IT sector job growth may rebound by FY25’s 2nd half

In FY24, India’s top IT giants, TCS, Wipro, & Infosys collectively reported a drop in headcounts by 63,000 employees. This reflects the impact of a weak global demand environment and clients’ constrained tech spending.

Wipro reported a net reduction of 6,180 employees, total headcount at the end of March 2024 stood at 234,054. The company’s headcount was reduced by 24,516 in FY24. On the other end, Wipro has delayed the campus hiring and it will not start anytime soon.

In Fiscal Year 24, Infosys headcount dropped by 25,994 as of the Quarter ended Mar 31, 2023, the headcount was 343,234.

The FY24 TCS headcount dropped by 13,249 employees and the total workforce stood at 6,01,546 as of March 31, 2024.

Despite the sequential drop in headcounts, Q4FY24 sounds encouraging and motivating in terms of revenue and order books. It gives a better guideline for the next coming quarters and FY25. The IT sector may anticipate a significant uptick in hiring.

According to Indian Express, the projections indicate an expected 8-10% surge in recruitment throughout this calendar year, signaling a potential reversal in the sector’s employment trend and hinting at a promising outlook for job seekers within the industry.

The report also suggested that the projection indicates a robust 12-15% upswing in IT industry hiring for CY2024, primarily fueled by the proliferation of global capability centers (GCCs) and the steady stabilization of the global economy.

This anticipated surge underscores the sector’s resilience and its pivotal role in driving employment growth amid evolving market dynamics, offering promising opportunities for job seekers and highlighting the strategic significance of GCCs in shaping the industry’s workforce landscape.

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