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Infosys (INFY) to Expand Workforce in Canada, Solidify Footprint

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Infosys (INFY - Free Report) recently announced plans to increase its Canadian workforce to 4,000 by 2023, by adding 500 new positions. This further testifies the company’s focus on increasing employment across various regions and expand skills to expedite digital transformation.

Notably, Infosys has created 2,000 jobs across various parts of Canada, namely, Toronto, Vancouver, Ottawa and Montreal, over the last two years. The expansion of operations in Calgary will enable the company to strengthen and expand business relationships with clients from natural resources, energy, media, retail and communications industries in Western Canada, Pacific North West and Central U.S.

Fourteen educational institutions across the country will participate in recruitment drives, including the University of Calgary, the University of Alberta, the Southern Alberta Institute of Technology, the University of British Columbia, the University of Toronto and the University of Waterloo.

Infosys is gaining strong momentum in various parts of the world with its quality efforts in digital transformation and by boosting employment. Notably, it was recently awarded the Best Place to Work in Canada - Glassdoor Employees' Choice Award. Moreover, the Top Employers Institute deemed Infosys as the Global Top Employer among all of North America, APAC and Europe.

Markedly, the news of workforce expansion in Canada follows Infosys’ commitment to hiring 12,000 American workers by 2022, which was announced in September last year. Moreover, the company had earlier fulfilled its commitment in 2017 to employ 10,000 American workers by 2019 and employed 13,000 professionals by September 2020.

Infosys is focused on expanding its footprint across major operational regions. The company has opened six Technology and Innovation Centers in the United States to develop leading-edge digital capabilities and provide training to IT talent, in order to support the digital transformation of American businesses. Infosys’ training infrastructure has created skilled tech talent and prepared American workers to take on more digital and operational jobs.

Zacks Rank & Stocks to Consider

Infosys currently carries a Zacks Rank #3 (Hold).

A few better-ranked stocks in the broader technology sector are Skyworks Solutions (SWKS - Free Report) , Vishay Intertechnology, Inc. (VSH - Free Report) and Shopify Inc. (SHOP - Free Report) , each sporting 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 Skyworks Solutions, Vishay Intertechnology and Shopify is currently pegged at 18.98%, 20.26% and 32.5%, respectively.

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