On Thursday, Shares of Infosys Limited (NYSE: INFY) gained 0.53% to $20.68. The stock opened its trade at $20.85 and after floating in a price range of $20.62 to $20.93, the stock grabbed the investor’s attention and traded 21,840,526 shares as compared to its average daily volume of 11.09M shares. The stock’s institutional ownership stands at 17.50%. Infosys Public Services, a US-headquartered subsidiary of Infosys (NYSE: INFY), today introduced Infosys LaborForce, a fully integrated, cloud-native Platform as a Service (PaaS) Unemployment Insurance (UI) system. Built on the Salesforce Platform, Infosys LaborForce is a tax, benefits, appeals and workforce solution designed to support state governments in building digital and resilient UI systems. The customer-centric solution equips states with advanced CRM and analytics capabilities, a lower long-term cost of ownership, and greater resiliency, that can result in better experiences for the U.S. workforce.
Meeting the needs of the modern workforce now and in the future
Infosys Public Services has developed LaborForce to address the issues with state unemployment and workforce systems. The COVID-19 pandemic put millions of Americans out of work and state unemployment systems across the U.S. failed to meet the soaring demand for benefits. Infosys LaborForce leverages the proven capabilities of cloud to rapidly adapt to a dynamic work, policy, and economic environment and meet the ever-changing needs of U.S. workers.
Infosys LaborForce supports all end-to-end UI processes, including tax, benefits, appeals, workforce, pandemic programs, family leave, call centers, and customer service. The solution leverages Salesforce’s rapid low-code development capabilities, enabling states to add new features and functionalities at speed and scale.
Citizen-centric with enhanced case management
Infosys LaborForce offers automated case management, citizen-centric user experiences, and advanced fraud prevention and detection. For example, using Infosys LaborForce, state employees can utilize functions like click-to-chat to automatically update claims information directly in back-end systems. Infosys LaborForce is also capable of automatically adjusting employer rates based on new information and modifying claims in response – dating back years if needed. AI-enabled decision-making capabilities also help resolve questions related to employee eligibility, enabling the solution to flag potential fraud or reconcile inconsistencies.
Proven capabilities and compliance-ready
Infosys LaborForce builds on the proven design and processing components already implemented in more than a dozen states. The product is designed, delivered, and supported through Infosys Public Services’ National Labor Practice, made up of practitioners that have been exclusively supporting unemployment insurance, workforce, and contact center modernizations for over 20 years. This team of workforce experts has previously helped modernize tax and benefits systems in 20+ states.
States can choose to implement Infosys LaborForce in its entirety or deploy individual modules that best fit their needs. Infosys Public Services also provides states with complementary expertise in service areas including UI training, organization change management, fraud program improvement and design, federal reporting and data validation, legacy systems support and maintenance, user experience (UX) redesign and improvement, modernization and RFP planning, and grant management.
INFY has a market value of $97.42B while its EPS was booked as $0.69 in the last 12 months. The stock has 4.19B shares outstanding. In the profitability analysis, the company has gross profit margin of 32.60% while net profit margin was 17.20%. Beta value of the company was 0.96; beta is used to measure riskiness of the security. Analyst recommendation for this stock stands at 2.40.
