In the fiscal year 2024, India’s top five IT firms – Tata Consultancy Services (TCS), Infosys, Wipro, Tech Mahindra, and HCL Technologies – witnessed a significant reduction in their workforce. The cumulative decline across these companies amounted to a staggering 69,167 employees.
Here’s a closer look at the employee reduction in each of these companies:
1. Tata Consultancy Services (TCS)
TCS, one of the largest IT services companies in India, saw a reduction of 13,249 employees in FY24.
2. Infosys
Infosys, another major player in the IT sector, faced a more substantial reduction with 25,994 employees leaving the company.
3. Wipro
Wipro wasn’t far behind Infosys, with a decline of 24,516 employees.
4. Tech Mahindra
Tech Mahindra saw a decrease of 6,945 employees in its workforce.
5. HCL Technologies
HCL Technologies had the least reduction among the top five, with 1,537 employees exiting the company.
The decline in the workforce of these top IT firms is a significant development, warranting a closer examination of the underlying causes. It could be attributed to various factors such as automation, changes in business strategies, or shifts in the global IT landscape.
While it’s a challenging phase for these IT giants, it’s also an opportunity for them to reassess their strategies, focus on upskilling their employees, and adapt to the changing dynamics of the IT industry. The way these companies respond to this workforce reduction will shape the future of the IT sector in India.
In conclusion, FY24 was a year of workforce contraction for India’s top IT firms. As we move forward, it will be interesting to see how these companies adapt and evolve to maintain their leading positions in the industry.
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