TCS, Infosys, Wipro see exit of 64,000 employees in FY24 amid low demand

India's largest IT services companies Tata Consultancy Services, Infosys and Wipro saw a staggering 64,000 employees exiting in FY24, amid a weak demand environment globally and tighter tech spends by clients. Wipro, which announced its Q4 earnings on Friday, reported a fall in headcount numbers to 2,34,054 as of March 2024, against 2,58,570 in the year-ago period. Headcount declined by 24,516 during the financial year ended on March 2024...immediate headcount reduction has happened primarily driven by the market and demand environment as well as the operational efficiency which we have driven, which is reflective in our margins," Saurabh Govil, Chief Human resources officer at Wipro said.In the long term, as the company moves into more IP-based platform and Artificial Intelligence (AI), there could be divergence coming in terms of headcount growth, he added. India's IT services industry - a USD 254 billion powerhouse - has been feeling the heat of global macroeconomic uncertainties and geopolitical flareups as clients turned cautious with IT spends. India's second largest IT services exporter Infosys reported total headcount of 317,240 employees as of March 2024, down by 25,994 from 343,234 employees in same period of the previous year.