BENGALURU, India – Infosys has observed a significant decline in job applications, returning to pre-COVID-19 levels, with the number of job offers falling even below pandemic-period figures.
According to the company’s annual report, by the end of March 2024, Infosys received 2.44 million applications, closely matching the 2.33 million applications received in pre-COVID days.
Last year, Infosys offered 26,975 jobs, a stark contrast to the 94,324 jobs offered in the year ending March 2019.
Decline in applications and job offers
The drop in applications follows two consecutive years of mass hiring, during which Infosys received over five million applications.
Last year, however, Infosys received fewer than half the applications compared to FY23 and FY22.
Among India’s top four IT services companies, Infosys is the only one that reports the number of applications received and job offers made, excluding subsidiaries.
The reduced demand for talent in IT services companies is attributed to sluggish growth. Infosys grew by only 1.9% last year, its weakest growth ever, ending March 2024 with $18.6 billion in full-year revenue.
A source familiar with the company’s hiring plans told Livemint.com that the drop in applications is due to fewer openings last year.
Phil Fersht, CEO of US-based HFS Research, suggests that many ambitious young graduates now prefer startups or global capability centers (GCCs) over traditional Indian IT services, as they offer more challenging work, better pay, and a more exciting work environment.
“Why would they want to suffer a life of soul-crushing work for a company that still operates the way it did 15–20 years ago,” Fersht remarked.
Krishna Vij, vice-president and business head of IT staffing at TeamLease Digital, a Bengaluru-based staffing firm, attributed the decline in applications and job offers to overall economic uncertainty and a global slowdown, resulting in reduced hiring.
“Additionally, the tech industry’s evolving landscape has shifted towards more specialized and niche skills, further impacting the number of applications received,” she said.
