IT hiring has slowed down recently, with TCS, Infosys, and Wipro halving their quarterly net personnel additions from July to September.
Top Indian IT companies TCS, Infosys, and Wipro all reported sharp drops in net employee additions during the quarter between January and March 2023. TCS is the largest software services exporter from India, however during the quarter they only added 6,000 jobs. While Infosys grew by 5,000 personnel, Wipro grew by 2,000 compared to 4,000 during the same period last year.
While the world economy continues to feel the effects of the COVID-19 outbreak, prominent IT enterprises in the country have slowed their hiring. Because of the new reality of remote labor, IT firms have forced to reduce hiring and instead focus on automation and digital transformation.
TCS, Infosys, and Wipro have all announced solid financial results for the quarter, with increase in revenue and profitability despite a slowdown in hiring. Profit at TCS was up 9.9 percent, at Infosys 8.2 percent, and at Wipro 1.9 percent. It's clear from this that businesses are prioritizing efficiency and profit maximization over hiring new workers in the current economic context.
The information technology sector has been crucial to India's economic growth in recent years, so the slowdown in hiring by the country's leading corporations is likely to have far-reaching effects on the country's labor market as a whole. While businesses continue to make investments in digital transformation and aim to improve their competitiveness in a fast changing business environment, experts say the long-term picture for the IT industry remains good.
In conclusion, while the decrease in IT hiring is a sign of the current economic climate, it also presents an opportunity for businesses to concentrate on internal growth and development. The fact that TCS, Infosys, and Wipro have managed to persevere and change with the times bodes well for the IT sector in India.
