Decline Of 70K Employees In India’s Top IT Firms: Insights & Causes
Decline of 70K Employees in India’s Top IT Firms: Insights & Causes.
Decline Of 70K Employees In India’s Top IT Firms: Discover why leading Indian IT companies like Infosys and TCS have seen a significant drop of 70K employees amid revenue challenges and slow growth.
Learn more about the industry’s outlook and its impact. The number of employees decreased by 70 thousand in big IT companies, know what is the reason.
Amid global challenges and slow growth in the revenue of India’s IT services sector, the number of employees in the country’s leading IT companies has decreased by 70 thousand during the last financial year.
The maximum reduction in employees has been recorded in Infosys, Tata Consultancy Services (TCS), Wipro, and Tech Mahindra during the financial year 2023-24.
Decline Of 70K Employees In India’s Top IT Firms: Employees increased only in HCL Tech.
During the last financial year, the number of employees of Infosys has decreased the most by 25,994, while the number of employees of TCS has decreased by 13,429.
Another IT company Wipro’s employee count has declined by 24,516 during the entire financial year.
Similarly, the number of Tech Mahindra employees has decreased by 6,945. However, during this period the number of employees from HCL Tech has increased by 1,537.
The slowdown in revenue is the main reason.
According to a recent report by rating agency Crisil Ratings, the growth in revenue of the IT services sector may remain slow for the second consecutive year even during the financial year 2024-25 and the industry’s revenue may increase by 5-7 percent this year.
Due to slow revenue growth, IT service companies have stopped hiring freshers. The result was that in December 2023, there was a four percent decrease in the number of employees annually.
Aditya Jhaver, Director, Crisil Ratings, says that the slowdown in technology spending will continue in the current financial year. This will impact the revenue growth of IT service providers.
