Is it economic recession? 63,759 employees were reduced in the top 3 leading IT companies of the country

IT Companies Headcount: Big changes are happening in the IT sector. There has been a decline in the number of employees of the top 3 IT companies in the country. Tata Consultancy Services (TCS), Infosys and Wipro have reported decline in their headcount for the first time in two decades.

IT Companies Headcount

Big changes are happening in the IT sector. There has been a decline in the number of employees of the top 3 IT companies in the country. Tata Consultancy Services (TCS), Infosys and Wipro have reported decline in their headcount for the first time in two decades. TCS, Infosys and Wipro, all three companies, said that their headcount has declined significantly in the financial year 20223-24.

TCS (Tata Consultancy Services) was the first of the three IT companies to announce quarterly results on April 12. The company said that by the end of the 2023-24 financial year, TCS’s workforce will stand at 601,546. Compared to the financial year 2022-23, the number of employees of the company has decreased by 13,249 employees. The company’s workforce in 2022-23 was 614,795.

On 18 April 2024, Infosys announced its quarterly results and the company said that in the financial year 2023-24, Infosys’ headcount has decreased by 25,994.

This is the first time in 23 years that Infosys has seen a reduction in its workforce. At the end of the financial year 2023-24, Infosys’ employee strength stood at 3,17,240, which is 7.5 percent less than the previous financial year. At the end of the 2022-23 financial year, Infosys had 3,43,234 employees.

Wipro has seen a major reduction in its workforce in the financial year 2023-24. Wipro’s headcount has declined by 24,516, taking the company’s total workforce to 2,34,054. The number of employees of these three major IT companies has decreased by 63,759.

Falling demand worldwide and consumers cutting back on technology spending have reduced the number of employees at these companies. Global economic uncertainty and geopolitical ups and downs have created a crisis for India’s IT services industry.

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