Top 3 IT companies report 64,000 fall in FY24 headcount
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The combined headcount of TCS, Infosys, and Wipro dropped by nearly 64,000 in the financial year that ended in March. Infosys expects 1-3% revenue growth, while Wipro forecasts a -1.5% drop in revenue. The headcount reductions are driven by the pullback of talent after excessive hiring during the Covid boom and the ongoing industry contraction in demand. US firms fear a possible slowdown or recession, which is keeping them from making big IT spends. Gen AI is also playing a role in IT staffing demand, with the potential to eliminate a million Indian employees in routine-based testing and coding work in the next couple of years. Global capability centers (GCCs) of MNCs are hiring and establishing bases in India, accounting for much of the hiring in the tech industry. 

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https://timesofindia.indiatimes.com/business/india-business/top-3-it-companies-report-64000-fall-in-fy24-headcount/articleshow/109444387.cms