The Statistics Of These Giants Are A Testimony To The Slowdown In The IT Sector In India

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IT Sector Jobs: Companies have already started declaring quarterly results for the first quarter of the current financial year i.e. April-June 2023. As usual the IT sector has made its debut and the results of all four top IT companies have been declared. The quarterly results of these four companies show that the number of employees in the IT sector has decreased during the first quarter.

IT companies are less staffed

During the quarter under review, the total headcount of the top four IT companies ie TCS, Infosys, Wipro and HCL Tech declined by 17,335. Earlier, during the first quarter of the last financial year, the total number of employees of the top four IT companies increased by 52,842.

Such a huge decline in Infosys

Infosys, the country’s second-largest IT company, saw a cut of 6,940 employees in the June quarter. The total number of Infosys employees has now come down to 3,36,294. Earlier in the March quarter as well, Infosys’ headcount had declined by 3,611. Infosys has found some relief on the attrition front. In the March quarter, the attrition rate at Infosys was 20.9 percent, down from 17.3 percent in the June quarter.

Better position than others in TCS

TCS, the country’s largest IT company, has reported success in increasing the number of employees during this period. TCS’ headcount increased by 523 in the June quarter from 821 in the March quarter. TCS may have increased the number of employees unlike the industry trade, but it clearly shows that the hiring process in IT companies has slowed down. Currently, the total number of employees of TCS is 6,15,318. The attrition rate at TCS was 20.1 percent during the March quarter, which declined to 17.8 percent in the June quarter.

Wipro and HCL Tech were also down

Wipro’s headcount has dropped by 8,812 to 2,49,758. In Wipro’s case, the attrition rate has come down from 19.4 percent to 17.3 percent, the lowest in the last 8 quarters. On the other hand, HCL Tech’s headcount fell by 2,506 to 2,23,438. The attrition rate in this company has decreased from 19.5 percent to 16.3 percent.

A big drop in recruitment

As far as recruitment is concerned, none of the top Indian IT companies except one TCS has spoken properly. TCS has talked about hiring 40,000 new recruits in the coming months, but has not given a timeline for this. Infosys says it will consider hiring after assessing the need. Wipro and HCL Tech have not said anything clearly about this.