New Delhi: Tata Consultancy Services (TCS), Infosys and Wipro – India’s largest IT companies – saw declines in their headcount for the first time in a decade, The Hindu BusinessLine reported citing the IT giants’ annual reports.
According to PTI, TCS, Infosys and Wipro saw declines of 13,249 employees, 25,994 employees and 24,516 employees respectively during the 2023-2024 financial year.
The gloomy scenario is attributable to the slowdown being witnessed across the tech, consulting and other services sectors.
Indian IT firms, unlike major global tech companies, have not necessarily laid off employees but have reduced hiring to levels lower than the number of employees leaving them, BusinessLine‘s report said.
Its report added that IT firms decided to reduce costs by limiting hiring following a dip in discretionary tech spending in FY’24 after the Silicon Valley Bank collapsed last year.
Industry body Nasscom projected that the tech industry in India would add about 60,000 jobs in FY’24 – a figure 80% lower than the previous year’s addition of 2,90,000 jobs, one report said.
As of earlier this year, while TCS said it will continue with campus recruitment, Infosys said it had no plans for immediate campus requirements for FY’24.
BusinessLine‘s report said that the trend of lower hiring was set to continue through the ongoing financial year as there is no clarity yet on when discretionary spending will bounce back.
