Indian Major IT Companies Laid Off More Than '67,000' Employees in Just One Year: Report
According to the report, within a year, IT companies laid off over 67,000 employees due to changing macro environment and cutting costs. As per the report, IT firms also showed slowed hiring last year.
Mumbai, February 23: Tech companies have announced IT layoffs in 2024 due to market slowdowns and restructuring plans. Last year, many tech companies announced large-scale layoffs, cutting thousands of employees across the globe. Companies like X (Previously Twitter), Google, Microsoft, Amazon, and many others handed over pink slips to employees, marking the wave of layoffs throughout the year.
According to the report India Today NE, last year began with a grim note for tech as the companies started announcing large-scale layoffs. The report said that many employees were impacted by the IT layoffs in 2023, and they took to social media to share their feelings or look for a job. The report said that Mint revealed that IT giants like TCS, Infosys, Tech Mahindra and Wipro laid off more than 67,000 employees within a year. Layoffs 2024: Vice Media To Cut Hundreds of Jobs, Stop Publishing Content to Its Website As It Plans To Shift Toward Social Platforms.
The report further said that the Infosys layoffs impacted 24,182 employees, Wipro layoffs impacted 21, 876 employees, and TCS layoffs led 10,818 people to suffer job loss. Additionally, Tech Mahindra's last runner let go 10,669 people from the company.
The report highlighted that Naukri.com said that in addition to the layoffs, there was a "slowed hiring" by IT firms. It also said that the December-quarter of 2023 showed 21% decline to the jobs offered to the candidates compared to December 2022. As per the report, along with slowed hiring, the IT companies also took steps to reduce costs. The India Today NE further reported that Wipro initially offered Rs 6.5 lakh as salary packages to the freshers. However, it slashed fresher's job offers by nearly 50% in February 2023. The Wipro layoffs were cited to be due to the changing macro environment. Byju's Crisis: Key Investors To Go Ahead With Extraordinary General Meeting for Vote To Oust Byju Raveendran As Company's CEO Amid Court Order.
The Wipro's move to offer lower compensation was reportedly criticised and got backlash from the people on its company's ethics. However, the report mentioned that Wipro did not force the freshers to accept the new offers but gave a chance to be on board with lower compensation. According to the reports, Tata Consultancy Services announced to hire more people this year, with the CEO saying, "no cutting down on hiring".
(The above story first appeared on LatestLY on Feb 23, 2024 01:50 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).