Profits dip but Infosys on hiring spree

Despite a dip in its net profit, technology bellwether Infosys is on a hiring spree, aiming to boost its software army to cope with a rebound in industry demand, even as it feels the pinch of a high turnover of staff. HT reports. The factory of wealth creation | The info on Infy

Despite a dip in its net profit, technology bellwether Infosys is on a hiring spree, aiming to boost its software army to cope with a rebound in industry demand, even as it feels the pinch of a high turnover of staff.

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The company plans to recruit as many as 36,000 people in the current financial year, of which 14,000 will come in the July-September quarter alone.

The hiring is significant because Infosys, with 114,000 employees globally, hired only 18,000 between January and June.

The company reported a 2.4 per cent dip in net profit as compared to the same quarter last year, pinched by salary hikes and weak demand in crisis-hit Europe, but its overall outlook was strong as it raised its full-year profit outlook. It is also sitting on a cash chest of more than Rs 16,000 crore to help expansion and acquisitions.

"Our hiring plans are in sync with increasing business opportunities for our company," said S Gopalakrishnan, Infosys managing director.

Infosys has to hire to feed new demand and also keep its flock from leaving for greener pastures. Attrition, or the exit of staff, reached 15.8 per cent in the latest quarter.