Three large IT companies laid off 64 thousand workers in the most recent fiscal year; TCS-Infosys was not exempt
Layoffs: Due to weak demand globally, the country's three largest information-technology (IT) companies TCS, Infosys and Wipro have laid off 64 thousand employees in the financial year 2023-24. The total employee count of Infosys, India's second-largest IT services exporter, declined to 317,240 in March 2024, which is 25,994 less than 343,234 employees in the same period last year.
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Due to weak demand globally, the country's three largest information technology (IT) companies TCS, Infosys and Wipro have laid off 64 thousand employees in the financial year 2023-24. The number of employees at Wipro, which announced its March quarter results on Friday, declined to 2,34,054 from 2,58,570 in the year-ago period.
In this way, the number of employees of the company has declined by 24,516. Wipro Chief Human Resources Officer Saurabh Govil said that the reduction in headcount is mainly due to the operational efficiency driven by us along with the market and demand environment.
As businesses shift towards more IP-based platforms and artificial intelligence, there will be a long-term difference in headcount growth. With a valuation of $254 billion, India's IT services sector is facing challenges from geopolitical upheaval and uncertain global economic conditions.
The total number of employees at Infosys, the second-largest exporter of IT services in India, decreased to 3,17,240 in March 2024 from 3,43,234 in the same month the previous year, a decrease of 25,994.
According to company CFO Jayesh Sangharajka, the hiring process has evolved over the past few years. Our hiring process on campus now follows a more cautious model. At TCS, there has been a 13,249 employee decrease from the fiscal year 2022–2023. As of the end of March, it employed 6,01,546 people in total.
