67,000 IT Employees Fired By TCS, Infosys, Wipro, Tech M In Last 365 Days


Rohit Kulkarni

Rohit Kulkarni

Feb 26, 2024


Year 2023 has been a precarious one for techies around the globe due to the large-scale layoffs announced and executed by companies. No company has been immune to this and many people who lost their jobs from companies like Twitter (now called X), Meta, Google, Amazon, and Microsoft came forward and shared their ordeal and storied on LinkedIn.

67,000 IT Employees Fired By TCS, Infosys, Wipro, Tech M In Last 365 Days

Crisis in the Indian IT Sector

The layoff wave hit many Indian employees as well and many took to Twitter, to vent out as well as to find another job.

As per a report, as many as 67,000 employees have been laid off within a year by 4 IT giants – Infosys, TCS, Wipro and Tech Mahindra.

Diving deeper, 24,182 employees have been shown the pink slip by Infosys while Wipro laid off 21,875 employees. TCS culled 10,818 people while Tech Mahindra bid adieu to 10,669 roles.

Were the layoffs only thing that plagued the IT sector, the answer is no! since IT has been characterized recently with slowdown in hiring. As per the numbers, December 2023 saw 21% reduction in number of job offers rolled out to candidates as compared to same time in 2022.

Coupled with layoffs and slowed hiring, companies have also resorted ways to bring down their costs. As compared to fresher hiring in previous years, this year saw reduction in job offers being rolled out to fresher’s by almost 50%.

In another such disincentivizing move, tech giant Wipro has slashed the Rs 6.5 lakh package offered to freshers and citing changes in ‘macro environment’, they have altered the compensation for freshers.

Recent Developments in Indian IT Companies

This move faced the flak by people, with company’s ethics being questioned from all across. Reportedly, this was also confirmed that the company that the freshers were not forced to accept the new offer and had given them a chance to decide if they wanted to hop on board with the lower compensation offer.

On the same lines, IT giant Infosys said that they shall be skipping campus hiring for the year since they had enough freshers to train already. 

Infosys CEO and MD Salil Parekh, in a press conference said that the company was carrying “inefficiencies in its employee pyramid and had enough room to tighten utilisation to 84-85 percent.”

For quarter that ended on March 2023, company also reported that the average variable pay shall be slashed by 40% for its employees.


Rohit Kulkarni
Rohit Kulkarni
  • 820 Posts

Subscribe Now!

Get latest news and views related to startups, tech and business

You Might Also Like

Technology
Sep. 8, 2022

Samsung Launches The Wall All-In-One and Flip Pro: Is This The Future Of Display Technology?

Samsung has launched The Wall All-In-One – the modular MicroLED it says is revolutionizing the future of display and the Flip Pro, which is an interactive display. Both were unveiled at the InfoComm India 2022 which is India’s Professional AudioVisual (Pro AV) and Systems Integration Technology Exhibition. This took place in Mumbai from September 5-7. […]

Technology
Jul. 28, 2022

Google Street View Launches In India Across These 10 Indians Cities! Plans To Expand To 700,000 Kms, 50 Cities In 2 Years

Google’s Street View is finally available in India a decade after it was prevented from capturing data for its Street View services. Second coming Street view offers a 360-degree interactive panorama feature initially for 10 Indian cities with data from local partners Tech Mahindra and Mumbai-based Genesis International. Its entry into India is facilitated by […]

Technology
Jul. 10, 2022

This Electricity-Free Cooler Developed By IIT Researchers Can Replace Air Conditioners! How It Work?

Indian Institute of Technology Guwahati researchers have built a ‘Radiative Cooler’ which does not require electricity to operate. This is an affordable and efficient ‘passive’ radiative cooling system that can serve as an alternative to ACs. The coating material is an electricity-free cooling system that can be applied in the rooftops and functions during both […]

Technology
Jun. 27, 2022

This New Battery Will Enable Electric Cars To Run 1000 Kms In Single Charge! Will This Transform Electric Mobility?

Chinese company Contemporary Amperex Technology Co Ltd (CATL) has developed a battery that gives EVs a driving range of over 1,000 km or 621 miles on a single charge. About the company The company is China’s leading automotive lithium-ion battery maker. Tesla, Volkswagen, BMW, and Nio are among the companies for which CATL supplies batteries. […]

Recent Posts

Related Videos

   

Subscribe Now!

Get latest news and views related to startups, tech and business

who's online