In the third quarter that ended on December 2023, IT majors including Wipro, TCS, and Infosys headcount decreased by over 16000 in Q3. The only IT company, HCLTech has seen a positive headcount addition. In this report, we are trying to explore Hiring Trends in the IT Industry for 2024, with HR Experts.
In the previous quarter IT companies, TCS, Infosys, Wipro, and HCLTech announced their Q2FY24 results showing a headcount reduction of 21,177 employees.
Total Headcounts
| Company | Q1FY24 | Q2FY24 | Q3FY24 |
| TCS | 6,15,318 | 6,08,985 | 6,03,305 |
| Infosys | 3,36,294 | 3,28,764 | 3,22,663 |
| Wipro | 2,49,758 | 2,44,707 | 2,40,234 |
| HCL Tech | 2,23,438 | 2,21,139 | 2,24,756 |
According to Q3FY24 announcements, TCS headcount dropped by 5,680 employees workforce stood at 603,305 on December 31 with attrition at 13.3% for the last twelve months.
Peer company, Infosys’ headcount crashed by 6,101 in Q3FY24. The Total number of employees in the Q3 ended on Dec 31, 2023, stood at 322,663.
Wipro has announced the dip of 4,473 employees in Q3FY24, the total headcount stood at 2,40,234 in the December ending quarter.
Only, HCLTech out of the four Top IT companies in India has seen a positive headcount addition. The company added 3,616 employees in Q3FY24 and the total headcount stood at 2,24,756.
Employee Attrition
During their third-quarter results ending on December 31, 2023, all top IT companies like TCS, Infosys, HCLTech, and Wipro announced reduced Attrition Rates.
If you look at the last three consecutive quarters, attrition is continuously dropping, and are expected to see a sharp drop in attrition rates in the coming quarters.
| Company | Q1FY24 | Q2FY24 | Q3FY24 |
| TCS | 17.8% | 14.9% | 13.30% |
| Infosys | 17.3% | 14.6% | 12.90% |
| Wipro | 19.2% | 14.2.3% | 14.20% |
| HCLTech | 16.3% | 15.5% | 12.80% |
Number of Employees Hired in Q3FY23
Based on the numbers reported by companies in the third- quarter of Financial year 2023-24. Data shows that IT companies like TCS, Infosys, and Wipro are hiring a lesser number of employees than employees left in the third quarter.
Hiring is slow but companies are hiring employees. Hiring is not Freeze.
| Company | Left in Q3 | Difference in Headcont Q3 | Hired in Q3 |
| TCS | 20,060 | Drop 5,680 | 14,380 |
| Infosys | 10,406 | Drop 6,101 | 4,396 |
| Wipro | 8,528 | Drop 4,473 | 4,055 |
| HCLTech | 7,192 | Addition 3,616 | 10,808 |
Hiring Trends in the IT Industry for 2024
However, TCS consultancy services said that the company will continue hiring at a normal pace. Infosys and Wipro have decided to skip hiring graduates this year and will honor the first previous offers before further campus hiring.
According to a LinkedIn survey conducted by SightsIn Plus When it comes to hiring in 2024, top candidates are still in high demand, but there is more balance in the IT and Tech job market. The major Impact will be on Campus Hiring and the Industry may see a dip of 10- 25% in overall hiring for 2024.
Experts’ Opinion
Commenting on the Hiring in 2024 for IT Industry, Ankit Aggarwal, Founder & CEO of Ustop said, “Overall, in the last couple of quarters hiring has been slowed down in the IT Industry due to macro environment and will continue for another one, or two quarters, but there will be V-shaped recovery from the start of next financial year”
Sekhar Garisa, CEO of job recruitment platform foundit (formerly Monster) while speaking to Financial Express, said, “We see that the softness in IT hiring will continue at least for the next two quarters.”
“That doesn’t mean that hiring isn’t happening, it means that the hiring is happening at a number that is much lower than before”, Sekhar Garisa added.
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