Top IT companies record 65% decline in hiring

26 Apr 2023 , 03:14 PM

The top IT companies of India, Infosys, TCS and HCL tech has displayed significant drops in new hiring this fiscal year due to weak numbers and global economic conditions. As per the reports, HCL Tech, and Tata Consultancy Services saw an almost 65% drop in hiring as the companies hired 68,886 in the fiscal year 2023, compared to 1.97 lakhs last year.

The stress was visible in Q4FY23 when the crisis surfaced in the US and Europe banking system. Hence, the IT companies witnessed a 98.7% drop in hiring during the fourth quarter of the fiscal year.

In Q4FY23, TCS, HCLTech, and Infosys added just 884 employees on a net basis compared to 68,257 in Q4FY22. Sequentially, the net addition of the three companies has fallen from 2,375 in Q3FY23.

The IT industry has witnessed high turnover rates as businesses sought employees from one another, given the increased demand for digital services during the pandemic and lockdowns.