The headcount of the country’s top 4 IT firms fell by 9000 in Q1. TCS, Infosys, HCL, Wipro has fired more people in Q1 than they hired. The decline in attrition, delay in hiring laterals, and reduction in hiring the freshers are some of the main reasons
These firms have around 10 lakh employees working for them. This is one-fifth of the total IT sector’s current number of employees. In the previous year, for the same time, these companies added 22K more members to their workforce
Individually, TCS hired 5000 fewer number of employees, Infosys about 3000 fewer, Tech Mahindra, 1000 fewer number of employees. Meanwhile, HCL’s hiring reduces by only 150 people
During the presentation of the Q1 results, these IT firms said that the lateral hiring would be frozen and fresher onboarding will be reduced for the next fiscal year.
Fresher onboarding, which usually happens between April and June is highly reduced due to the COVID pandemic.
On the subject of attrition, several consulting companies say that this is all performance-related attrition and not due to the COVID. The hiring figures this year are not close to what we saw last year. Last year, these companies hired more freshers.
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HCL’s Chief Human Resources Officer says that the company usually hires about 3500-4000 laterals per quarter. However, this time the company has hired only 2000 in the first 3 months of this fiscal year.
How companies want to overcome this
Also, the companies are looking to re-skill, up-skill their employees to promote them into different positions. The companies see this as a feasible option to handle the job cuts and attrition
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