Top 5 Indian IT companies lost 69,167 employees in FY24: Report – Business Today


The top five Indian IT services giants, including Tata Consultancy Services, Infosys, HCLTech, Wipro and Tech Mahindra, lost around 69,167 employees in FY24, according to a Moneycontrol report. 
HCLTech was the only company among these to have added employees in the fourth quarter and for the full financial year, the report added.
Business Today was unable to verify the data on its own. 
For the full year FY24, TCS’ headcount was down by 13,249, Infosys’ headcount dropped by 25,994, while Wipro added 24,516 fewer employees in FY24. Tech Mahindra, which reported its earnings on April 25, saw its headcount drop by 6,945.
HCLTech, instead, saw a net addition of about 1,537 employees in FY24, though it’s still a small number, the report said.
As of Q4, TCS’ employee addition dropped by 1,759, Infosys’ headcount plunged by 5,423, Wipro’s headcount decreased by 6,180 and Tech Mahindra’s net addition was down by 795. HCLTech added 2,725 employees on the contrary.
Analysts attributed the trend to the lack of growth in FY24, which made companies shift to focus on improving margins and utilisation rate instead.
Infosys and Wipro didn’t share exact fresher hiring targets for FY25. TCS will be hiring about 40,000 freshers, HCLTech over 10,000 freshers and Tech Mahindra is going hire 6,000 freshers, respectively, the report said.
All the companies have reported strong deal pipelines in Q4.
“We look at the trainees we deploy, we put them through our own internal training mechanisms and maybe after a period of 6 to 8 months, they become productive and billable. So, there will always be a lag,” Moneycontrol quoted TCS CEO and MD K Krithivasan. 
Infosys CFO Jayesh Sanghrajka highlighted the change in the company’s hiring model, adding that Wipro doesn’t hire all the freshers from campus now.
According to Saurabh Govil, CHRO at Wipro, campus hiring is a combination of looking at demand, utilisation and when the hiring is going to happen.
Tech Mahindra will continue to hire, train and deploy early career professionals and freshers in FY25, to control resource costs and manage margins as well.
HCLTech too is on track to continue hiring in FY25 and has been investing in people practices and setting up new programmes to engage and train employees, Chief People Officer Ramachandran Sundararajan was quoted by moneycontrol.
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