India’s IT industry is facing challenges due to macroeconomic challenges like high inflation, interest rates, and banking crisis in the US and European regions. IT giants in India like TCS, Infosys, Wipro, and HCLTech have reported slow hiring and a dip in headcounts in Q2FY24.
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.
| Company | Q1FY24 | Q2FY24 | Dip in HeadCount |
| TCS | 6,15,318 | 6,08,985 | 6,333 |
| Infosys | 3,36,294 | 3,28,764 | 7,530 |
| Wipro | 249,758 | 2,44,707 | 5,051 |
| HCL Tech | 223,438 | 2,21,139 | 2,299 |
India’s second-largest IT service provider, 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.
The workforce of the IT firm was reduced by 2,299 workers in the quarter under review. The company brought 3,630 freshers on board in the September quarter. Till June 2023, the company’s total headcount was 2,23,438.
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.
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