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.
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.
Wipro – Drop in Headcount
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—the attrition rate stood at 14.2 percent in the last twelve-month (LTM) basis.
Wipro has seen a reduction of 4,470 employees in its headcount for the third quarter of the fiscal year 2024. As of the quarter ending on 31 December 2023, the company’s headcount stood at 2,40,234, down from 2,44,707 in the previous quarter (Q2 FY24).
| Total Headcount | ||||
| Company | Q1FY24 | Q2FY24 | Q3FY24 | Q4FY24 |
| TCS | 6,15,318 | 6,08,985 | 6,03,305 | 6,01,546 |
| Infosys | 3,36,294 | 3,28,764 | 3,22,663 | 3,17,240 |
| Wipro | 249,758 | 2,44,707 | 2,40,234 | 234,054 |
Infosys- Drop in Headcount
In Q4FY24 and FY24, Infosys witnessed decreased hiring compared to previous quarters and fiscal years, reflecting a shifting trend.
Despite a 1.4% year-on-year revenue increase in constant currency. In Fiscal Year 24, the company’s headcount dropped by 25,994 as of the Quarter ended Mar 31, 2023, the headcount was 343,234 and as of Quarter ended Mar 31, 2024.
| Infosys | Q4FY24 | Q3FY23 | Q4FY23 |
| Total employees | 317,240 | 322,663 | 343,234 |
| S/W professionals | 299,814 | 304,590 | 324,816 |
| Voluntary Attrition % (LTM – IT Services) | 12.6% | 12.9% | 20.9% |
| % of Women Employees | 39.3% | 39.3% | 39.4% |
TCS – Drop in Headcount
In the January-March period, Tata Consultancy Services (TCS) saw a sequential decrease in headcount by 1,759 employees.
The FY24 headcount dropped by 13,249 employees and the total workforce stood at 6,01,546 as of March 31, 2024.
However, Tata Consultancy Services (TCS) targets to enroll a comparable number of new graduates in FY25 as it did in FY24, around 40,000.
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