TCS, Infosys, Wipro: Hiring crashes across Indian IT companies in Q2 FY24

Produced by: Aakanksha Ram Chaturvedi Designed by: Mohsin Shaikh [{ "selector": ".knpqq-a", "duration": "1500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

Hiring crashes across
Indian IT companies

Tata Consultancy Services, Infosys, Wipro, and HCLTech announced their Q2 FY24 results. The company’s results revealed a trend of significant decline in headcount as compared to previous quarters [{ "selector": ".ufrcg-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 436px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".wwbaw-a", "duration": "1000ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

TCS

TCS reported a net decline in headcount by 6,333 employees in Q2 FY24, reaching a total of 608,985 employees. This marks a reduction from the June quarter, where the headcount was 615,318 [{ "selector": ".gqszj-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 436px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".giujc-a", "duration": "1000ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

Recalibrated hiring
strategy at TCS

On a yearly basis, TCS also experienced a drop in headcount, down by 7,186 employees compared to Q2FY23. TCS CHRO Milind Lakkad explained this as a strategic recalibration of hiring targets, focusing on training and talent development [{ "selector": ".bksnn-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 410px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".qmxii-a", "duration": "1000ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

Infosys

Infosys reported a sequential net fall of 7,530 employees in its headcount, with a total of 3,28,764 employees as of September 2023, compared to 3,36,294 in the previous quarter [{ "selector": ".itxas-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 410px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".bepau-a", "duration": "1000ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

Focus on reducing bench
at Infosys

The headcount also decreased compared to the previous year, down by 16,454. CFO Nilanjan Roy highlighted Infosys's reduced hiring activities due to a significant bench size and changes in hiring plans [{ "selector": ".krnnz-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateX(-349.0001331676135px)", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }, { "selector": ".mlarf-a", "duration": "1000ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

HCLTech

HCLTech experienced a net headcount decline of 2,299 employees in Q2 FY24, with a total headcount of 2,21,139. This marks the second consecutive quarter of headcount decline for the company [{ "selector": ".gofip-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 434px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".qpuff-a", "duration": "1000ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

HCLTech did not backfill
attrition

CEO and MD C Vijayakumar explained the decrease, stating that they did not backfill attrition as freshers were ready to be deployed on projects [{ "selector": ".jxqls-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 457px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".ljise-a", "duration": "1000ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

Wipro

Wipro saw its headcount decline for the fourth consecutive quarter, with 5,051 fewer employees than in the previous quarter. The company's headcount now stands at 2,44,707 [{ "selector": ".oiqjq-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 444px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".zmsxc-a", "duration": "1000ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

Sector Overview

In Q2 FY 24, Tata Consultancy Services (TCS), Infosys, HCLTech and Wipro, reported a decline in workforce by 21, 213. This was mainly driven by a slowdown in hiring, focus on better utilisation, and use of the existing pool of trained freshers on projects, amid rising uncertainty on the demand front [{ "selector": ".iiifo-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 393px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".trlsa-a", "duration": "1000ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

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TCS, Infosys, Wipro: Hiring crashes across Indian IT companies in Q2 FY24

Hiring crashes across Indian IT companies

TCS

Recalibrated hiring strategy at TCS