16162 Employees Reduced by India’s Top Three IT Companies in 2nd Quarter

New Delhi: India’s top three IT companies – Tata Consultancy Services, Infosys, and HCLTech – have together reduced their staff strength by 16,162 in Q2 of financial year 2023-24.

This is as a result of them battling the demand slowdown by not backfilling most attrition and stepping up utilization of the already hired fresher talent, reported The Statesman.

Infosys saw its steepest-ever headcount decline in a quarter at 7,530 employees, TCS witnessed headcount reduction by 6,333, and HCLTech saw a headcount decline of 2,299.

Recently, Emkay Global has released a note, citing Naukri’s JobSpeak Index, said the hiring index for IT-Software/Services has now declined, on a YoY basis, in all nine months of this year.

According to reports, the trend is likely to play out for other companies as well.