In Q2 FY 24, Tata Consultancy Services (TCS), Infosys, HCLTech and Wipro, reported a decline in workforce by 21, 213. This was mainly driven by a slowdown in hiring, focus on better utilisation, and use of the existing pool of trained freshers on projects, amid rising uncertainty on the demand front.
Even in Q1 FY24, TCS had paid out 100 per cent of the variable pay to a major part of its workforce. On the other hand, its peers Infosys and Wipro rolled out only 80 per cent variable pay for the quarter.
While the company previously announced a 25x25 model of working by 2025, it did not commit to anything and will assess future work models as they go forward.