A weak demand environment, weakness in discretionary spending, and prolonged decisionmaking from clients to sign deals led top Indian IT services companies to report a decline in headcount during the financial year 2023-24 (FY24).
India's largest IT company Tata Consultancy Services (TCS) reported a total employee headcount of 601,546 as of March 2024, a drop of 13,249 employees from the same period last year.
Infosys reported a total employee headcount of 317,240 as of March 2024, down by 25,994 employees from the same period last year, while Wipro saw a headcount decline of 24,516 employees in FY24 on an annual basis. In total, the three leading IT companies saw a reduction of nearly 64,000 employees in FY24 on an annual basis. For TCS and Infosys, the fall in headcount was the first time in a financial year.
This story is from the April 22, 2024 edition of Business Standard.
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This story is from the April 22, 2024 edition of Business Standard.
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