India’s top IT firms see hiring slowdown
NEW DELHI, INDIA — The country’s top tech firms have collectively recruited less than 2,000 new hires by the end of 2022, a significant slowdown to previous periods.
As of December 2022, data showed that the four biggest tech companies in India — Tata Consultancy, Infosys, HCL Tech and Wipro — have only hired 1,940 tech professionals. This is the lowest recorded in 11 quarters, according to Economic Times India.
The decline marks a sharp drop of nearly 97% from the net addition of 61,137 employees by the IT firms compared to the previous year, when there was an aggressive need to recruit talent in order to meet the rising demand for digitization triggered by the pandemic.
“The rise and (now) drop in the net headcount of the top four (IT firms) over the last 11 quarters, is reflective of the macro technology trends at play,” said Kamal Karanth, co-founder of Xpheno, a specialist staffing company.
Tata Consultancy Services’ overall headcount dropped by 2,197 employees in December. In Bengaluru, Wipro recorded a decrease of 435 in the same period.
Hiring firms estimate the ongoing slowdown in IT hiring, which began nearly six months ago, will prevail in the coming months driven by “geopolitical scenarios, impending recession and cost-cutting measures,” according to Sachin Alug, CEO of talent solutions company NLB Services.
