Mumbai, April 26: While 2024 witnessed numerous tech companies downsizing their workforce due to  restructuring, cost-cutting, and the global economic downturn, there were exceptions.  Companies like Tata Consultancy Services and Tech Mahindra defied the trend, increasing up their hiring efforts. Despite the sluggish job market in India, particularly in the tech industry , Tech Mahindra stood out with its robust hiring plans. 

According to a report by Times Now News, Tech Mahindra announced its commitment to to hire 6,000 people in the FY25 and 1,500 freshers every quarter starting from fiscal year 2024-25. Amid the slowed recruitment, the Tech Mahindra job hiring announcement could be hopeful to many future IT employees amid the frequent news of layoffs. Mark Zuckerberg Salary: Meta CEO With USD 1 Base Salary Earned Over USD 24 Million in 2023, Here's How.

Tech Mahindra's hiring would be steady each quarter, said Tech Mahindra MD and CEO Mohit Joshi. The report said Mohit Joshi anticipated the turnaround in the current quarter ending in June 2024 and showed optimism in improving client spending in FY25. Tech Mahindra reportedly had seen a decline in headcount by 795 last quarter to 1,45,455. The tech giant also saw a reduction of 6,945 compared to the previous year. FY2024 reportedly posed challenges to the IT sector; however, Tech Mahindra CEO and MD remained positive about the upcoming FY2025 fiscal year. Whirlpool Layoffs 2024: Leading Home Appliance Company Cutting 1,000 Jobs Globally Amid Declining Sales and Demand in US.

The report unveils Tech Mahindra's ambitious 'three-year roadmap' that extends till FY27. The company is focused on achieving above-peer-average-growth with a 15% EBIT margin and a target of 20% ROCE. It has outlined a strategy that includes organisational structure optimisation, identification of investment areas, realistic timeline for implementation, and opportunities for cost optimisations. The report underscores that Tech Mahindra's growth will be propelled by top accounts and large multi-tower deals, with a keen focus on high-growth service areas.

(The above story first appeared on LatestLY on Apr 26, 2024 05:50 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).