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“We recruited nearly 11,900 college graduates in the year and ended the year with over 3,17,000 employees,” said Salil Parekh, CEO and managing director of Infosys, in its latest annual report for FY24.
In FY23, Infosys had recruited over 50,000 college graduates and ended the financial year with 343,234 employees.
In line with industry trends, during the financial period – April 2023 to March 2024, the IT giant’s total headcount dropped by 25,994 with its total employee base down by 7.5% to 317,240.
Infosys’ attrition also declined to 12.6% from 12.9% last year.
“We are into the second year of the generative AI revolution, and some clarity is beginning to emerge from the noise and babble of the last 18 months. The initial hyperventilation of AI doomerism and the risk of human extinction by AI advances like Artificial General Intelligence (AGI) has quietened down,” Nandan Nilekani, non-executive chairman and cofounder of Infosys, told shareholders.
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“The productivity gains from automation, must lead to talent redeployment in new areas with new opportunities. We must learn from applying AI to ourselves, be it in creating an AI-first enterprise or in accelerating the massive talent amplification that’s now needed,” he added.
Infosys has trained over 2,50,000 employees on AI skills as Parekh highlighted that “Infosys is the leading company in AI and generative AI today,” in his address to shareholders.
According to Nilekani, it is also clear that there won’t be a scenario where we’ll have ‘one model to rule them all’.
“Every day brings new advances in large language models (LLMs) from a dizzying set of actors all pushing for greater innovation. These range from very large models which need massive computing infrastructure to small ones that can run locally on the phone. The real power of AI will come from configuring all the different models and tools to get the best solutions,” Nilekani added.