June 6: IT services major Infosys is adapting to the stringent immigration policies as a part of which it has set a target of recruiting 10,000 US locals. Now, the company is approaching the half-way mark of its target after having recruited over 4000 employees from the US.
Infosys CEO Salil Parekh disclosed that the IT major had hired 4,000 out its target of 10,000 set for the year 2021. Around 800 college hires were made by the company during the FY18. Infosys is eyeing to improve the numbers by raising the target to 1000 for the coming year.
Localization was among the pillar disclosed by Parekh in the company’s four-pillar strategy, with the other three being digital investment, increase in use of artificial intelligence, and automation and re-skilling the company’s talent.
Parekh has been quoted by reports as saying that the IT industry would have to adapt its business model given the change in the global dynamic surrounding immigration. According to him, Infosys needs a phase of calming down and stabilising. If it can do that doing this year, the company will be a far stronger company going ahead.
Under Parekh’s plan, Infosys will compromise its margin to make investments that will accelerate its growth. The target margin band for the company has been reduced to 22-24% in FY19 from 24-25% for the same period as a part of this. The company also lowered the expectation for dollar revenue growth from 7-9% to 6-8%.
Parekh also stressed that the investment strategy for Infosys was very specific, adding that it would focus on increasing client relevance and re-skilling of employees.