This month saw the release of the Q1 FY 2023–24 results from Indian IT Giants Tata Consultancy Services (TCS), Infosys, Wipro, and HCLTech. Comparing the current quarter to the previous one, the enterprises have seen a sharp decrease in workforce addition.

In the six-month period ending June 2023, TCS (Tata Consultancy Services) hired 523 new workers. In the previous quarter, the same business had hired 14,136 more people. The net increase in employees from Q1 FY 23 to Q1 FY 24 was 28 times greater.

TCS’s Chief Human Resource Officer, Milind Lakkad, stated after the results report that the business intends to use its current personnel strength rather than hire new people.

At the conclusion of the first quarter of FY24, TCS had 6,15,318 workers overall.

In Q1 FY24, Wipro’s net staff growth decreased by 8,812 workers. This is in stark contrast to the prior quarter when the business increased its staff by almost 15,446 people.

Saurabh Govil, the chief human resources officer of the business, stated that in the upcoming quarters, Wipro will only employ for crucial positions.

“Demand and the macroenvironment both influence hiring. Additionally, we’ll keep hiring in areas that are crucial. AI, data, security, and engineering are all receiving significant attention. As we move forward and adjust it every three months based on demand, we’ll see continuing recruiting for these specific capabilities, according to the CHRO of the IT business.

HCLTech announced they would be deferring some employees’ annual salary increases, and their employee headcount decreased by 2506 in the first quarter of FY24 while increasing by about 2089 in the same period of FY23. According to Prateek Aggarwal, chief financial officer at HCLTech, “Based on the actions we have announced, we are confident in returning to the 18-19% range.

The number of workers at Infosys decreased by about 7000 in the first quarter of FY 24, which is comparable to the declines seen by its competitors Wipro and HCLTech.

In the future quarters, the firm will concentrate on enhancing its AI skills, according to Salil Parekh, CEO.