Mid-sized IT firms showed workforce growth in fiscal 2024, contrasting major Indian IT firms decline. Demand rose for tech services from domestic and global sectors. Automation may impact headcount. Mid-tier firms excel in engineering services with strong growth.
For the full year FY24, TCS’ headcount was down by 13,249, Infosys’ headcount dropped by 25,994, while Wipro added 24,516 fewer employees in FY24. Tech Mahindra, which reported its earnings on April 25, saw its headcount drop by 6,945.
Four out of the five top IT companies including TCS, Infosys, Wipro and Tech Mahindra lost employees both sequentially in Q4 and full year FY24. HCLTech bucked the trend.
India s IT industry is rebounding with a rise in contractual hiring, signaling recovery after layoffs and reduced bench strength. Staffing firms note increased demand for temporary contracts as companies prepare for future growth.