TCS: TCS, Infosys report dip of about 12,000 employees in Q3

In the third quarter of this fiscal, TCS’ headcount reduced by 5,680 sequentially, while Infosys’ headcount dipped by 6,101.

The two companies combined saw headcount fall by 34,851 year-on-year. Headcount at TCS dropped by 10,669 and that at Infosys by 24,182 since the third quarter of the previous fiscal.

TCS ended the third quarter of this fiscal with 603,305 employees. This compares to a dip of 6,333 reported last quarter- its steepest drop since the 2008 crisis- as the company slowed down hiring. The company headcount had dipped by over 2,100 employees during the same quarter last year. Attrition for the quarter stood at 13.3% compared to 14.9% last quarter.

Milind Lakkad, chief HR officer, TCS, said as the employees are back in offices, the company expects to be back to its “normal operating mode by the end of the current fiscal year.”

“We are committed to hiring from college campuses and growing talent organically. We have commenced our campus hiring process for the next year and see tremendous excitement among freshers to join TCS,” he added.

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Infosys reported a dip of 6,101 in its headcount over the third quarter of FY24, taking the total headcount to 322,663. This compares to a dip of 7,530 last quarter and an uptick of 1,627 last year during the same quarter. This comes as the company saw major top-level exits over the past year, including that of CFO Nilanjan Roy in December. Attrition for the quarter stood at 12.9%% compared to 14.6% last quarter. During Q2, the company stated that it did not see any immediate need for campus placements.

The IT sector will only onboard 32% fewer engineering graduates in fiscal 2024 compared to fiscal 2023, according to a report published by TeamLease Digital in December. The findings indicate that 1.55 lakh freshers are likely to be hired in the IT/Tech sector this fiscal as compared to 2.3 lakh freshers in the previous fiscal year. However, data sourced by ET also shows that there has been some uptick in lateral demand since December 2023.

According to data sourced by ET, there has been a 5-6% uptick in hiring by IT services companies as of December. Hiring mandates put out by IT services companies, who had completely clamped down on recruitment for the last few quarters due to weak tech demand, are improving on a month-on-month basis, recruitment firms said.

In the third quarter of this fiscal, TCS’ headcount reduced by 5,680 sequentially, while Infosys’ headcount dipped by 6,101.

The two companies combined saw headcount fall by 34,851 year-on-year. Headcount at TCS dropped by 10,669 and that at Infosys by 24,182 since the third quarter of the previous fiscal.

TCS ended the third quarter of this fiscal with 603,305 employees. This compares to a dip of 6,333 reported last quarter- its steepest drop since the 2008 crisis- as the company slowed down hiring. The company headcount had dipped by over 2,100 employees during the same quarter last year. Attrition for the quarter stood at 13.3% compared to 14.9% last quarter.

Milind Lakkad, chief HR officer, TCS, said as the employees are back in offices, the company expects to be back to its “normal operating mode by the end of the current fiscal year.”

“We are committed to hiring from college campuses and growing talent organically. We have commenced our campus hiring process for the next year and see tremendous excitement among freshers to join TCS,” he added.

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Infosys reported a dip of 6,101 in its headcount over the third quarter of FY24, taking the total headcount to 322,663. This compares to a dip of 7,530 last quarter and an uptick of 1,627 last year during the same quarter. This comes as the company saw major top-level exits over the past year, including that of CFO Nilanjan Roy in December. Attrition for the quarter stood at 12.9%% compared to 14.6% last quarter. During Q2, the company stated that it did not see any immediate need for campus placements.

The IT sector will only onboard 32% fewer engineering graduates in fiscal 2024 compared to fiscal 2023, according to a report published by TeamLease Digital in December. The findings indicate that 1.55 lakh freshers are likely to be hired in the IT/Tech sector this fiscal as compared to 2.3 lakh freshers in the previous fiscal year. However, data sourced by ET also shows that there has been some uptick in lateral demand since December 2023.

According to data sourced by ET, there has been a 5-6% uptick in hiring by IT services companies as of December. Hiring mandates put out by IT services companies, who had completely clamped down on recruitment for the last few quarters due to weak tech demand, are improving on a month-on-month basis, recruitment firms said.