Infosys joinings wait-listed
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For several young engineers selected by Infosys through campus placements in August-September 2011, the happiness has been rather short-lived. The Bangalore-based software company has delayed the joining of some of the 28,000 fresh hires by as late as July 2013. The earlier joining dates range from September 2012 onwards, as per news reports.
Infosys is expected to complete on-boarding of the freshers by the first quarter of fiscal 2014. The company is navigating rough weather, trying to match pace with its industry peers, while seeking a changed strategic direction with a higher focus on software products and business platforms. Temporarily, its 1.5 lakh staff may have to go without a raise in salary besides losing the variable pay. The company's expected annual growth rate of 8-10% for the year, falls short of the sectoral growth projections of 11-14% by Nasscom's or 20% growth forecast by Cognizant. Read more
However, recruitment sector experts say that such onboarding delays are not unusual. It could happen as a result of lack of orders in the pipeline or when the motive behind the recruitment is to improve efficiency by re-skilling as per project requirements.
A Mumbai-based analyst with a foreign brokerage said that this situation could be an outcome of the slowdown in growth, or it could be a response to fresh reduction in growth visibility. Read more
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