For the first time in at least 20 years, top Indian IT services giants Tata Consultancy Services (TCS), Infosys, and Wipro collectively experienced a decline in full-year headcount. In the fourth quarter ending on March 31, 2024, the combined employee count of these three companies dropped by 63,759.
Wipro, on April 19, reported a decrease of 6,180 employees in Q4. This occurs as IT firms seek to enhance the utilization rate of existing staff while reducing attrition to bolster operating margins.
On an annual basis, Wipro’s headcount declined by 24,516 in FY24, marking the second consecutive year of a full-year decrease. The total headcount for FY24 was recorded at 2,34,054.
Wipro’s attrition rate remained steady sequentially at 14.2 percent on a last-twelve-month (LTM) basis.
Similar trends were observed at Tata Consultancy Services (TCS) and Infosys, both reporting a reduction in full-year employee headcount for the first time in their history. TCS witnessed a decrease of 13,249 employees in FY24, while Infosys saw a decline of 25,994. Sequentially, TCS lost 1,759 employees in Q4, and Infosys lost 5,423 employees.
