In the Indian Information Technology (IT) sector, layoff and hiring slowdown is a cause for concern for campus placements.
Many companies earlier delayed the onboarding of employees now the reports show that campus placements for IT and tech slows down amid layoffs.
The impact of layoffs is huge on campus hiring as the number of companies hiring for core tech roles has come down as the companies have reduced the number of campus recruiters this year.
Additionally, the employees who will be hired from the campus may face additional difficulties such as delays in onboarding.
IT companies are fearing to campus recruitment, as India’s top IT sector facing drop upto 40 per cent of their revenues from the Banking, Financial Services, and Insurance (BFSI). The Indian Union Minister of State for IT, Rajeev Chandrasekhar said the revenues from BFSI can take a hit. The probability is a bit uncertain.
Accenture merely added 951 people in the fourth quarter and for the 2023 fiscal, its headcount dropped by 4,900. The company also muted net addition.
- The total workforce of TCS stood at 6,14,795 as on March 31, 2023. This is lower than the 6,16,171 employees recorded in the September 2022 quarter. But Total Headcouts are higher in Fy23 than Fy22.
- Infosys reported a total headcount of 3,43,234 in Q4 ending on March 31, higher in Fy23 than Fy22.
- As of March 31, 2023, Wipro’s total headcount stood at 2,56,921 employees.
- HCL’s workforce stood, at 2,25,944 which is increasing in every quarter in FY23.
Apparently, Major tech companies are laying off employees exponentially due to economic uncertainties. The move of layoffs is part of a larger trend of tech companies cutting jobs and slowing hiring as investors become increasingly fearful of a recession. Tech companies have either frozen the hiring process or laid off many employees.
Amazon sacked 27,000 employees in the last three months. Recently, the company announced to layoff of 9000 employees. The major companies that laid off employees include Infosys, Amazon, Google, Byju’s, Wipro, and Salesforce laid off a maximum number of workers globally.