attrition.

With trainees excluded, the company’s utilisation rate increased to 82.7% in Q3 from 81.8% in Q2.

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