Infosys (INFY - Free Report) , on Thursday, announced its plans to hire additional 500 tech employees in Rhode Island, U.S., over the next two years. The company’s move is aimed at reskilling workers who have been economically affected by the COVID-19 pandemic.
The latest announcement is part of India’s second largest IT services firm’s Sep 1 commitment of adding 12,000 American workers to its workforce by 2023. In 2017, Infosys had committed to add 10,000 American workers over the next two years. The technology and consulting company has added 13,000 jobs so far across its U.S. offices.
Infosys’ latest hiring announcements can be seen as part of its strategy to reduce dependencies on H1B work visas, which allow organizations to employee foreign nationals to work in U.S. offices. However, President Trump’s administration has imposed several restrictions on H1B work visa in a move to help millions of Americans who have lost their jobs due to the pandemic-induced economic crisis.
We believe with its planned hiring, the company intends to assure uninterrupted services across its largest market. North America accounted for nearly 62% of the Bengaluru, India-based IT consulting firm’s first-quarter fiscal 2021 revenues.
Over the last three years, Infosys has launched six technology and innovation centers to build out its U.S. workforce. These technology and innovation centers are located in Indiana, Connecticut, North Carolina, Texas, Rhode Island, and Arizona and will focus on training and developing skills for critical IT service jobs.
Zacks Rank & Stocks to Consider
Currently, Infosys carries a Zacks Rank #3 (Hold).
A few better-ranked stocks in the broader technology sector are salesforce.com inc. (CRM - Free Report) , Synaptics Incorporated (SYNA - Free Report) , and Blackbaud, Inc. (BLKB - Free Report) , each flaunting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The long-term earnings growth rate for Salesforce, Synaptics and Blackbaud is currently pegged at 18%, 10% and 7.6%, respectively.
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