Indian IT Giants Face Fall In Crorepati Employees<\/strong><\/p>\n\n\n\n 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.<\/p>\n\n\n\n
Same is the story with Wipro where the number of crorepati employees decreased from 92 to 81 for the same time period.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Why Would This Happen?<\/strong><\/p>\n\n\n\n
It appears that the economic slowdown across the globe led to a decrease in discretionary spending which affected the IT industry following the pandemic.<\/p>\n\n\n\n
It was followed by the IT companies having mass layoffs after 2022.<\/p>\n\n\n\n
Infosys witnessed an addition of 12 employees in the financial year 2024 who will be earning over Rs 1 crore annually. <\/p>\n\n\n\n
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. <\/p>\n\n\n\n
So, we can say that Infosys did not directly hire any employees with a yearly compensation exceeding Rs 1 crore in FY24.<\/p>\n\n\n\n
This is also marking the first such instance since FY17.<\/p>\n\n\n\n
Country to this, Wipro onboarded eight employees with salaries of Rs 1 crore or more throughout the fiscal year 2024. <\/p>\n\n\n\n
Wipro\u2019s annual report highlighted that more than 60 percent of its workforce had been hired in the past three years, which was released on Monday.<\/p>\n\n\n\n
It is noteworthy here that this significant talent turnover occurred during the tenure of former CEO Thierry Delaporte.<\/p>\n\n\n\n
Interestingly, his term came to an unexpected end in April 2024, a year before his five-year term was set to conclude.<\/p>\n","protected":false},"excerpt":{"rendered":"
During the financial year 2024, the IT companies including TCS, Infosys and Wipro have witnessed a decline in their overall headcount. \u00a0Not 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 […]<\/p>\n","protected":false},"author":27,"featured_media":1282925,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5576,311,4972],"class_list":["post-1282913","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-crorepati-employees","tag-infosys","tag-it"],"acf":[],"yoast_head":"\n
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![\"Crorepati](\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/06\/ify-5-1-1.png\")
<\/figure>\n\n\n\n