The workforce of Indian IT companies has drastically decreased during the last three months. During the first quarter (Q1) of FY24, IT giant Wipro reported a decrease in workforce of 8,812, bringing its overall headcount to 249,758. The situation is identical at TCS and HCL Tech, two of India’s largest IT service providers. The two businesses’ combined net staff growth was less than 2,000. At all three IT organisations, the attrition rate is around 20%, which is a record-low for nearly a year. The largest software and services firm in India, TCS, has the following main hiring patterns.
The first quarter of the fiscal year 2024 (April to June 2023) witnessed a net addition of 523 people at Tata Consultancy Services (TCS). When compared to 14,136 net additions during the same quarter of the previous fiscal year, the number has drastically decreased (by 96%). The company’s overall headcount increased to 615,318 as a result.
“Our attrition continues to trend down and we expect it to be back in our industry-leading, long-term range in the second half of the year. We have given a 12-15% raise for exceptional performers in our latest annual compensation review, and also commenced the promotions cycle. as we remain focused on developing, retaining, and rewarding the best talent in the industry, and enhancing their effectiveness by bringing them back to the office to foster our culture,” ” TCS’ chief HR officer Milind Lakkad said.
According to reports, 40,000 new employees will be hired by Tata Consultancy Services (TCS) in fiscal year 2024 (FY24). Nearly 10% less than the previous fiscal year. In FY2023, the corporation hired 44,000 new employees.
TCS CEO K Kritihivasan said, “We should be back in our normal industry-leading range in the second half of this year. We’ll hire freshmen again this quarter and we’ll keep hiring freshmen.”
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