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Top IT firms shed 25K jobs amid cost cuts
Mint Mumbai
|October 13, 2023
Recruiters expect labour market to remain weak for couple of quarters
India's top three IT companies have seen more than 25,000 net employee exits in the six months to September, driven by cost-saving measures, unfilled job openings, and hiring curbs.
Companies and recruiters expect the labour market to remain weak for at least a couple of quarters, pending a rebound in deal flow and immediate needs that would require renewed recruitment.
"Cost optimization is taking place either through vacancies that remain unfilled or some amount of natural attrition. Companies are also shrinking their workforce in the guise of poor performance," said Aditya Narayan Mishra, chief executive of recruitment company CIEL HR Services.
On Wednesday, Tata Consultancy Services Ltd (TCS) reported a massive drop of over 6,000 employees in the September quarter. TCS chief human resources officer Milind Lakkad said "similar numbers on headcount reduction" are expected in the future.
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