During the financial year 2024, the IT companies including TCS, Infosys and Wipro have witnessed a decline in their overall headcount.
Not only that, the number of employees earning over Rs 1 crore at Infosys and Wipro has also seen a decline in the past two financial years.
Indian IT Giants Face Fall In Crorepati Employees
To be specific, Infosys saw a 16 percent fall in crorepati employees to 103 at the end of FY24, from 123 in FY22, as highlighted in an Economic Times report.
Same is the story with Wipro where the number of crorepati employees decreased from 92 to 81 for the same time period.
There are many speculations about it, but it seems that this decline in crorepati employees at Indian IT companies have been reported due to a post-pandemic slowdown in tech services demand.
When it comes to the IT companies, they were on a hiring spree offering substantial hikes in salaries to attract the best talent during the pandemic years of 2020, 2021 and 2022.
Why Would This Happen?
It appears that the economic slowdown across the globe led to a decrease in discretionary spending which affected the IT industry following the pandemic.
It was followed by the IT companies having mass layoffs after 2022.
Infosys witnessed an addition of 12 employees in the financial year 2024 who will be earning over Rs 1 crore annually.
Please note here that these high earners were among the 1,400 IT staff transferred from Danske Bank to Infosys following an outsourcing agreement in September 2023.
So, we can say that Infosys did not directly hire any employees with a yearly compensation exceeding Rs 1 crore in FY24.
This is also marking the first such instance since FY17.
Country to this, Wipro onboarded eight employees with salaries of Rs 1 crore or more throughout the fiscal year 2024.
Wipro’s annual report highlighted that more than 60 percent of its workforce had been hired in the past three years, which was released on Monday.
It is noteworthy here that this significant talent turnover occurred during the tenure of former CEO Thierry Delaporte.
Interestingly, his term came to an unexpected end in April 2024, a year before his five-year term was set to conclude.
