The ongoing recession has significantly impacted the IT sector over the past couple of years. In India, many IT companies are witnessing a decline in their employee strength, except HCL Technologies.
During the 2023-24 financial year, India saw a reduction of over 69,000 IT employees, primarily due to diminished demand.
Recently, major multinational corporations (MNCs) like TCS, Wipro, Infosys, Tech Mahindra, and HCL Technologies revealed their quarterly financial results, including employee statistics.
Collectively, these companies have downsized their workforce by 69,167 employees. TCS accounted for 13,249 reductions, Wipro for 24,516, Infosys for 25,994, and Tech Mahindra for 6,945.
On the flip side, HCL Technologies experienced an increase of 1,537 employees. This trend among the leading IT firms is causing concern within the industry.
Following the reduction in staff, IT companies are turning their attention to hiring fresh talent. For the upcoming 2024-25 financial year, TCS plans to recruit 40,000 employees, HCL plans to onboard 10,000, and Tech Mahindra aims for 6,000.
Infosys intends to recruit employees not only through traditional campus placements but also via off-campus recruitments.
Reports suggest that IT firms are currently focusing on boosting their growth rates. Once achieved, recruitment activities are expected to escalate.
Additionally, artificial intelligence (AI) is significantly influencing workforce fluctuations. While some companies are hiring individuals to manage AI-related tasks, others are using AI technologies resulting in employee layoffs.
