Hiring IT Employees In India Reduce By Upto 70% Due To Global Slowdown: TCS, Accenture, HCL Are Hiring Less Employees

Indian IT companies, including TCS, Accenture, and HCL have hired as many as 2,000 to 15,000 new people in the first quarter of this financial year. 

However, this is quite a small number of new recruits as compared to the number in previous quarters. 

Hiring Reduces At Top Indian IT Companies

Employers are cutting back on hiring as a precaution to deal with inflationary and geopolitical pressures. 

In contrast to an average of 40,000 hires per quarter over the previous three, IT industry behemoth Accenture only hired 12,000 individuals in the most recent quarter that ended in May.

At the beginning of May, we reported that Accenture has grand plans of onboarding 1,50,000 new employees globally using the metaverse in the upcoming fiscal year. Presently it has thousands of lateral jobs in India, and most of the positions are based in Bengaluru, Hyderabad, Chennai, Mumbai, Gurugram, etc.

In the April-June quarter, Tata Consultancy Services hired 14,136 new employees, a significant decrease from the 26,000 it hired on average per quarter during the previous fiscal year. In the last 12 months, TCS experienced an attrition rate of 19.7%.

Similar to this, HCL Technologies only hired 2,089 new employees in the first quarter of fiscal 2023. 11,000 new employees were employed in the final quarter of FY22. At 23.8%, the attrition rate was significant.

TCS, HCL To Reduce Hiring

Following the release of their Q1 results on Friday, TCS CEO Rajesh Gopinathan stated that the business “had reduced hiring” even though it “remains on schedule to onboard 40,000 freshers” this fiscal year. It is important to note that during FY 21–22, the IT bellwether hired a staggering 103,000 additional personnel.

There also has been news that top performers will get to join TCS’ fastest-growing units – Cognitive Business Operations (CBO), Banking and Financial Services and Insurance (BFSI), and Life Sciences in “various enriching roles”.

The company promises job enrichment with a 2-year job rotation either through inter-function mobility, work across multiple domains or movement across locations.

While HCL claimed that “demand (has been) impacted in certain regions,” TCS claimed that its key clients are starting early discussions about the recession.

Additionally, Infosys is reportedly planning to hire more than 50,000 more freshers in FY 2023.