TCS ATTRITION
GCCs on the hunt: IT companies becoming hotspots for senior talent
According to the findings, there are about 120 top GCCs in India with some 21,000 senior executive roles, including those of vice-president, assistant vice-president, senior vice-president and director. These senior executives have a minimum experience of 15 years, and in the last one year, more than 100 have moved from an IT company to a GCC.
IT stocks plunge up to 5% on Monday after 8% rally last week. Know how experts view sector!
Nifty IT index fell 2.3% with Coforge and Persistent Systems as top losers, despite Nifty hitting a lifetime high. IT sector has seen recent positive returns but remains a laggard over the quarter.
Sandip Agarwal's 4 top bets from IT sector for near term
I think now the attrition rates are under control. Margin should expand because margin is a direct factor of where your attrition is, utilisation is. So, I think the revenue growth I do not see will pick up very substantially immediately, because if at all the ECB rate cut has happened, now in US also we are expecting some cool off to happen on the rate front.
Top IT companies focus on employee productivity amid demand uncertainties
Amid revenue deceleration, shrinking margins and lower headcount, a silver lining for the top tier IT exporters is the rising employee productivity aided by streamlining of human resources through meticulous bench management.
India’s five big IT firms see net exit of 25,000 women in FY24
The data analysis by staffing firm Xpheno revealed that five of India's top IT services companies - Infosys, TCS, Wipro, LTI Mindtree, and HCL Tech - have seen a collective net exit of 25,000 women in the year ending March. Despite an increase in the total number of women employed by these firms from 374,000 in March 2020 to 540,000 in March 2023, the diversity ratio has only seen a marginal growth of 0.9 percentage points during this period.
A gruelling IT marathon: FY24 was a turbulent year for the Indian IT sector. What lies in store for the next 12 months?
In the past two weeks of the final quarter and full fiscal 2024 earnings announcements, most IT majors failed to meet their revenue growth guidance. Many downward revisions for the year ahead were seen despite most firms bagging large deals and sitting on an arsenal of historic total contract value (TCV) wins.
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Top IT companies cut over 72,000 jobs in FY24
The top six information technology services companies in India reported a reduction in their total headcount in the last fiscal year, with only HCLTech adding employees. Factors contributing to this reduction include the economic slowdown, automation, restructuring, and decreased discretionary spending. The drop in headcount reflects the aftermath of excessive hiring during the Covid boom and ongoing industry contraction in demand. However, experts believe that this trend may have bottomed out, and companies could resume hiring, given the strong deal wins announced by most of them, which could push a gradual pickup in growth.
HCLTech bucks trend again, headcount rises by 2,725 employees
For the full year as well, Noida-headquartered HCLTech added 1,537 employees from overall headcount of 225,944 in March end 2023. Similarly in FY23, HCLTech’s headcount had shown an increase by 3,674 employees.
IT service companies stare at second year of muted revenue growth at 5-7%: Crisil
The subdued outlook is attributed to continuing global macroeconomic headwinds lead to modest increase in technology spends in the key markets of the US and Europe.
Top IT firms saw wage bills rise 5.5% even as revenue growth dips
IT companies' cumulative wage cost rose by Rs 18,036 crore in the fiscal year. Experts said this was due to continuity in lateral hiring in high-demand areas such as AI, machine learning, and cloud and engineering services, coupled with the salary increments, even though they are in the lower single digits.
India's top 3 IT companies see exit of 64,000 employees in FY23-24
India's IT services industry - a $254 billion powerhouse - has been feeling the heat of global macroeconomic uncertainties and geopolitical flareups as clients turned cautious with IT spends.
Wipro headcount falls by 9.5% in FY24
IT services company Wipro on Friday reported an 8% year-on-year (YoY) fall in consolidated net profit to Rs 2,835 crore for the quarter ended March 2024. It was Rs 3,074 crore in the last year quarter.
TCS reports dip in Q4 hiring, full-year attrition cools to 12.5%
For TCS, the headcount decreased by 1,759 since the last quarter, ending the fiscal year at a headcount of 601,546. In the third quarter, TCS had reported a sequential headcount dip of 5,680.
Restless investors, turnaround hopes await Wipro’s new CEO Srinivas Pallia
Wipro CEO Thierry Delaporte resigns, Srinivas Pallia takes charge facing tough times. Must boost morale, focus on large deals, client mining, integrate acquisitions, manage industry analysts, and address executive departures for company revival.
Infosys plans walk-in recruitment event in Bengaluru on March 9
Infosys' hiring comes after a renewal of four big-ticket contracts, spurring the need for more professionals. The company has sent a broadcast mail to employees, urging them to refer potential candidates in a sign of easing curbs on hiring and revival in business sentiment.
TCS, Infosys report dip of about 12,000 employees in Q3
TCS’ headcount reduced by 5,680 sequentially, while Infosys’ headcount dipped by 6,101.
Efficiency of execution is primarily resulting in lower headcount for TCS: Samir Seksaria
TCS CFO and CHRO discuss Q3 results and margin resilience. Attrition has decreased and there is potential for further reduction. Subcontracting cost has been lowered and there is room for optimization. The impact of generative AI on the workforce is acknowledged, but it is not a major factor in the current headcount decline. The BSNL deal contributes to growth and showcases TCS's capabilities. The demand environment is being closely monitored and there is optimism for improvement.
In next 3-4 quarters, falling attrition may spring big surprise in IT cos’ margins: Sandip Agarwal
Sandip Agarwal says: “This quarter, the IT companies will show a slight beat in margin. In the next quarter, thereshould be a bigger beat in margin followed by even further better margins in the first half of FY25. We will have good margins to start with followed by good revenue growth.”
TCS and Infosys log muted sales growth
At the post-results briefings, senior executives at Infosys and TCS said there were few signs of recovery in global demand for technology services, which has been buffeted by macroeconomic and geopolitical uncertainty for nearly two years now.
TCS, Infosys retain deal momentum amid a challenging scenario
In addition, each of the companies continued to show lower employee attrition and falling headcount which reflects the muted demand outlook in the short term despite fresh deal wins.
Wipro’s headcount drops by more than 5,000 in Q2
This comes as major Indian IT firms have all reported a drop in their headcounts. India’s largest software exporter, TCS, reported a net fall of 6,333 employees in the second quarter of FY24.
Infosys headcount drops by 7,530 in Q2, to roll out hikes from November 1
The company also said it has a significant fresher bench and does not see a need to visit campuses this year as of now. Infosys reported a decline of 6,940 last quarter as the company slowed down hiring.
TCS Q2 net profit up 9%, announces Rs 17,000 crore share buyback
Revenue rises 8% but remains flat QoQ; CEO Krithivasan underlines demand slump
TCS reports dip of 6,333 employees during September quarter, attrition eases
This comes as IT companies are facing slow growth because of macro headwinds and tech spends being pulled by clients.
Work from office needed to learn ‘TCS way’: CHRO Milind Lakkad
TCS’s headcount saw a net fall of 6,393 employees in Q2 of FY24, taking the overall headcount to 608,985. Further, the headcount fell by 7,186 compared to the year-ago period.
TCS asks employees to return to office five days a week; may end work-from-home from October
Several IT majors have been advocating for employees to return to office more often while retaining the hybrid work flexibility. They cite productivity concerns as the reason to reduce remote work.
Headcount at big 4 Indian IT companies dips in Q1
ET had previously reported that Q1 headcount growth for the IT majors is expected to be flat, in line with the numbers reported for the January March quarter.
Will 2023 be a lost year for IT?
Recent earnings of TCS, HCLTech & Wipro suggest the $245 billion Indian software exports industry doesn’t see any immediate demand revival.
Slow tech spends hit IT staff’s wallets
Deferred hikes, reduced variable pay as well as delays in onboarding hires at IT companies. India's third-largest IT firm HCLTech told ET that senior employees will not get annual increments for this fiscal year while hikes will be deferred by a quarter for other staff.
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