There has been a decrease in the headcount and layoffs in 2023 that have raised questions about the Job Market facing recession & lack of jobs.
In an interview with The Indian Express, MoS IT Rajeev Chandrasekhar said that the overestimation of demand led to post-COVID job cuts.
Rajeev Chandrasekhar stated, “If we look at the tech space, layoffs occurred post-Covid. It happened to companies like Google, Microsoft, Meta, and even smaller startups. When the world was emerging from Covid, everyone believed that the digital and digitization boom would be a permanent phenomenon. People thought that remote work would become a permanent setup.”
He further said, “Some companies may have overestimated the demand and consumption of digital products, leading to resizing and rightsizing of organizations.”
Headcount Decrease
Cognizant total headcount at the end of the second quarter was 345,600, a decrease of 5,900 from Q1 2023 and an increase of 4,300 from Q2 2022.
Amid the global layoffs and economic uncertainty, recently, India’s IT companies Infosys, Wipro, and HCL Tech have also reported a drop in head counts.
| Company | Q4FY23 | Q3FY23 | Q2FY23 | Q1FY23 |
| Infosys | 3,43,234 | 3,46,845 | 3,45,218 | 3,35,186 |
| Wipro | 2,56,921 | 258,744 | 258,574 | 2,58,574 |
| HCL | 2,25,944 | 2,22,270 | 219,325 | 2,10,966 |
CEO receives 3,000 resumes in 48 hrs: “How bad is Job Market?
The founder and Chief Executive Officer (CEO), Kartik Mandaville, of a start-up said that he received more than 3,000 resumes in 48 hours against job postings on the company website.
Springworks CEO Kartik Mandaville shared a tweet saying, “Received over 3K resumes in the last 48 hours just on our website – how bad is the job market?”
Walk-in-interview: Thousands Line up, Video viral on Social media
Getting a job is a tough job. Recently, a user shared a video on social media platform X (formally Twitter) sharing the information about the Wipro walk-in interview where Thousands of people can be seen in a Line.
Abhishek Kar the social media user shared a post saying, “Outside Wipro’s Kolkata office during walkin. 10000+ applicants for some jobs! The job market isn’t as easy it seems. Your view?”
However, Sightsin Plus could not verify the authenticity of these videos.
Layoffs in 2023
Additionally, So far in 2023, there have been 1,396 layoffs at tech companies with 332,449 people impacted (1,471 people per day). In 2022, there were 1,557 layoffs at tech companies 243,318 people impacted (667 people per day).
