According to recent Q2FY24 results announced by India’s top IT Giants like TCS (Tata Consultancy Services), Infosys, HCLTech, and Wipro all the companies have reported slow hiring and a dip in headcounts.
India’s largest IT major, Tata Consultancy Services (TCS) workforce stood at 608,985 in the quarter ending on September 30, reporting a dip of 6,333 employees compared to 6,15,318 in the last quarter. However, TCS’s employee base continues to be very diverse, with 35.8% women and 152 nationalities.
|Dip in HeadCount
Infosys announced its Q2FY24 results and reported a net fall of 7,530 employees in its headcount sequentially. Infosys has 3,28,764 employees on its roll as of September 30, 2023. However, the company had 3,36,294 employees in the previous quarter.
Wipro’s headcount has dropped further by 5,051 in the July-September quarter of fiscal 2023-24 (Q2FY24). The total headcount now stands at 2,44,707 and the attrition rate has dropped further to 15.5 percent, compared to 17.3 percent in the preceding April-June quarter. The total employee count at Wipro in the previous quarter was reported as 249,758.
HCLTech witnessed an attrition rate of 14.2 percent in the second quarter of the current financial year and said while announcing Q2FY24 that the total people count in the company stood at 2,21,139.
In combination, the companies including TCS, Infosys, Wipro, HCLTech, Tech Mahindra, Cognizant, Mphasis, Persistent Systems, and LTIMindtree during H1FY24 have witnessed a downfall of 51,744.
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.
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.